Product Development and Marketing of Financial Services in a Competitive Banking Environment: An Evidence from Nigeria

AFRAG063

Product Development and Marketing of Financial Services in a Competitive Banking Environment: An Evidence from Nigeria

Sebastian O. Uremadu, PhD1* (Professor of Banking and Finance)

Department of Banking and Finance, College of Management Sciences (COLMAS), Michael Okpara University of Agriculture, Umudike,

Abia State, Nigeria. Email: sebauremadu@yahoo.com

+2348037876614

Diana Chizoba Onwuemeka2 (M.Sc Student) Department of Banking and Finance,

College of Management Sciences (COLMAS), Michael Okpara University of Agriculture, Umudike, Abia State, Nigeria +2348130066925

Charity Egondu Duru-Uremadu, PhD3 (Lecturer) Department Educational Management College of Education Michael Okpara University of Agriculture, Umudike, Abia State, Nigeria. Email: rityeuremadu@yahoo.com

  • Corresponding Author

Abstract

Marketing and advertising are fundamental concepts in the banking industry and profit is the key issue which helps commercial banks to survive in the market. Therefore, this study investigated the relationship between new product development, marketing of financial services and bank profitability in a Nigerian banking firm. Descriptive survey was applied in this study. The methods used in testing the hypotheses were the T-test and the Kendall’s coefficient of concordance. One hundred (100) questionnaires were distributed to selected commercial bank workers and customers and eighty-five (85) was retrieved for tests and analysis. Results found that marketing of a banking firms’ products and services had improved efficiency of commercial banks in Nigeria leading to the satisfaction of customers. The study therefore recommended that all the units of a commercial bank should be involved in marketing while commercial banks should continue to make their customers feel important. They should also have well-equipped and experienced staff personnel in customer services unit to be able to provide solutions to customers’ complaints and challenges, daily.

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