– Appraisal of Bank Marketing Strategies in the New Generation Banks –
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ABSTRACT
The banking industry has witnessed a series of changes more than any other sector of the economy. The industry, in the last ten to twelve years, had undergone what may be described as “rough weather” through policy inconsistencies, policy shifts and policy reversals, thereby making the familiar terrain to become hostile.
The industry is increasingly becoming more dynamic which requires the operators being proactive to enable them cope effectively and efficiently.
In the present day banking industry, competition is fiercer ever than before despite the drastic reduction in the number of active participants.
Most of the Money Market Instruments now in vogue in the industry are targeted at high net worth individuals irrespective of whether references are taken on them or not.
Empirical evidence has shown that new generation banks in Nigeria render services to both illiterate and literate customers.
The strategy for the new generation banks is to target the educated and sophisticated customers, who could be individuals or corporate bodies.
It is noted that the new generation banks are more proactive in marketing strategies than the first generation banks.
INTRODUCTION
1.1 Background of the Study
Following the past distress in the banking and finance industry in Nigeria, the new generation banks are now refocusing their strategic marketing activities on customer services.
The customer services entail ensuring the satisfaction of the customers, through aggressive marketing techniques. The banks are now fully involved in electronic banking as the means of promoting effective customer services.
According to Sanusi (1999), electronic banking is a kind of banking that involves an electronic form of money transmission. Here, banking services are fully automated such that transactions are concluded in a jiffy.
It involves the use of a computer network in dispensing cash and transfer of funds. The primary objective is to replace intensive labour operations and thus, help reduce the waiting time of customers.
Most of the Money Market Instruments now in vogue in the industry are targeted at high net worth individuals irrespective of whether references are taken on them or not.
Empirical evidence has shown that new generation banks in Nigeria render services to both illiterate and literate customers.
The strategy for the new generation banks is to target the educated and sophisticated customers, who could be individuals or corporate bodies.
According to Ojo (1998) electronic products should be directed at them because they are the ones that understand the intricacies involved.
REFERENCES
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Backey, (1978): “Advertising and Sales Promotion Strategy”; USA: Addison Welsey. Backey, D.I. et al (1988): “The Law of Electronic Fund Transfer Systems”; Boston: Warron, Gorham & Lamont.
Boyd, K. and Massy F. (1982): Marketing Management; New Jersey: Oceania Publishing Coy.
Cheney, G. (1999): “Visa Maps Path to Smart Cards, Bank Technology, New International; August, 1999.
Davenport, T.H. (1999): “Saving IT’s Soul, Business Value of IT”; Boston: M.A. Harvard Business School Publishing.
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