A study of marketing in e-banking

A study of marketing in e-banking

(A Case Study of Zenith Bank Mararaba Branch, Nasarawa State).

CHAPTER ONE

1.0 INTRODUCTION
Marketing could be seen as an essential element in the management of a modern bank. It is a strategy applied to enhance large customer turn out and in turn bring about increase in profit.

The research work is on a study of marketing in e-banking marketing could mean different thing to people. The economy is discussed through the concept of value added by marketing. The contribution of that marketing can make to economic development is highlighted and it from the backdrop for a quick overview of a study of marketing in e-banking. Marketing to non-marketer including practicing bankers may look at marketing as a strategy which is applied only to manufacturing sector as that which may be on excluding function of a development of marketing in banking industry.

Marketing more than any other business function, deal with customers. Although we will soon explore more details function of marketing perhaps the simpliest definition is this one, marketing is managing profitable customer’s relationship. Now a simple five step model of the marketing proccess. In the first four steps, companies work to understand customers, create customers value and build strong customer relationship.

In the final step companies reap the reward of creating superior customers; they in turn capture value from customers in the form of service, profit and long term customer’s equity.

1.1 HISTORICAL BACKGROUND OF THE STUDY
The historical of Zenith bank dates back to he foundation of the old Zenith in 1990 and the rest while in 1990. Although today’s Zenith, emerged at a time of industry consolidation induced by re-consolidation. Zenith was born out of a desire to lead the domestic sector to a new era of global championing the creating of Nigeria customers finance marketing leading a private / public supporting the acceleration of Nigeria economic development and growing the institution from one step financial service institution while spreading it’s footprints across Africa.

Today’s Zenith is the largest financial service institution in West Africa with balance sheet service in excess of six hundred billion Naira (under USDSP) and more than five million (s)m customer account operating out of the two vibrant economics in the sub-region Nigeria and Ghana.

It has over five hundred (500) retail distribution center across Nigeria main operation base and six branches in South Africa – outside Africa it also has presence in United Kingdom therefore, it is important to recognize two preliminary functions where bank market must perform.

It must attract borrows and users of service on the other, the double sided nature of banking business bring marketing problems which are m more compound than those which are commercial concern induction, the very special role which bank plays in the society and in economic policy, one bring to see that simple transfer of techniques and concept from areas of business is hardly appreciated.

Different companies different problem as banks therefore the research is interested in the topic “A study of marketing in e-banking” because more banks financial institution will come into existence in the year ahead creating rooms for stiffer competition.

Thus, it will be essential for bank that wishes to remain in the market for a long term to induce more potential customers to patronize them and as well as retain the old one’s.

Zenith bank Mararaba branches started in the year 1992 with about ten staff the bank operate from Monday to Friday between the hour of 8.00am to 4:00pm and Saturday between 10:00am to 12:00 noon, the branch is moving rapidly presently here is about thirty (30) staff in the bank currently the bank is having a cash office in Laffia.

1.2 STATEMENT OF THE PROBLEM
Commercial bank like Zenith bank help in the accreditation of business like identifying customers financial need for instance, in Nigeria today, there is growing awareness of banking service among variable in bank for saving which some other do their business transaction with some commercial banks instruments such as bank drafts, cheques, and many others, it is necessary for bank in Nigeria to evaluate their financial needs of people to meet up with their needs. Their needs can only be meet through marketing being integrated properly in our commercial bank. It is very essential to appraise a study of marketing in our bankign industries.

1.3 AIMS AND OBJECTIVES OF THE STUDY
The environment of marketing in bank change constantly, it is due to the change in the standard of living and also the increase in competitions, which is as a result of increase of more banks despite the fact that anticipated as early as possible to cope with changes over changing condition. The purpose of this study is to find out the extent to which banks are inco-operations.

Secondly, to detect way of introducing very good relationship between the staff of the bank and their customers. This is because for any business to survive, it customers must be in for – front but at a profit.

Lastly, it is to make an opinion and recommend marketing approaches to apply and how the marketing efforts should be integrated into banking operation.

1.4 SIGNIFICANCE OF THE STUDY
Beside the fulfillment of the requirement for the award of Higher National Diploma (HND) in marketing, many benefits are to be derived from this study if marketing of banking service is effective, it will help on the following ways:

Firstly a better corporate image will be of a good advantage to banking industry.

Secondly, it will heed to improve the relationship between bank staff and their customers.
Thirdly, it will attract new customers and finally it will enable the bank compete, favourably with other financial institute, and it will be useful for the purpose of coding.

1.5 SCOPE OF THE STUDY
The research was faced with problem. It was not so easy for the researcher to carryout her research as planned. However, the researcher was able to manage the problems. Some of the problems encountered by the researcher are as follows:
a) Time: There was no enough time to carryout the research work as planned.

b) Materials: the researcher had no sufficient materials as to lay hand on book for research topic. Also bank (Mararaba branch) officials visited were busy with customers.

c) Finance: Due to the economic situation that things are not easy to come by. Fund would have frustrated the researcher but it was able to take control of it.

1.6 LIMITATIONS OF THE STUDY
The researcher was able to carryout her research work because her case study was in Mararaba Nasarawa state.

1.7 STATEMENT OF THE HYPOTHESIS
The following hypothesis has been formulated for the study.
H0: A study of marketing is not effective in e-banking.
Hi: A study of marketing is very effective in e-banking.

1.8 DEFINITION OF THE TERMS
Philip Kotler (Jan. 10, 2006) Marketing is the best set of human activities which are directed at facilitating and consummating exchanges.

Philip Kotler (1991) marketing is the analysis, planning, implementation and control i.e. getting the goods and service to the right people at the right place at the right time, at the right price with right communication and promotion.

END NOTES
Philip Kotler (2006) Marketing Management 5th Edition. New Delhi Dorling Kinder Sley Ltd Page 102.

Drucker Peter F. (2004) Marketing Development, Journal of Marketing, Practice Hall of India New Delhi Page 23, 28.

Arowomale K. A (2006) Theory and Modern of Marketing. 1st Edition. Johnson Publication Ltd Page 5.