The changing trend in marketing of financial services: an empirical study on bank performance in Nigeria
Article Metrics Report
Views, downloads, citations, engagementCited by
Current citation countResearch summary
The long years of marketing practices in the Nigerian banking industry has recorded low level standards relative to global standard practice. The effect on the overall industry performance measurable basically in terms of customer satisfaction, customer loyalty and brand equity has been on the negativity. In some cases, banks overall performance level was never assessed based on customer orientation, value and other customer related measures rather on some quick financial indicators. This poor orientation towards marketing has rather become a forgone especially in the banking area of financial services in Nigeria. This study was therefore conducted to examine the changing trend towards embracing marketing philosophy and the extent of the banks’ performance level in response to changing expectations of customers. Theoretical issues relating marketing, customer philosophy, financial marketing, customer loyalty, satisfaction, and brand equity were explored to establish the key performance variables and the existing relationships amongst them. Empirical study was equally carried out with the use of questionnaire, administered on randomly selected banks’ customers and management staff. Data collected were analyzed on the basis of critical measures which include customer awareness, market sensitivity to financial delivery, customer profile and sophistication through the use of Spearman Rank Correlation Coefficient. The result among other things shows that there is
Article History
How to Cite
Alao, A. E., Diyaolu, G. O., & Afuape, A. M.. (2014). The changing trend in marketing of financial services: an empirical study on bank performance in Nigeria. International Journal of Business and Economic Development, Volume 02 Issue 2.
Citation Context
APA
Alao, A. E., Diyaolu, G. O., & Afuape, A. M.. (2014). The changing trend in marketing of financial services: an empirical study on bank performance in Nigeria. International Journal of Business and Economic Development, Volume 02 Issue 2.
MLA
Alao, Abiodun Eniola, et al.. "The changing trend in marketing of financial services: an empirical study on bank performance in Nigeria." International Journal of Business and Economic Development, Volume 02 Issue 2, 2014.
Chicago
Abiodun Eniola Alao, George Oludare Diyaolu, and Afolabi Moruf Afuape. "The changing trend in marketing of financial services: an empirical study on bank performance in Nigeria." International Journal of Business and Economic Development Volume 02 Issue 2 (09 Sep 2014).
Harvard
Alao, A. E., Diyaolu, G. O., & Afuape, A. M. (2014) The changing trend in marketing of financial services: an empirical study on bank performance in Nigeria. International Journal of Business and Economic Development, Volume 02 Issue 2
References
- Afolabi, I.(2008),”Marketing of Banking Services in Nigeria”. ‘The Nigerian Banker’, vol.8 no 2, pp.5-8.
- Alfred, A. T. and Addams, H. J.(2000), “Service Quality at Banks and Credit Unions; What do their customers say?” International Journal of Bank Marketing, vol. 8, No. 4/5, pp.200-208.
- Brassington, F. and Pettitt, S. (2006), Principles of marketing, 4th edition, Essex: Pearson Education Limited.
- Chartered Institute of Marketing, London (2010), Study Text on Managing Marketing, London: BPP Learning Media Ltd.
- Dixit, V. C. (2004), ‘Marketing Bank Products’, IBA Bulletin, April edition, pp.15
- Eketete, P. P. (2005), “Marketing of Financial Services; a case study of selected banks in Nigeria”, ‘Pakistan Economic and Social Review’ vol. XLIII, No.2, pp271-287.
- Etzel, M. J. , Walker, B.J. and Stanton, W. J. (2002), Marketing, USA: Irwin / Mc-Graw Hill.
- Fergeson, C. K. (2004), “Ethical Banking” ABA Banking Journal, Vol.96, Issue 6 (June) ,pp.14.
- Furst, K. Lang, W. Nolle, D. (2002), “Internet Banking,” Journal of financial Services Marketing, Vol.22, Issue 1/2 pp.95.
- Hall, R. (2004), “Getting Big Without Getting Better” ABA Banking Journal, Vol 36, Issue 2, pp. 18-19
- Harrinson, T. (2000), Financial Services Marketing, Essex: Pearson Education Ltd., pp. 55-57
- Kotler, P. (2004), Marketing Management, 12th edition, New York: Macmillan Publishing.
- Kumar, K., Subramanian, R. and Strandholm, K.(2002), “Market Orientation and Performance: Does Organisational Strategy Matter?” Journal of Applied Business Research, vol.18, No.1, pp.37-50.
- Macey, J. R. (2006), “Commercial Banking and Democracy; The illusive quest for deregulation” Yale Journal on Regulation, Vol.23, issue 1.
- Mckinley, E. (2005) “Opt Out? Offer Reach Record High”, Credit Card Management Vol. 18 Issue 1, pp.18.
- Okigbo, P. N. C. (2001), The Nigerian Financial System, Structure and Growth, 4th edition, Lagos: Longman Group Ltd., pp.20.
- Pleshko,L. P. and Souldeen, N. (2002), “The Profit Effects of Product-Market Growth Strategy: A Financial Service Example”, ‘Journal of financial services marketing, Vol.7, pp.258-262
- Uppal, R. K. (2010), “Marketing of bank Products”, JM International Journal ofManagement Research, ISSN 2229-4562.
- Wilson, J. O. S. and Williams, J. M. ( 2002), “The Size and Growth of Banks: Evidence From Four European Countries”, “Applied Economics”, Vol. 32, No. 9, pp.110