Marketing of Financial Services in the Nigerian Banking Sector

By

 Shuaibu Ahamed Gasamu and Babagana Kachalla

School of Business Studies

Federal Polytechnic Damaturu Yobe State

Tertiary Education Trust Fund (TET Fund) Sponsored Study

Abstract

The drive for marketing in financial institutions cannot be over emphasized because it is a vital and core arm of modern banking business which has been dominated by the advent of technology. This however led to growing competition within and outside the shores of the country brought about by globalization and an improvement in customer awareness and sophistication that have made banks to use marketing as an important tool to increase returns, improve on the efficiency of the banking system and operations. This study was designed to explore the impact of marketing of financial services in the Nigerian banking industry with specific focus on commercial banks. Questionnaires were distributed to selected deposit banks and hypotheses were developed and tested with aid of T-test method. The hypotheses tested found that marketing of banks’ products and services has enhanced the efficacy of commercial banks operations and created satisfaction among bank customers. Therefore, the researchers recommend that commercial banks should be involved actively in marketing while banks should continue to make their customers feel important and have well equipped and experienced staff in customer services to be able to overcome customers’ complaints and challenges.

Key words: Commercial Banks, Marketing, Financial, Services and Product.