Marketing of Financial Services by Deposit Money Banks in Nigeria

Ajugwe, Chukwu Alphonsus, PhD.
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Ajugwe, Chukwu Alphonsus, PhD.: N/A

International Journal of Research and Innovation in Social Science, 2019, vol. 3, issue 1, 196-204

Abstract: Deposit Money Banks (DMBs) in Nigeria are facing business uncertainty triggered by current economic recession, conflicting banking circulars and regulations issued by the Central bank of Nigeria(CBN) almost on monthly basis, coupled with globalization and introduction of banking technology that ushered in electronic processes and procedures. These brought about stiff competition among the DMBs. Consequent upon; banks must adopt aggressive marketing strategies to survive. Banks in order to penetrate and retain their marketing segments must employ effectively and efficiently the right marketing mix. The process involves planning, scanning the environment to determine the needs of the customers and producing the right financial products that will actually satisfy their financial need sat profits. Such marketing strategies will lead to effective financial service delivery wish will make the banks not only to attract new customers but will retain the old ones.

Date: 2019
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