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EFFECTIVE CUSTOMERS SERVICE AS A MARKET TOOL IN THE BANKING INDUSTRY (A CASE STUDY OF GUARANTY TRUST BANK ENUGU)

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF STUDY

Peter Drucker (1962) describes the millennium as an era of the 3c’s which are perplexing, complexities, intense competition and accelerated change. The global banking environment has witnessed rapid changes in the 90’s and that has passed serious challenges to the financial service sector. The changing customers demands and technological innovations has already transformed the face of the banking appearing outdated and specialization becoming a common feature.          

The global development such as globalizations, universal banking, commerce on-line banking interest 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 and developing at one end, at the other bank are adding new products and services to their traditional offering. Hence facilities such smart card internets ATM, EDTPOS and various forms of electronic delivery channels which are common features in developed economics are spreading world wide.

Financial assets we all know the necessary prerequisites for nay meaningful economic development of any nation. This is so because the  entire would economy  today revolves round business while business revolves round finance. Therefore the significant is the overall development of our economy. it is on this premise on appreciates the important roles played by financial institution most especially   the commercial banks whose major function is to organize mobilize and  making funds available for investment purpose by way of granting credit facilities to individual firms and government.

This Bank marketing has been defined by a media (1983) as “the creation and delivery of service that will satisfy the need of customers at a profit to the banks” from this definition, it is seen that the customers who is the ultimate target of bank marketing must be satisfied.  Banks must learn what satisfaction their customers seeks. The world “ creation and delivery” recognizes that marketing is an active creation process involving all the banks staff

Today the emergence of commercial banks as well as the role they play has been instrument to the rapid growth and progressive development of the economy. Banking as a service industry must adapt to the changing environment and requirement of the economy which it services and this it can do through effective marketing of its services. The Nigeria Banking environment is a typical on which lags behind in the application of modern marking principles to its service offerings.

The banking image in the country is considered bad because of the deterioration in the banking service over the years and the very poor trend in banker customers relationship which is largely due to poor marketing. The major problem is that existing services are not being provided efficiently. There is a commonly held believe that service rendered to customer is a bestowal of favour and privileges.

G. Garli and M. Gilbert (1976) still maintains that the public impression of banker and the bank is very poor. A visit to any branch office will reveal long queues and struggle for the customers to get served. It can take an hour or more to  each the counter and sometimes get the impression that the counter staff is proud of the  long lines of people queuing their favours.

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