THE PROBLEMS FACING THE ESTABLISHMENT OF BANKS IN RURAL AREAS (A CASE STUDY OF SOME SELECTED LOCAL GOVERNMENT AREAS OF ENUGU STATE)
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THE PROBLEMS
FACING THE ESTABLISHMENT OF BANKS IN RURAL AREAS (A CASE STUDY OF SOME SELECTED
LOCAL GOVERNMENT AREAS OF ENUGU STATE)
TABLE OF
CONTENTS
CHAPTER ONE
INTRODUCTION
Background
of the study
Statement of
problem
Objectives
of the study
Scope of the
study
Statement of
hypothesis
Significance
of the study
Definition
of terms
CHAPTER TWO
Review of
relation literature
Literature
review
Origin of
Nigeria banking system
Banks
defined
Types of
banks
Differences
between central banks and other banks
Differences
between commercial banks and merchant banks
Commercial
banks and rural banking development
Financial
institutions and rural development
Rural
banking scheme and relationship Between peoples bank, community, family support
towards rural development
CHAPTER
THREE
Research
methodology
Sources of
data
Population
of study
Sample size
determinant
Research
instrument used
Origin of
data
CHAPTER FOUR
Tool of
statistical analysis
Testing of
hypothesis
CHAPTER FIVE
Summary of
findings, recommendation and conclusions
Summary of
finding
Recommendation
Conclusion
Bibliography
Appendix I
Appendix II
CHAPTER ONE
INTRODUCTION
BACKGROUND
OF THE STUDY
Banking
transactions in some selected local government in Enugu such as Udi, Ezeagu
Udoji is not new to us as we have been practicing this system for over thirty
years after independence. However it is on this background that two systems of
operations were adopted for effectiveness and efficiency of the product
management in various banks. In the past we use to have an orthodox banking
process whereby the banker relaxes on this sit waiting for customers to bring
business. This type of banker is looked at as somebody with rigid ideas about
bankable projects and which in turn retards the smooth flow of banking
operations. Another type of banking process adopted as conventional is the
unorthodox system whereby the banker is evolved in looking for customers.
Because they
want to maximize profit, the banks employ all possible marketing promotional
strategies in order to survive, hence competitors has come into play and
thereby creating innovation and business acumen. Knight Lester B. (1970: 7)
status of banking marketing Washington D. C. American Bankers Association
states that banks primarily especially commercial banks are engage in business
of collection, payment and depository functions as well as credit management.
According to
Kotler (1980: 4) stated that the survival of any bank depends on the manner it
functions and therefore it has to depend on the market place for its
profitability and environments of the economy which it serves. It is worthy to
mention that the ability of any business to serve and retain its customers
depends mostly on the quality and the effectiveness of the product management
it offers. The quality of services provided by the any organisation is better
judged in terms of it’s ability to bestow the customer’s with the desired
satisfaction. In this regard characteristics such as reliability,
standardization, availability and other desired attributes associated with
service combine to determine the effectiveness of the product management in the
marketing of banks services in the three local government areas.
Martins
(1979: 12) confirmed that the image commercial bank has is important because it
determines the customers patronage of bank.
According to
advertisers watchdog (1983: 7) awareness creation strategy has been limited to
advertisement which does no more than informing the customers about the
services they offer and the address of their location. All the claims about
efficient courteous and speedy services are false and advertising in banking
industries can only become a reality when services the bankers render is
equated to match the claims they make I the advertisement. According to Azikiwe
(1943: 16) expressed his annoyance and disappointment over the treatment meted
on him from a bank staff in Lagos. The story is still the same everywhere even
after the days of the white men. Loans are still granted guarding to customers
and if granted, it is alleged that the managers demand personal cuts, long
queues, man-know-man etc.
Banking
habit among the people is still very low in spite of huge profits recorded by
banks annually, according to Engu and Warsaw (1979: 10) indicated that there is
a ray of hope and government rural banking programme if well planned,
coordinated and pursued vigorously will help to increase the banking habit of our
populace, increase efficiency and effectiveness of it product management”.
There w ill also be an increase competition among the banks for customers. As
at the end of March 1985, there were thirty two commercial banks, operating
Udi, Ezeagu and Udoji witu a total of one thousand one hundred and fifty nine
(1,159) brand network. By share volume, the commercial banks are the most
dominant and by December 1980, they had a total capitalization of N16,340.50
millions.
The
competition among banks would center on non-price lines since the Central Bank
controls the interest, the aggregate among to be lent to some categories of
customers, the sector that more funds should be decided to what should be
accepted as security for the loans and especially the type of business that
banks should go into. How banks attracts serve and retain customers is left for
to decide. All these put together including deposits, loans and advances make
for effective product management.
STATEMENT OF
THE PROBLEMS
The business
of banking entails the collection and transmission of funds from the saving
surplus to the saving deficit economic units. Thus banks act as the mobilize of
funds to all sectors of the economy. Commercial banks have growing from about
seven in 1952 to thirty two by March 1985 with 1159 branch network. But the
industry has continuously been under attack by main observers especially
marketing critics for failure to utilize fully the advantages of modern
marketing principles in operating their banking business for better achievement
of corporate objectives and goals. Unfortunately, product management is the
most criticized of all banking practices. Thus the poor product management
practices of the banks have resulted into sense of complaints of
dissatisfaction among customers about the quality of services offered. To them
services are inadequate and poorly rendered. Beside most customers and
potential customers are not fully aware of the bank services.
The problems
to be addressed in this study are: the customers have equally criticized the
charges of the bank and varsity of services offered by this bank.
The
importance of the industrials to the economy of the country need met to be over
– emphasis but yet they are found writing in optimum satisfaction of it’s
numerous customers. In view of the importance of this industry in the economy,
the researchers seek to evaluate the effectiveness of the product management in
this industry for increased performance.
OBJECTIVE OF
THE STUDY
The
objective of this study is to determine the effectiveness of product management
as adopted by 1st Bank in the marketing of banking services in Udi, Ezeagu and
Udoji Local Government Area. At the end of this research, it is hoped that this
exercise will assist to provide the management with relevant information as an
aid towards effective marketing of its
services.
This
research work seek to:
1) To
determine the length and quality of service being afforded by first bank limited
to its customers.
2) To
determine whether the attitude of the bank staff affects the customers
patronage of the bank
3) To find
out whether writing time and armchair posture adopted by the banks affects the
quality of services they render to customers.
4) To
demonstrate the importance of applying marketing, principles and practices and
determine if the concept of man-know-man affect the bank loan and advances.
5) To find
out if there is any effect of non-availability first banking services in the rural
areas and effect of proximately on customers patronage.
6) To obtain
any information which many are relevant to the management in the planning and
executives of promotional decision for effectiveness and efficiency.
SCOPE OF THE
STUDY
This study
is limited to first bank in 9th Mile corner Ngwo and also customers of the bank
within Udi, Ezeagu, Udoji metropolis.
STATEMENT OF
HYPOTHESIS
1) Ho: The
quality of services offered by the first bank do not lead to customer
patronage.
Hi: The
quality of services offered by the first bank lead to customer patronage.
2) Ho: The
First bank changes does not lead to increase customers patronage.
Hi: The
First bank changes does to increase customers patronage.
3) Ho: The
effectiveness product management of the first bank does not leads to its
availability.
Hi: The
effectiveness product management of the first bank leads to its availability.
4) Ho: The
promotional activities of the first bank impact negatively on customer’s
awareness of he services.
Hi: The
promotional activities of the first bank impact positively on customer’s
awareness of he services.
SIGNIFICANCE
OF THE STUDY
The
importance of this study is that after looking into the effectiveness product
management of the First bank in marketing their services, one will be a
position to see whether the quality of services rendered by First bank has
influence on the customers. It will help us to find out whether the attitude of
the bank staff affects the customer’s patronage. This study will also help us
to find out whether armchair alleviate whether promotional problems the bank
may have been encountering in marketing of their services.
Finally, it
is hoped that the findings of this study will be of immense help to the banking
industries as a whole and first bank Ltd in particular in that it will attempt
to highlight areas of deficiency with a view to helping management improving
its services and our recommendation if implemented would help the bank to
improve it’s operations and profit figures.
DEFINITION
OF TERMS
Promotion:
Promotion has been defined by American Marketing Association as a strategy for
stimulating marketing demand and gaining competitive edge by informing,
persuading and services and identified audience.
Strategy:
Strategy refers to the planning and adjustment of efforts to attain a specific
objectives. Strategy also encompassed act of conducting a campaign and
maneuvering things.
Marketing:
According to Kotler, marketing is human activity directed as satisfying needs
and want through exchange process.
Services:These
are separated indefinable activities, which provide wants satisfaction when
marketed to consumers/industrial users and which are not necessary tied to the
sale of a product or another services. J. M. Rathmell, Journal of Marketing,
October 1966, 33.
Banking: The
banking ordinances of 1952 defined banking business as the business of
receiving from the public on current account, money which is to be payable on
demand by cheques and of making advances to the customer?
Banker: A
banker is a dealer in debt. It is also any body or body persons whether in
cooperated or not that carry on business of banking.
Customer:
There is no statutory definition of customer. The relationship arrives when a
person or group of persons, society, firm customer, which the bank normally
accepts customer also means one accustomed to frequent a certain place of
business or a buyer.
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