Select Currency
Translate this page

FACTORS INFLUENCING CUSTOMER LOYALTY IN THE NIGERIAN BANKING INDUSTRY

Format: MS WORD  |  Chapter: 1-5  |  Pages: 65  |  3547 Users found this project useful  |  Price NGN5,000

  DOWNLOAD THE COMPLETE PROJECT

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND TO THE STUDY

Nigerian banks in the face of increasing competition are currently facing enormous challenges which have made survival increasingly difficult. To survive and be successful providers of financial services, it is extremely important that the present environment should go with a new management order which will offer the customer satisfaction and make better business performance. It is evident that today customers have increasingly become so enlightened and aware of their importance that ignoring them in search for competitive advantage can be suicidal for banks. Therefore, banks must brace up to the challenges in a bid to provide an effective customer service. Banking operations in Nigeria started in 1892 when African Banking Corporation opened its first branch in Lagos to finance the shipping business of Elder Dumpster and Company which was operating steamship services between Liverpool and the West African coast.

The Bank of British West Africa took over the activities of the African Banking Corporation in 1893 (now First Bank of Nigeria Plc). In 1917, Barclays Bank (now Union Bank of Nigeria Plc) was established. Shortly year, many more Banks were established; some of which are the British and French Bank (now United Bank for Africa Plc) established in 1949, the Industrial and Commercial Bank established in 1929, National Bank of Nigeria Plc established in 1933, the Agbonmagbe Ban (now Wema Bank) established in 1945, Nigeria Penny Bank established in 1940, Nigeria Farmer and Co-operative Bank Plc established in 1947 and so on. (Okoh, S. E. and Unugbro, A. O. 2013).

The 1930’s and 1940’s witnessed some bank failures which led to the setting up of the Patron’s Commission of 1948 which formed the bedrock of the Banking Ordinance of 1952. Even since then, commercial banks dominated the financial system and constituted the largest group in the financial sector. On the attainment of independence in 1960, there were twelve (12) banks with a total of 160 offices. There was a rapid growth in the 70’s and by 1977, there were 19 banks with 492 branches. By 1987, the number of commercial banks had grown to 48 with 1714 branches. (Nwankwo, 2011).

Since independence banking industry has grown tremendously and serves the greater proportion of the general public. With the liberalization of bank license in 1980, a more competitive environment and efficiency in the banking system was promoted. The federal government budget of 1986 which introduced economic recovery was subsequently articulated into the Structural Adjustment Programme (SAP) was a deliberate response to distortion which has been prevalent in the Nigerian economy since the “oil boom” of the 70’s. The reform process of this programme led to the introduction of measure and instruments to deregulate the practice of banking. With this, new banking techniques and range of products offered to enhance economics efficiency and effective resources allocation introduced through service driven competition resulted in product introduction and adoption. With regard to the above development, individual banks have to carve a niche themselves and decide the kind of customer, prices of their product/services appropriating as well as promote such services in various ways that the target will be aware of what is in offer. This concept of customer service must be given priority since the era of arm chair banking is over (Anyafo, 2014).

1.2   STATEMENT OF THE PROBLEM

The relevance of the customer in every business organization cannot be overemphasized having known that the customer is the lifeblood of every business survival. The researcher wishes to look into the following problems:

1.   The problem of effective customer services in the banking industry.

2.   The problem encountered by bankers in determining the needs and wants of a customer.

3.   The problem of methods adopted by banks in meeting the individual needs of their customers.

1.3   OBJECTIVES OF THE STUDY

The following are the objectives of this study:

1.  To examine the factors influencing customer’s loyalty in the Nigerian banking industry.

2.  To determine the effect of bank location on customer’s loyalty.

3.  To examine the relationship between customer care and customer loyalty.

1.4   RESEARCH QUESTIONS

1.  What are the factors influencing customer’s loyalty in the Nigerian banking industry?

2.  What is the effect of bank location on customer’s loyalty?

3.  What is the relationship between customer care and customer loyalty?

1.6   SIGNIFICANCE OF THE STUDY

The significance of this study are as follows:

1.   To provide effective customer services to the banking public.

2.  To enhance economic efficiency and effective resource allocation in the Nigeria banking industry.

3. To increase effects towards positive customer loyalty in the banking industry.

1.7   SCOPE/LIMITATIONS OF THE STUDY

The study was carried out within the Benin-Banking environment with specific inference to Union Bank Plc, First Bank Plc, Guaranty Trust Bank Plc and Oceanic Bank Plc. The above mentioned banks represent two old generation banks and two new generation banks in the banking industry.

LIMITATION OF STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work

REFERENCES

Anyafo, G. (2014), "Bank to the future", Internet Magazine, www.findarticles.com

Nwankwo, Jim (2011); “Payment System and Financial Innovations. A paper presented at the Annual  Policy Conference, Nov. 2002.

Okoh R.M and Unugbro A.S (2013).The Impact of Electronic Banking on Human Resources Performance in the Nigerian Banking Industry.

International Journal of Economic Development  Research and Investment Vol. 3, No 2. Pp 61-69.

  DOWNLOAD THE COMPLETE PROJECT

FACTORS INFLUENCING CUSTOMER LOYALTY IN THE NIGERIAN BANKING INDUSTRY

Not The Topic You Are Looking For?



For Quick Help Chat with Us Now!

+234 813 292 6373

+233 55 397 8005


HOW TO GET THE COMPLETE PROJECT ON FACTORS INFLUENCING CUSTOMER LOYALTY IN THE NIGERIAN BANKING INDUSTRY INSTANTLY

  • Click on the Download Button above.
  • Select any option to get the complete project immediately.
  • Chat with Our Instant Help Desk on +234 813 292 6373 for further assistance.
  • All projects on our website are well researched by professionals with high level of professionalism.

Here's what our amazing customers are saying

Abubakar Iliyasu Hashim
Federal college of education pankshin affiliated to university of jos
I am highly impressed with your unquantifiable efforts for the leaners, more grace to your elbow.I will inform my colleagues about your website.
Very Good
Uduak From Uniuyo
IProjectMaster is the best project site for students. Their works are unique and free of plagiarism!
Excellent
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.
Excellent
MATTHEW NGBEDE
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Excellent
Abdulrahman Jibrin
Nti Abaji
Nice one work prompt delivery tanx
Very Good
Samuel From Ajayi Crowther University
You guys just made life easier for students. Thanks alot iprojectmaster.com
Excellent
Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Adam Alhassan Yakubu
UDS
Excellent work and delivery , I promise to share my testimonies everyone in need of this kind of work. You're the best
Excellent
Merry From BSU
I am now a graduate because of iprojectmaster.com, God Bless you guys for me.
Excellent
Abdulrazak Bello Marsha
Usman Dan fodio University
It was quite a better guide for project and paper presentation purpoting. Many thanks.
Average

FREQUENTLY ASKED QUESTIONS

How do I get this complete project on FACTORS INFLUENCING CUSTOMER LOYALTY IN THE NIGERIAN BANKING INDUSTRY?

Simply click on the Download button above and follow the procedure stated.

I have a fresh topic that is not on your website. How do I go about it?

How fast can I get this complete project on FACTORS INFLUENCING CUSTOMER LOYALTY IN THE NIGERIAN BANKING INDUSTRY?

Within 15 minutes if you want this exact project topic without adjustment

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

What if I want to change the case study for FACTORS INFLUENCING CUSTOMER LOYALTY IN THE NIGERIAN BANKING INDUSTRY, What do i do?

Chat with Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

How will I get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 813 292 6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!