Marketability of Financial Services in a Competitive Banking Environment: Evidence from Nigerian Banking Industry
The environment where financial services are marketed is becoming more competitive and this had made the task of marketing of financial services increasingly challenging and highly specialized as a result of the unique features of financial products and services. This paper examines marketability of financial services in a competitive banking environment. It adopted a survey research design to collect the required secondary information and primary data for this work. The primary data was collected through a multiple-options and Likert scale questionnaire that was administered on the staff and customers of the banks under investigations, while the secondary information were collected from textbooks, and journals. The study employed correlation analysis and chi-square as analytical instrument. The results of the study indicate that there is a relationship between the marketing of financial services and customer satisfaction, and it shows that marketing oriented activities have improved the quality of banks’ financial services. It was recommended that bank managers should exploit relationships that exists between marketing of financial products and customer satisfaction by monitoring changes in the needs of target customers and they should also sustain the improvement in the quality of financial services by tracking all dimensions of dynamism in the bank operating environment. Keywords: Financial Services, Marketing, Competitive Environment, Strategy.
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