Customer Services in Financial Institutions, A Step Towards Improving Profitability (A Case Study of Union Bank Plc, Oko)
ABSTRACT
Due to the importance of customers service in the business world. many privileged organizations most especially the financial institutions are now depending strongly on it to enhance or improve their profitability.
Ideas and opinions were received from staff and reputable customers of union bank of nigerian plc, oko branch, which was used as a case study.
These ideas and opinions were got through the use of open and close ended questionnaires, interviews and observation.
The data collected was analysis with the use of chi-square (x2) which is a statistical technique used in comparing the differences between observed and expected frequencies. actually only banks with foresight with respect to customer service will succeed amidst competition.
Meanwhile union bank of nigeria plc will really benefit more if they take advantage of the result of this research work, here by sustaining its customers and at the same time keeping them happy.
TABLE OF CONTENT
Title page i
Approval ii
Certification iii
Dedication iv
Acknowledgement v
Table of content viii
Abstract vi
Chapter One
1.0 Introduction 1
1.1 Background of study 4
1.2 Statement of the problem 5
1.3 Purpose of the study 6
1.4 Hypothesis 7
1.5 Scope/Limitation of the study 9
1.6 Significance of the study 10
1.7 Definition of terms 11
Chapter Two
Review of Related Literature 15
2.0 Introduction 15
2.1 Budget 15
2.2 Budgeting
2.3 Historical development pf budgeting 21
2.4 Reasons for budgeting 23
2.5 Types of budget 29
2.6 Variance Analysis 38
2.7 Importance of Variance Analysis 38
2.8 Controllable and uncontrollable cost 44
2.9 Responsibility accounting 44
2.10 Budget Administration 45
2.11 Budgetary Control 46
2.12 Objectives of Budgetary control 47
2.13 Basic requirements for a good Budgetary
Control System 48
Chapter Three
Research Methodology 51
3.0 Introduction 51
3.1 Population of the study 51
3.2 Sample Size 52
3.3 Sample method of data 52
3.4 Sources of data collection 53
3.5 Administration and Retrieval of Questionnaire 53
3.6 Procedure used for data analysis 54
Chapter Four
Presentation and data analysis 56
4.0 Introduction 56
4.1 Presentation and Analysis 56
Chapter Five
5.0 Introduction 75
5.1 Summary of findings 75
5.2 Conclusion 76
5.3 Recommendation 77
5.4 Suggestion for further research 78
5.5 Limitation of the study 79
References 81
Appendix A 83
Appendix B 84
INTRODUCTION
The topic of this research work is of course, customer services in the financial institutions, a step towards improving profitability (a case study of Union Bank Plc Oko).
Woodruff (1997) defines profitability as the ability of an investment or a company to make a profit after costs. Overhead, etc. profit on the other hand, is the difference between the income of the business and all its costs and expenses over a period of time.
Shaw (1990) defines a service as a performance that delivers some combination of benefit to the customer.
Union Bank of Nigeria Plc, a bank established in 1917, as Bank of Colonial Africa, increased its profits after tax from 5.035 billion in 2001 to 9.375 billion naira in 2005.
In July 2009, the bank was rated the 556th largest bank in the world and the 14th largest bank in Africa, with an asset base of US $826 million.
However, the bank was one of the banks that were controversially indicated by the Central Bank of Nigeria in November 2009, for what the apex bank termed as improper loan and financial management.
The profitability of banks could be increased through a plethora of ways. These include the aforementioned financial management, the recruitment and training of seasoned personnel, honesty of staff intensive/extensive selling efforts and other factors.
Nevertheless, the focus of this work is to examine how profitability could be increased through improved customer services. This line of thought is congruent with the marketing concept, which makes consumer satisfaction the fulkrum of all organizational activity, banks not being exceptions.
REFERENCES
Athenassopoulos Philips (1997) What customers Value Most: U.K. John Wiley and Sons.
Bayodzi Francis, Dreyden Urich (1983) Customer Equity and Managing Relationships on Valuable Assets Washington; Harvard business school Press.
Beanjean Harold (2006) The service Profit Chain: How Leading Companies Link Profit and Growth to Loyalty Satisfaction and Value. New York: Free Press Inc.
Crown Gerald; Sellerman Paul (1992) Service America in the New Economy New York; MC Graw Hill.
Geidner Schick, Othman Van de Wees (1999) Bank profitability Statistical Supplement New York; Organization for Economic Development.
Herker Zenois (1997) Financial Institutions Markets and Management, New York MC Graw Hill
Heskelt Benneth Cartson William (1994) Banking Deregulation and the New Competition in Financial Services Cambridge Ballinger Publishing company.
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