PURCHASING OF BANKING AND FINANCIAL SERVICE

Code No: 609888

₦5,000.00

ABSTRACT

This study was carried out on the purchasing of banking and financial services in Nigeria, using Eco Bank as case study. To achieve this, five significant research objectives were formulated. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of all the customers and staff of Eco Bank, Lagos State. In determining the sample size, the researcher conveniently selected 70 respondents while 55 were received and 50 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that banks & financial institution does not provide enough service and infrastructural facilities and amenities required to satisfy the customers. And the customers spends much time when performing banking services in the bank. Also the customers are not satisfied with the services rendered by the customer care unit of banks. In regard to the findings, the study recommends that in most locations where customers are ignorant of the law guiding him and his banker, banks should be made to enforce the rule and fulfill their contractual obligations. This can be achieved by making laws that would ensure compliance and in default, provide for remedy.

CHAPTER 1

CHAPTER ONE
INTRODUCTION
1.1 Background Of The Study
The deregulation of the financial services market which the Nigeria economy has witnessed under the structural adjustment programme, has exposed financial institution to the types of competitive and tough market environment which their counter parts in the advanced economics have witnessed for many years.
The banking and financial institution which have survived the turbulence which those changes brought in their wake, are those which have encourage & embrace the purchasing philosophy as a corporate culture for the organization. The Nigeria experiences is no different from that of those of our counterparts in the advanced world and we have the benefit of adopting the well tested and established method which help them to achieve excellence in the face of apparent odds.
The argument in this research work is that it enhance profits and in fact the entire issue of corporate survival, excellency, competitive edge stand out corporate image, can only be achieved if financial industries adopt the purchasing concept as the philosophy which guides the way we deliver our services.
Besides, the advent of deregulation and the ensuring cut-throat competition the financial market in which we operate is characterized by homogeneity of products or services rendered by all banks and insurance companies. As with other service industries, they do not have the advantage which the physical product purchasing companies have in product differentiation through improvement of product functioning and peck presentation.
Banks and insurance companies are selling essentially the same basic products or service and therefore have very limited degree of freedom to enhance competitiveness on the basis of product differentiation.
Competitive advantage can therefore only be achieve through adoption of outstanding service delivery systems and customer oriented attitude towards the satisfaction of customer demands and expected.
This study is thus designed to examine how banking organizations can create a competitive edge through the application of purchasing concept.