MARKETING OF BANKING SERVICES AND CONSUMER SATISFACTION IN THE NIGERIAN BANKING INDUSTRY

Abstract

The study examined the marketing of bank services in some selected banks in Nigeria. It also aimed at identifying the various marketing principles being applied, and which actually enhanced consumers’ value and consumers’ satisfaction. Hypotheses were propounded to assist in validating the objectives. The study was carried out among top ten banks that survived the re-capitalisation and consolidation process carried out by the Central Bank of Nigeria. Data for the study were obtained from primary and secondary sources. Using random sampling 340 bank customers were selected from the ten banks. The primary data were collected through questionnaires and focus group discussions. The questionnaires were administered to 340 customers of the selected banks who were chosen from the traffic count and customer cycle per week. Secondary data were collected from banks’ journals, annual reports, newsletters, official diaries, brochures, textbooks and academic journals. The data were analysed using both descriptive and inferential statistical methods such as percentages, frequency counts mean scores and, histogram. Finally, the result revealed that marketing practices explained 48% of changes in consumers’ satisfaction (F = 19.06; P < 0.05).The study concluded that applying various marketing concepts enhanced consumers’ satisfaction.

Keywords: Consumer Behaviour, and Consumer Satisfaction., services


Article Review Status: Published

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