ISSUES AND PROSPECTS OF MARKETING IN THE BANKING SECTOR

Abstract

The researcher provides extensive research work and rational analysis on the issues and prospects of marketing in the banking sector. The issues identifies amongst many others are:- making these banking sectors less more marketing and customers oriented, Assigning unimaginable and unattainable market targets by the executives, troubles planning for achieving objectives, issues of certain objectives of the banks that clashes with marketing objectives, the nature of environmental factors as a whole. The study therefore had the objective of finding out the phenomenon of these issues which its solutions pose as major challenges that leads to the prospects and marketing as the “man in the middle” the middleman playing the role of mediating. Four banks operating within Onitsha, Anambra state of Nigeria, namely United Bank for Africa, First Bank Plc, Union Bank Plc, and Eco Bank Plc were used. Primary data was obtained from surveying the views from marketing officials. The secondary data emanated from bank statement and brochures. Findings made are, the targets given to the service marketing field officers are not in line with their performance scope, adequate fiancé and training are not granted to these officials. Marketing folk are spending much time working with development of market they don’t have enough time to conduct research and innovation. Recommendations:-The marketing group of these banks should do a great job of planning enhanced new services programmed in a timely manner. The marketing group should be organized in such a way that all the bank businesses are covered adequately, (outsourcing inclusive) there should be periodically review of the bank marketing functions, plans and strategies etc to determine areas of corrections, improvements, investments based on specific customer requirements, education of actual and potential customers on the importance of banking, above all given the marketers achievable targets among others.