Motivation Of Customers As Essential Tool In Financial Institution

MOTIVATION OF CUSTOMERS AS ESSENTIAL TOOL IN FINANCIAL INSTITUTION

ABSTRACT

This research work clearly brings out the motivational tools used by financial institution for attainment of financial goal. The topic “motivation of customer as essential tool in financial institution” is very essential to be used by institution. For it least for profit maximization. This motivation is applied to retain and gain more customers for institution like Banks.

TABLE OF CONTENTS

Title page                                                                                ii

Dedication                                                                               iii

Approval page                                                                        iv

Acknowledgement                                                                             v       

Abstract                                                                                  vi

Table of contents                                                                     vii

CHAPTER ONE

1.1            Problem identification                                                    1

1.2            The Rationale of study                                                  1

1.3            Significance of study                                                      2

1.4            Definition of Terms                                                       3

CHAPTER TWO

2.1            Review of Related Literature                                         5

2.2            Motivational techniques                                                10

CHAPTER THREE

3.1            Statement of hypothesis                                                          13

3.2            Methodology of study                                                   15

3.3            Sources of Data                                                             16

CHAPTER FOUR

4.1            Presentation of Data                                                      19

4.2            Analysis of Data                                                            22

CHAPTER FIVE

5.1            Summary                                                                       27

5.2            Conclusion                                                                     28

5.3            Suggestion                                                                     29

Bibliography                                                                  30

CHAPTER ONE

INTRODUCTION

1.1     PROBLEM IDENTIFICATION

          Motivation of customers is a very important tool to be used by financial institution like banks.

          Therefore I want to investigate the benefits of banks if they (customers) are being motivated by banks.

          Banks can motivate customers by giving sales promotion, increasing the interest rate of depositors especially those that operate savings account, giving loans to prime customers when such cases instruments or article for example, “treasury bills, certificates for deposit”. These financial instruments should be issued at a lower rate to customers, also reducing the interest rate of loans can motivate customers to petronise such institution e.g. bank.

1.2     THE RATIONALE OF STUDY

          The rationale of this study can be said to be very essential, assuming we are to understand and influence motivation. The important reason of this study could be said to be: guiding against past experience. Not maintaining good relationship with customers an render such a financial institution at liquidation, therefore the past experience of not patronizing banks could be brough to its abrupt end if this study will be absolutely followed.

          This study provide an avenue for banks to amend past experience.

          The reason could also be said also to be profit reformation. In most cases, banks misuse the opportunity of profit maximization, in order to avert this, motivational process is a very good example to regain such profit.

          For customers to know their rights and obligation, it is the right of customers to be motivated and their duty of patronage is certain, there for the reason of motivation process is important.

1.3            SIGNIFICANCE OF STUDY

The study will be of immense benefit to the institution under study e.g Banks. The finding and recommendations of this study shade to be of great importance to the management of a particular financial institution in dealing with problems relating to motivational process. However, the study shall be of great help to the financial institution to have a good working relationship with their customers.

The study shall also be useful to scholars and researchers who are interested in carrying out research work based on the area of motivation in an institution.

The study will also help some financial institution to defeat the cause of backwardness of some of our Banks which also dwindle the rate of income and profit of the institution and the way some of these problems could be solved.

1.4     DEFINITIONS O TERMS

          In the cause of going through this project work, some of the words and phrase which are very vital and relevant to the project topic were encountered.

          For the purpose of this study the following are defined as follows:

1.      Motivation: This is meeting the social and psychological needs of the customers in the fulfillment of an organization goals.

2.      Financial institution: A large important organization that has a particular purpose which is connected with money eg. Bank

3.      Essential Tool: An important instrument that is extremely necessary in a particular situation or for a particular activity.

4.      Patronage: The support especially financial, that is given to a person or an organization.

5.      Dwindle: The become gradually less or smaller.

6.      Increase income/profit: Greater amount of money that a person or an organization earns from work or business.

7.      Interest rate: Financially, is the extra money that you pay back when you borrow money or that you receive when you invest money.

8.      Variables: Often changing or something likely to change.

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