– Comparative Study of Bank Charges for Selected Commercial Banks Product in Enugu –
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ABSTRACT
This work focuses on the comparative study of the pricing of Commercial Bank products in the Enugu Urban Area. Two populations were used for the study. The first comprises all the eleven Commercial Banks operating in the city. Six branches of these banks were selected and studied.
The second population is made up of all the passbook or cheque-book carrying customers of the selected banks. A total of 95,224 customers make up this population out of which 402 were sampled.
From the analyses of the data that is using the following statistical tools- ANOVA with F-Ratios: Differences between the means of two well distributed population; and Two-factor, analysis, the following important
findings were made from the study.
There is no significant difference in the prices of bank products among Commercial Bank operating in Enugu
– There is also no significant difference between the degree of customers’ awareness of price variation among the banks before, during and after every bank transaction.
The majority of bank products studied showed that “money price” alone does not have significant influence on consumer’s product and bank switch behaviours.
Consumers are however often attracted by other attributes of price such as bank’s accessibility, courtesy, promptness of services, friendliness of staff, etc, in making their pricing decisions.
In view of the above findings, the recommends that: Since bank consumers’ buying decision processes are not often
influenced by only monetary price, it is necessary that banks’ incorporate the concept of “total pricing” or “package pricing” when setting prices for their products.
To realize the above objectives, banks should as a matter of urgency open up a separate pricing department or make marketing departments as is the case in some manufacturing concerns.
The CBN as an apex monitoring authority should step up checks on the operations of the Commercial Banks to ensure strict compliance with the pricing guideline as are stipulated in the Banker’s Tariff.
TABLE OF CONTENTS
Title Page i
Declaration iii
Certification Page iv
Dedication v
Acknowledgement vi
Preface vii-viii
Table of Contents ix
List of Tables xi
List of Figures xiii
Abstract xiv
CHAPTER ONE: INTRODUCTION 1-2
1.1 Statement of Problem 3
1.2 Objective of Study 4
1.3 Formulation of Hypothesis 5
1.4 Methodology 5
1.5 Scope of Study 6
1.6 Significance of Study 7
1.7 Limitation of Study 7
End Note 9
CHAPTER TWO: LITERATURE REVIEW 10
2.1 The Theory of price and price determination 10
2.2 Conceptual framework 12
2.3 Consumer behaviour and consumer buying decision process 15-17
2.4 Consumers and Bank charges 17-20
2.4.1 Monetary and credit policy guidelines on the administration of Bank charges 20-22
2.4.2 Summary of views on comparison of Bank Charges 22-23
2.5 Overview of Commercial Bank Product 23-30
2.5.1 Effects of De-regulation on Banking Services 30-33
2.5.2 Summary of views on the application of marketing concepts of Banks 33-37
2.5.3 Problems associated with the Marketing of Commercial Bank Products 38-41
End Notes 41-45
CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY 46
3.1 Re-statement of the problem 46
3.2 Sources of Data 46
3.2.1 Secondary Data 46-47
3.2.2 Primary Data 47
3.3 Research Instrument 47
3.4 Population 47-48
3.5 Sampling plan 48
3.6 Determination of Sample size 49-50
3.6.1 Sampling Distribution for Bank Branch 50-51
3.7 Sampling Method 51-52
3.8 Method of Analysis 52
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS 53
4.1 Data Presentation and Analysis 53-77
4.2 Test of Hypotheses and Interpretation 77-97
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS 98
5.1 Summary of Findings 98-101
5.2 Conclusion 101-103
5.3 Recommendations 103-104
5.4 Suggestions for further research 105
Bibliography 106-108
Appendices 109-138
INTRODUCTION
One thing that is permanent, in this world is change. Due to the fact that the world is dynamic, things must keep on changing. For this, the Nigerian Commercial Banking Industry has witnessed tremendous changes within a century of its existence.
There has been a noticeable change in the number of banks and their branch networks. At independence in 1960, there were only eight commercial banks with 190 branches in the country.
There are now 81 of such banks with about 1,711 branches nationwide. In like manner, the number of bank customers has continued to grow over the years.
The introduction of the Structural Adjustment Programme (SAP) by Babangida’s administration has brought far more significant changes into the industry. With it came the deregulation of operations in the commercial banking industry.
One obvious effect of these developments is the emerging of aggressive competition for survival among the individual banks.
BIBLIOGRAPHY
Adekanye Femi The Elements of Banking in Nigeria, Lagos F. and A Publishers Ltd. 1986.
Bary L. and Capaldin L. A. Marketing for Bank Executive London, Leviathan House Ltd. 1975.
Christopher, M. et al, Introducing Marketing, Chicago, Pan Books, 1980.Engel J. F. and Blackwood R. O. Consumer Behaviour, New York, Dryden Press, 1982.
Ifezue A. N. Principles of Marketing, Enugu ABIC Books and Equipment Ltd., 1990.
Jhingan, M. L. Advanced Economic Theory, India, Vikas Publishing House Ltd. 1975.
Kotler, Philip, Marketing Management: Analysis, Planning and Control, New Jersey, Eaglewood Cliffs, Prentice-Hall Inc. 1984.
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