EFFECTIVE CUSTOMER SERVICES AS A MARKETING TOOL IN THE BANKING INDUSTRY (A CASE STUDY OF GUARANTEE TRUST BANK PLC GTB)
ABSTRACT
The aim of this study is to find out by empirical evidence the use of effective customer service delivery as a marketing tool in banking industry by means of analysed reports, interviews and financial summary report over a period of ten years.
Also our emphasis is based on banking Industry specifically Guaranty Trust Bank Plc.
Achievement in areas of customer service and accredited changing needs of customers sophistication leading to hi-tech banking with information technology occasional by the immense competition the industry has witnessed in the past decade.
Throughout the study, the inquired of questions requiring innovation responsiveness, exceptions remain very low and restricted to few concepts such as graphs, ratio, percentage and analysis. This contribution these concepts varies with the higher percentage in theory than in particle. It was also found that there is significant level of product development and product differentiation on customer satisfaction although the instruments used for the study contained mathematical calculations. For the company to attain this level of performance in customer service.
The knowledge of market operation in necessary. Profitability as a financial strategy requires the use of entire market behaviour as a general method of formulation of policies.
The use of competitive advantage to quantity customer service problems and to described corporate reputation/image is therefore advocated.
Lastly the attention of financial expert designers marketers anthers publishers of textbooks and organizes of marketing services have been drawn to take cognizance of the changing nature of customer service.
CHAPTER ONE
1.1 Brief overview of the subject matter 1
1.2 Background of the study 1
- Statement of Research problem 3
- Significance of the study 5
- Hypothesis formulation and research methodology question8
- Scope and limitations of the study 10
CHAPTER TWO
- Contemporary Developments in Banking 11
- The Nigerian Banking perspective 12
- Marketing services 14
- Customer services delivery an appraisal of the financial sector.20
- Customer service in Guaranty Trust Bank Plc 26
- Exploring Guaranty Trust Bank Plc profile 33
CHAPTER THREE
- Research methodology 50
- Restatement of the research question and statistical testing 50
- Research design 51
- Characteristics of the study population 52
- Sample design and procedure 53
- Data collection instrument 55
- Statistical tools of Analysis employed and why 56
- Limitations of the research methodology 62
CHAPTER FOUR
- Introduction 63
- Analysis of data 65
- Representation and Analysis of data According of Research Question. 66
- Statistical testing 80
- Responses to personal interview 90
CHAPTER FIVE
- Summary 95
- Conclusion 96
- Recommendations 98
Appendix 1 101
Questionnaire for GTB PLC Staff 109
Appendix II 109
Bibliography 116
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Peter Drucker (1962) describes the millenium are in as on era of the 3C’s perplexing complexities intense competition and accelerated change.
The global banking environment has witnessed rapid changes in the 90’s and that had pasted serious challenges to the financial services sector. The changing customers’ demands and technological innovations home already transformed the face the banking with the traditional branch banking appearing out of time and specialization becoming a common feature.
The global development such as globalizations, universal banking e-commerce on-line banking interest banking home banking and other technological developments reflect a trend towards effective and quality service delivery.
While financial supermarkets where all banking need can be supplied at one bank are developing at one end, at the other banks are adding new products and services to their traditional offering. Hence facilities such as smart cards internets ATM, EFTPOS and various forms of electronic delivery channels which are common features in developed economics are spreading world include.
Kevin Hall (2001) observed “the most successful financial service firms of the coming decade will be those which learn to see the world through the eyes of their customers. their eyes will come from investing in technology which can generate preference and patterns of behaviour allowing the firms to measures the value of specific customers on the basis of their actual behaviour rather than their assumed behaviour”.
In this research work our emphasis is on the banking industry and specifically Guaranty Trust Bank Plc. The purpose of the project topic or research work is to be able to bring to the fore the accelerated changes in customer services in banking industry occasional by the immense competition the industry has witnessed in the past decade.
The changes of changing customer needs and sophistication leading to “hi-tech banking” with information technology and globalization dictating the pace towards customer satisfaction. It is just product/service delivery that matter in the industry but how it is packaged the place it in delivered and cost (price) of delivering same to meet customer satisfaction that is the difference between efficiency in service delivery and effective delivery.
Guaranty Trust Bank Plc is chosen for this research work is a case study because it had been both a pioneer financial institution in effective customer service delivery and a pacesetter ink a distinct and clear and vision of service delivery as portrayed in its mission statement “Effort will be made in this studies to correct the widely held views that technology is the high way for banks in achieving high level of productivity” Okafor (2001) Because this view down played the role of human resources in effective customer services.
1.2 STATEMENT OF RESEARCH PROBLEM
According to Central Bank of Nigeria briefs series No 98/01 a financial system is a conglomerate of various institutions market instruments and operator that interact with in an economy to provide financial services.
The financial system plays an important role in the economic stabilization growth and development by acting as a channel through which saving can finance investment. The financial system can be identified in a variety of ways, this can be by their generic names for examples, Central Bank commercial Bank Merchant Bank, Industrial and Development Bank, Investment Bank, New Banking financial institutions the stock market and the foreign exchange market or by the way they are being funded or by their functions.
As a financial institution operating in a competition environment, this study hopes to discover the ways effective customer service has sound it a competition advantage increased the profit level and aided the corporate image of the banking institution with particular reference to Guaranty Trust Bank Plc.
As Fola Adeola put it in 2000 “the operating environment is rife with existential vagaries on what the millenium helds”.
We shall determine the extent/impact the customer service excellence has helped the present status of the bank with competitive advantage over other banks in the same industry.
1.3 SIGNIFICANCE OF THE STUDY
An organization cannot operate in Isolation without being affected by its environment. As this environment becomes more competitive, there is need to examine the factors that distinguish the organization’s way of doing business and the apparatus technical and business skill needed to increase the organization efficiency and effectiveness.
“The increasing phenomenon of globalization and the fast spreading adoption of e-commerce are shirking the world into a harmless or perhaps a single house. Customers of banks can maintain bank account in the United struts of America even when resident in England and transactions with merchants based in for East all through the internet”. (Sanusi 2002).
Global networking and other technological innovations are powerful assets if used as competitive weapons. Innovation such as being entertained and educated by materials on users network (USENET) and the world mide web (WWW) can be used to build customers service on the net.
The increased demand for the efficient collection dissemination and processing of information which are evident become of various economic factors such as global competition market force and customer changing demands are facing banks to device strategies to cope with the competition in order to survive and achieve growth in the new era. Whatever strategy adopted by each bank, it is believed that it should at the minimum, include the following.
- Innovativeness
- Responsiveness and adaptive to customer needs
- Expectation of and capability to manage change for advantage
- Appropriate technology
- Having right people with right attitude
- Which creation met just market sharing through new products and product differentiation.
1.4 OBJECTIVE OF THE STUDY
This study will therefore aim at carefully analysing the following.
- To identify and appraise the factors that contribute to how effective bank responds to the competition environment by the use of practice service oriented innovations.
- To determine the effective customer services on customer needs, staff competitors and consultants.
- To access how banks can manage changes for advantages
- To determine the effect of the new information technological advancement i.e e-commerce, e –trade or e-business as the cutting edge of today’s business.
- To access the effect of product development and product differentiation in which creation and customer satisfaction.
- The study should also determine the extent and speed of responsiveness and adeqtiveness of banks stricture to customer needs.
- Finally the study will evaluate the place of hiring the right people with the right attitude to effective customer service.
- RESEARCH QUESTIONS
The fundamental research questions include the following:-
- What factors are responsible for the proactive customer oriented innovations in a competitive environment.
- What is the effect of having an effective customer service delivery system on the customers staff competitors and consultants.
- What effect has information technology like e-commerce e-trade and e- business on-line- banking internet banking ATM etc has an effective customer service delivery.
- How has the attitude of staff charges in customer needs and environmental vagaries affected effective customer delivery.
- Has miche creation in terms of new product creation and product repackaging product differentiation market segmentation etc help to development customer service quality?
- Can appropriate and sophisticated technology without the right staffing work in customer service delivery?
- Effective customer service and corporate reputation and image.
1.6 HYPOTHESIS
H0: Product development and product difference has no significant effect on customer satisfaction.
H0: Effective customer services has no impact on customer needs.
H0: Responsiveness and adaptiveness of banks structure has no
significant effect on customer needs.
1.7 SCOPE AND LIMITATIONS OF THE STUDY
Research project in developing nations like Nigeria in looked upon with skepticism by most people. There is always an element of suspicion in them is to the intention of the researcher. This is more with areas as sensitive as Banking where most information are treated is classified and confidential. It is therefore true as John Krainer in his book Marketing Research to developing countries (USA 1985) pointed out that “research is Federal by Government business companies and institutions become it might expose certain defficiencies”. Due to this apathy to research the researcher found it a bit difficult to collect information from people especially staff of Guarantee Trust Bank Plc. Some were annulling to supply any information at all while others inllingly supplied inaccurate information or at times become aggressive.
Another constraint was time to visit every where Guarantee Trust Bank has customer service centre.
Despite these constraints the researcher has tried to work round the check to do considerable justice to the research work. This research will therefore be limited in dept to the bank. Guarantee Trust Bank Plc operating in Lagos and Onitsha area. The business environment in this case include the employees customers competitors and consultants while such other variables like economics social and political environment are considered as fixed for the prepare of the study.
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