CUSTOMER SERVICES IN FINANCIAL INSTITUTIONS, A STEP TOWARDS IMPROVING PROFITABILITY (A CASE STUDY OF UNION BANK PLC, OKO)
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CUSTOMER SERVICES IN FINANCIAL INSTITUTIONS, A STEP
TOWARDS
IMPROVING PROFITABILITY (A
CASE STUDY OF UNION
BANK PLC, OKO)
ABSTRACT
DUE TO THE IMPORTANCE OF CUSTOMERS SERVICE IN THE
BUSINESS WORLD. MANY PRIVILEGED ORGANIZATIONS MOST ESPECIALLY THE FINANCIAL
INSTITUTIONS ARE NOW DEPENDING STRONGLY ON IT TO ENHANCE OR IMPROVE THEIR
PROFITABILITY. IDEAS AND OPINIONS WERE RECEIVED FROM STAFF AND REPUTABLE
CUSTOMERS OF UNION BANK OF NIGERIAN PLC, OKO BRANCH, WHICH WAS USED AS A CASE
STUDY.
THESE IDEAS AND OPINIONS WERE GOT THROUGH THE USE OF
OPEN AND CLOSE ENDED QUESTIONNAIRES, INTERVIEWS AND OBSERVATION. THE DATA
COLLECTED WAS ANALYSIS WITH THE USE OF CHI-SQUARE (X2) WHICH IS A STATISTICAL
TECHNIQUE USED IN COMPARING THE DIFFERENCES BETWEEN OBSERVED AND EXPECTED
FREQUENCIES. ACTUALLY ONLY BANKS WITH FORESIGHT WITH RESPECT TO CUSTOMER
SERVICE WILL SUCCEED AMIDST COMPETITION.
MEANWHILE UNION BANK OF NIGERIA PLC WILL REALLY
BENEFIT MORE IF THEY TAKE ADVANTAGE OF THE RESULT OF THIS RESEARCH WORK, HERE
BY SUSTAINING ITS CUSTOMERS AND AT THE SAME TIME KEEPING THEM HAPPY.
TABLE OF CONTENT
Title
page i
Approval ii
Certification
iii
Dedication iv
Acknowledgement v
Table of
content viii
Abstract vi
Chapter
One
1.0 Introduction 1
1.1 Background of study 4
1.2 Statement of the problem 5
1.3 Purpose of the study 6
1.4 Hypothesis 7
1.5 Scope/Limitation of the study 9
1.6 Significance of the study 10
1.7 Definition of terms 11
Chapter
Two
Review of
Related Literature 15
2.0 Introduction 15
2.1 Budget 15
2.2 Budgeting
2.3 Historical development pf budgeting 21
2.4 Reasons for budgeting 23
2.5 Types of budget 29
2.6 Variance Analysis 38
2.7 Importance of Variance Analysis 38
2.8 Controllable and uncontrollable cost 44
2.9 Responsibility accounting 44
2.10 Budget Administration 45
2.11 Budgetary Control 46
2.12 Objectives of Budgetary control 47
2.13 Basic requirements for a good Budgetary
Control
System 48
Chapter
Three
Research
Methodology 51
3.0 Introduction 51
3.1 Population of the study 51
3.2 Sample Size 52
3.3 Sample method of data 52
3.4 Sources of data collection 53
3.5 Administration and Retrieval of Questionnaire 53
3.6 Procedure used for data analysis 54
3.6 Procedure used for data analysis 54
Chapter
Four
Presentation
and data analysis 56
4.0 Introduction 56
4.1 Presentation and Analysis 56
Chapter
Five
5.0 Introduction 75
5.1 Summary of findings 75
5.2 Conclusion 76
5.3 Recommendation 77
5.4 Suggestion for further research 78
5.5 Limitation of the study 79
References 81
Appendix A 83
Appendix B 84
CHAPTER ONE
INTRODUCTION
The topic of this research work
is of course, customer services in the financial institutions, a step towards
improving profitability (a case study of Union Bank Plc Oko).
Woodruff
(1997) defines profitability as the ability of an investment or a company to
make a profit after costs. Overhead, etc. profit on the other hand, is the
difference between the income of the business and all its costs and expenses
over a period of time.
Shaw
(1990) defines a service as a performance that delivers some combination of
benefit to the customer.
Union
Bank of Nigeria Plc, a bank established in 1917, as Bank of Colonial Africa,
increased its profits after tax from 5.035 billion in 2001 to 9.375 billion
naira in 2005. In
July 2009, the bank was rated the 556th largest bank in the world
and the 14th largest bank in Africa,
with an asset base of US $826 million.
However,
the bank was one of the banks that were controversially indicated by the
Central Bank of Nigeria
in November 2009, for
what the apex bank termed as improper loan and financial management.
The
profitability of banks could be increased through a plethora of ways. These
include the aforementioned financial management, the recruitment and training
of seasoned personnel, honesty of staff intensive/extensive selling efforts and
other factors. Nevertheless, the focus of this work is to examine how
profitability could be increased through improved customer services. This line
of thought is congruent with the marketing concept, which makes consumer
satisfaction the fulkrum of all organizational activity, banks not being
exceptions.
1.1 BACKGROUND OF THE STUDY
In the
last ten years there have been important changes in the business of consumer
financial services. The main characteristic that has marked the evolution of
the financial system has been paradoxical (in the sense of reduction in number
of banks but increase in their ability to compete, through bank consolidation)
increase in competition in the sector. The banking business has undergone
changes in the regulation of the sector, changes in consumers demand for
services, technological changes and the entry of new competitors from
businesses outside banking (Gardner et al, 1999). Due to this an increasingly
open and competitive framework has been formed, in which many financial
entities are beginning to be concerned about developing defensive strategies,
in order to avoid in discriminate loss of customers. According to Jacuhy and
Chestnut (1978), firms should strive to maintain long-term relationships with
their customers, in order to obtain the advantages of a clientele loyal to the
firm.
Union
Bank of Nigeria Plc was established in 1917, as Bank of Colonial African. It
opened its bank at Oko in August
15,1995. The bank, since its inception has initiated several
customer friendly innovations and strategies which it also extended to its Oko
branch. These innovation and strategies include the use of Automatic teller
machines (ATM), Computerized banking services, automated security check doors,
bullet proof bullion services, flash me cash, air conditioned banking hall,
cable television etc.
We will
examine, in the course of this research work of course, at a macro level, how
these customer services innovations and strategies have increased the
profitability of the bank. we will also recommend ways in which the bank could
improve the effectiveness and efficiency of its service delivery system.
1.2 STATEMENT OF THE PROBLEM
i. Lack of
customers satisfaction.
ii. Loss of
market share
iii. Poor
customer relationship
iv. Lack of
improved customer service
v. Poor
quality services rendered to their customers
1.3 PURPOSE OF THE STUDY
i. To determine if customers are satisfied with performances of
the bank.
ii. To find out the best way to increase the banks customers.
iii. To increase the staff and customer relationship.
iv. To determine how best to improve customer service.
v. To find out how to improve the quality of services rendered to
the customers.
1.4 SIGNIFICANCE OF
THE STUDY
This research work may be helpful to those who are either carrying out
research work in banks profitability, customer service, hotels any other
establishments in the service industry.
It will
also be useful to scholars and students of the aforementioned areas.
1.5 RESEARCH QUESTIONS
The
following are the research questions
i)
How is
Union Bank of Nigeria Plc, Oko branch rated by its customers and the general
public, in terms of profitability?
ii)
Which of
Union Bank of Nigeria’s
customer service innovations are its customers aware of?
iii)
How do they
rate them, vis-Ã -vis their ability to engender customer satisfaction?
iv)
What
perception do the customers of Union Bank of Nigeria have of the courteousness
and friendliness of their staff at Oko branch?
v)
What do the
customers of Union Bank of Nigeria Plc, Oko branch feel about their speed of service?
1.6 HYPOTHESIS
The
hypothesis was formulated based on the problems stated above.
i. Null Hypothesis - Ho: The
profitability of financial institutions in Nigeria cannot be increased through
improved customer service.
ii. Alterative Hypothesis - Hi:
The profitability of financial institutions in Nigeria can be increased through
improved customer service.
1.7 SCOPE OF THE
STUDY
This
research work is limited to Union Bank of Nigeria Plc, is services are more or
less similar to that of other banks.
Based
on this, the researcher has decided to find out the kind of services and how to
satisfactorily these services are rendered to customers.
1.8 DEFINITION OF TERMS
The
following terms are hereby defined:
i)
Customer
Services: An instrumental activity performed for a consumer or a consummatory
activity involving consumer participation in but not ownership of a company’s
product and facilities
ii)
Marketing:
Marketing is a social and managerial process by which individuals and groups
obtain what they need and want through creating offering and exchanging
products of value with others.
iii)
Marketing
Concept: is a corporate state of mind that insists on the integration and
co-ordination of all the marketing functions which in turn are melded with all
other corporate functions, for the basic purpose of producing optimal consumer
benefits and maximum long-range corporate profit.
iv)
Commercial
Bank: is an institution which accepts deposits, makes business loans and offers
related services for profit.
v)
Bank: This
is any person or institution responsible for collecting deposits and other
valuable items from customers for safe-keeping.
vi)
Customer
satisfaction: - This is the extent to which a firm fulfills customers needs
desires and expectations.
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