Effective Customers Service As A Market Tool In The Banking Industry (a Case Study Of Guaranty Trust Bank Enugu

EFFECTIVE CUSTOMERS SERVICE AS A MARKET TOOL IN THE BANKING INDUSTRY

(A CASE STUDY OF GUARANTY TRUST BANK ENUGU

ABSTRACT

          The aim of this study is to find out by empirical evidence, the use of effective customers service delivery as a marketing tool in Banking industry by means of analyzed report, interviews and financial summary report over a period of ten years.

          Also, our emphasis based on banking industry specifically Guaranty Trust Bank Plc.

          Achievement in areas of customers service and accredited changing needs of customers sophistication leading to Hi-Tech banking with information technology occasionally by the immense competition the industry has witnessed in the past decade.

          Throughout the study, the inquiry of questions requiring innovation responsiveness exceptions, remain low and restricted to few concepts such as graph, ratio percentage and analysis. These concepts varies with the higher percentage in theory than a practice.

          It was also found that there is significant level of product development and product differentiation on customer satisfaction although the instrument used for the study contained mathematical calculations. For the company to attain this level of performance in customers service, the knowledge of market operation is necessary.

          Profitability as a financial strategy requires the use of entire market behaviour as a general method of formulation of policies.

          Lastly, the attention of financial export designers, marketers, authors and publishers of textbooks and organizes of marketing services have been drawn take cognizance of the changing nature of customer service

TABLE OF CONTENTS

Title Page

Approval Page

Dedication

Acknowledgement

Abstract

Table of Contents

CHAPTER ONE

1.0     Introduction

1.1     Background of Study

1.2     Statement of  Problem

1.3     Purpose of Study

1.4     Scope of Study

1.5     Research Question

1.6     Statement of Hypothesis

1.7     Significance of Study

CHAPTER TWO

2.0     Literature Review

CHAPTER THREE

3.0     Research Methodology

3.1            Research Design

3.2            Area of Study

3.3            Population of Study

3.4            Sample and Sampling Technique

3.5            Instrument for Data Collection

3.6            Validation of the Instrument

3.7            Reliability of the Instrument

3.8            Method of Administration of Research Instrument

3.9            Method of Data Analysis

CHAPTER FOUR

4.0     Data Presentation and Analysis of Result 

4.1     Summary of Result

CHAPTER FIVE

5.0     DISCUSSION OF RESULT

5.1     Discussion of Result

5.2     Conclusion

5.3     Implication of Research Findings

5.4     Recommendation

5.5     Limitation of Study

          References

          Appendix

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 ahs 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.

          Kelvin Hall (2001) observed “the most successful financial service firms of the coming decade will be those who 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 measure the value of specific customers on the basis of the actual behaviour rather than their assumed behaviour”.

          In this research work, the 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 knowledge the accelerated changes in customers service in banking industry, occasionally, by the immense competition the industry has witnessed in the past decade. The changes of changing customers 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 matte in the industry but now it is packaged in the place, it was 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 as case study because if has been both a pioneer financial institution in effective customers service delivery and a pace setter in a distinct and clear vision of service delivery as portrayed in its missions 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 customers service.

1.2     STATEMENT OF PROBLEM

          The problems of this study includes:

1.                 Some factors have been identified to contribute to how effective the bank responds to environmental competition.

2.                 There is ineffective customers service to customers needs, staff competitors and consultants.

3.                 New information technological advancement i.e e-commerce, e-trade or e-business has cutting edge on today’s business.

4.                 Bribery and corruption affect the lining of the right people with the right attitude to effective customer service in banks.

1.3     PURPOSE OF STUDY

          To identify and appraise the factors that contribute to how effective the bank responds to the environmental competition by the use of practical service oriented innovations.

          To determine the effective customers service on customers needs staff competitors and consultants.

          To determine the effect of the new information technology advancement i.e e – commerce, e-trade or e-business as the cutting edge of today’s business.

          To evaluate the place of hiring the right of people with the right attitude to effective customers service.

1.4     SCOPE OF STUDY

          The scope of the study is limited to “EFFECTIVE CUSTOMERS SERVICE AS A MARKETING TOOL IN THE BANKING INDUSTRY” with reference to Guaranty Trust Bank Plc, Enugu.

1.5     RESEARCH QUESTION

          To what extent does the factors that contributes to how banks responds to the environmental competition effective?

          How regular does the effective customers service on customer needs, staff competitors and consultants are determined?

          To what extent does the effect of the new information, technological advancement as the cutting edge of today’s business determined?

          How regular does the place of hiring the right of people with the right attitude to effective customers service are evaluated?

1.6     STATEMENT OF HYPOTHESIS

Ho:    Product development and product difference have no significant effect on customer’s satisfaction.

Hi:     Product development and product difference have significant effect on customer’s satisfaction.

Ho:    Effective customer services has no impact on customer’s need.

Hi:     Effective customers service has impact on customer’s need.

Ho:    Responsiveness and Adaptiveness of banks structure has no significant effect on customer’s need.

Hi:     Responsiveness and adaptiveness of banks structure has significant effect on customers need.

1.7     SIGNIFICANCE OF STUDY

          The study is significant for the following reason.

          The result of the study would help to expose the effect of product development and product differences in customers satisfaction in Guaranty Trust Bank Plc Enugu.

          The result would also help to see the impact of customers services on customer needs.

          The result would help to expose the responsiveness and adaptiveness of banks on customers needs.

          The result would help the bank to access their overall performance through effective customers service.

          Student carrying out research in similar areas can make use of the work.

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