Marketing of Financial Services

Abstract

Marketing as associated to banking is to explain a suitable promise to a customer through a variety of products and services and also to confirm operative distribution through satisfaction. The need for marketing of financial services cannot be over emphasized because it is vital, as it has helped firms such as banks and non-banks that engages in operational service delivery to maximize profit. The marketing tactic includes forestalling, classifying, responding and satisfying the customers’ needs and wants effectually, professionally, and beneficially. Competition within these firms, brought about globalization and an improvement in customer awareness have made banks to use marketing as an important tool to increase returns, improve on the efficiency of the Nigerian banking system and compete efficiently. Marketing of bank services/products is the aggregate function absorbed at providing facility to satisfy customer’s monetary needs and wants, more than the rivalry keeping in view the organizational objectives. It can be said that the presence of the bank has miniature value without the presence of the customer. This study set out to investigate the impact of marketing of financial services in Ekondo Micro Finance Bank Limited. The research is based on real customers of real organization in Nigeria. There will be no manipulations or simulations. For this research, participant’s perceived no deviation from everyday routine. The research paper summarizes the natural environment. The hypotheses tested found that marketing of financial services has improved the efficiency of customers in the bank and made customer satisfied. We recommend that banks should be more active in service marketing as any bank that adopt innovation in service marketing would have competitive advantage in the industry.