AN EVALUATION OF BANK AND CUSTOMER RELATIONSHIP IN NIGERIA BANKING SERVICE (A CASE STUDY OF ACCESS BANK DURING THE PERIOD 2009-2011)
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AN
EVALUATION OF BANK AND CUSTOMER RELATIONSHIP IN NIGERIA BANKING SERVICE
(A CASE STUDY OF ACCESS BANK DURING THE PERIOD 2009-2011)
(A CASE STUDY OF ACCESS BANK DURING THE PERIOD 2009-2011)
ABSTRACT
The main of this
study is to find out the extent of bank/customer relationship in Nigeria as a
developing economy (a case study of Union of Bank Okpara Avenue Enugu).
This work will be divided into five chapters. The first chapter is
going to be the introductory part of the research work. This chapter will
contain the background of the study, statement of problems, research question
etc. Chapter two will contain the literature review. This means other
recognized authors view or ideas on the same subject matter. Chapter three will
take care of the research methodology and method of data collection and
analysis. The presentation and
analysis of data will be dealt with in chapter four of the study. Simple random
and stratified sampling is going to be used to draw the sample size of the
study; two hypotheses will be set for the study. Questionnaires and oral
interview have to be used as the main instrument of data collection.
Based on the finding and conclusion will be drawn and recommendations
will also be in the last chapter of the work which is the fifth chapter.
TABLE OF CONTENTS
CHAPTER
ONE
1.0
Introduction
1.1
Background of the
study
1.2
Statement of the Problem
1.3
Objective of the
Study
1.4
Research Questions
1.5
Research Hypothesis
1.6
Significance of the
Study
1.7
Scope of the
Study
1.8
Limitation of the
Study
1.9
Definition of Terms
Reference
CHAPTER
TWO
2.0
Review of Related Literature
2.1
Definition of Banks
2.2
Bank/ Customer
Relationship
2.3
Duties of The banker to the Customer
2.4
Bank Rights
2.5
Yardsticks for Bank Performance
2.6
Complaints of the Customer Concerning
2.7
Improving Bank Performance in Nigeria
2.8
The Marketing Concept and Service
2.9
Assessment of Bank/ Customer Relation
Reference
CHAPTER
THREE
Research Design
and Methodology
3.1
Research Methodology
3.2
Research Design
3.3
Area of Study
3.4
Population of the study
3.5
Sample Size
3.6
Instrument for Data Collection
3.7
Validity and Reliability of Instrumen
3.8
Method of Data Collection
3.9
Method of Data Analysis
References
CHAPTER
FOUR
Presentation and
Analysis of Data
4.1
Data Presentation
4.2
Test of Hypothesis
Reference
CHAPTER
FIVE
Summary of
Findings, Conclusion and Recommendations
5.1
Summary of Findings
5.2
Recommendations
5.3
Conclusion
Bibliography
Questionnaire
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Most times advert on our television, radio and bill boards by banks in the
country have always tired to express how excellent and prompt their services
are. In the adverts, they try to show the high quality of services provided to
customers that patronize their own particular bank. By implication they try to
iunform the public that they (bank) are capable of providing quickly prompt and
courteous services of their customers.
Notwithstanding all these advertisement shown by the banking industry have been
criticized by different segment of the society over the poor quality of
services it lenders to customers.
Presently in some banks slow pace of work is still observed resulting in long
queues even to obtain a cheque booklet is characterized by the come tomorrow,
come next week syndrome, bank customers are still treated with laxity and in
most times banks workers still exhibit poor attitude to work. The resultant
effect of this nonchalant attitude to work, which is exchange of words between
the bank staff and customers still obtains. The issue of difficulty in
obtaining loan in our banks have persisted.
All these problems does augur well for bank/customer relationship especially in
a developing economy like ours where banking habits have not been fully
developed. Based on this, it become imperative for a study to be carried out
with a view to found out what actually is the true position of the
relationship between the bank and customers. Also with the recent development
in financial sector, where customers patronage depend on how well a customer’s
problem when the study is completed.
History of UBN Plc
Union bank of Nigerian plc was incorporated in 1969 as a wholly owned
subsidiary of bardages bank international limited and renamed bardages bank of
Nigeria limited, it’s ownership structure remained uncharged until 1971 where
8.33% of the banks share exchange. As a result of the Nigeria enterprises
promotion decree 1972, the federal government of Nigeria acquired 51.67% of the
bank shares which left bardays bank plc London with 40%.
In 1986, union bank of Nigeria plc become the first bank in Nigeria to achieve
the N1 billion mark in savings deposits. Since then, its saving deposits have
increased tremendously. Currently, the bank has one of the largest asset
an deposit bases among nigeria’s financial institutions, totaling N275.2
billion and N204.4 billion for the last financial year ended march 31, 2002
respectively.
Also its gross earning stand at N3.19 billion, which a current core capital of
N28.8 billion, representing an increase of 134 percent over the fighting for
the preceding financial year. The bank remains one of the most capitalized
financial institution in the sub-saharan region. Its share are also most sought
after in the industry today.
Last October, it offered a right issue of 838.95 million ordinary shares of 50
kobo each as N1800 per share an oftar that reffed a total of N15.350 billion
which transcends to an over supsription of N249 million approximately two
percent above the initial target. This is a dear manifestation of the
soundness of the bank and the high level of investors confidence.
Union bank of nigeria plc powerful position as one of nigeria leading banks is
epitomized by its new headed office, which at 32 high, is the fewest and one of
the grandest building on the west coast of Africa.
The bank’s board is led by the chairman, elder kalu uke kola, while the group
managing directory Chief executive management team.
Union bank of nigeria plc offers an unrivalleged range of products to its
clients. These can be produced in two categories.
(A)
Generalized services: currently, savings and deposits accounts funds
acceptance, credit currency domiciliation loans and over drafts.
(B)
Tailor made services: equipment leasing commercial papers, bankers acceptance,
credit information services trade enquires, import export documentation and
finance.
Union of bank of
nigeria plc has once again won the bank of the year award since its
establishment in 1917 union bank of nigeria plc has been in the vanguard of
economic development and growth of nigeria and this has won it may lantals for
three consecutive years (2000, 2001,2002) if was renamed the number one bank in
nigeria by the banker magazine, a sister publication of the influential
financial times of London.
Union bank of nigeria plc over 313 branches including those of its
subsidiaries, an off share branch in the city of London and representative
office in Johnesburg, south Africa – the only Nigerian bank to have a presence
there.
Union bank of nigeria plc is one of these core shareholders in a consortium of
39 banks that promotes the use of smart-cards in nigeria. With a 35% equity,
the bank remains the largest shareholders of one of the most profitable
discount houses in the country consolidated discounts limited.
Union bank of nigeria plc won the central bank of nigeria (CBN) best agric
support bank award since its inception in 1993. CBN best state farmer of the
year award since its inception in 1993, CBN best state farmer of the year award
in 1995. It has also won the nigeria stock exchange presidents merit award more
times than any other bank in the country.
Other awards by the bank are securities and exchange commission special award
2000 in recognition of the ban meritorious service and contribution to the
development of the Nigerian capital market as registers and the aidor brand
award 2001 the brand excellence award for the banking industry among others.
No bank can succeed in today’s economics work/without excellent information
technology provision which include not onlu software but ensuring that employee
are fully trained on all the bank system, union bank of nigeria plc is no
exception. It has vigorously implemented flex solution. Flexacube-flexible
comprehensive universal banking environment software, which is now used by at
least 13 other banks in nigeria sure introducing owing real time. The bank has
also placed 50 other locations on the VSAT-cable the wide area network.
With flecube as the backbone of its ITS system union banks of nigeria plc has
introduced several electronic products these includes: union e- link, telephone
banking, union value-card and automated teller machine (ATM).
Union bank of nigeria plc has developed into the largest financial supermarket
with five subsidiaries including union home saving and loans limited, a
mortgage outfit, union trustee limited, which undertakes transleeship and
position and pension fund management union merchant bank limited a wholesale
banking sub-sector, union store brokers, a stock broking firm and union
assurance company limited which provides insurable services, each of them has
stamped its foot in the relevant subsector.
1.2
STATEMENT OF PROBLEM
The main of any manager of a bank is to satisfy the need and desires of his
customers and also to create to banking habit among the people with the
environment. The customer relatives desk is the hear beat of any banking
operations. Through efforts have been made towards achieving this objective, it
has not been easy due to the following problems.
(a)
Poor attitude to work by bank staff.
(b)
Frauds perpetrating by both bank staff and customers
(c)
Inadequate modern equipment such as computer.
(d)
The problem of distress in the industry.
(e)
Poor communication services, unreliable power supply and telecommunication
system.
(f)
Lack of adequate training on the part of the staff
(g)
Lack of education and experienced staff
The poor relationship
existing between the bank and its customers is usually attributed to these
problems affects the bank customers relationship in a developing economy like
nigeria.
1.3
OBJECTIVES OF STUDY
The
research tends to find out the true position of bank/customer relationship in
respect of the services that bank render to their customers whether these services
were cherished or not. Also services recommendations were equally made on what
can be done within the banking industries to improve their services to
customers.
This study has specifically the following objectives which the researcher wants
to achieve.
(1)
Generally one the object, educate and colligate on the relationship between
bank customer.
(2)
It also seeks the needs for cordial relationship between bank/customer
especially in this complex society like our.
(3)
To instill a high sense of openness, freedom and liberty among banks customers.
(4)
The projects seek to advice policy makers especially in banking industry and
the economy in nigeria on how to come up with comprehensive policy directive
and planning.
(5)
Finally, it seeks to re-oriantace people attitude and perception towards
banking industry. It will help people to understand banking profession as a
friendly organization.
1.4
RESEARCH QUESTIONS
The
research questions which guide the study are:
(a)
How does poor attitude to work by staff affect the bank/customer relationship?
(b)
Is the prevalent communication network in union bank plc good enough to enhance
customer/bank relationship in a developing economy?
(c)
To what extent does frauds perpetrated by both staff and customers affect the
bank and customers relationship.
(d)
Does management encourage workers by conducting in house training on the part
of their staff.
(e)
How does lack of educated and inexperienced staff affects bank/customers
relationship.
1.5
RESEARCH HYPOTHESES
Hypothesis One
H0: Poor
attitude to work by staff affect the bank customer relationship in deceive has
no friendly attitude between the bank and its customers.
H1: Poor
attitude to work by staff do not affect the bank customer relationship in
deceive has no friendly attitude between the bank and its customers.
Hypothesis
Two
H0: the
prevalent communication network in union banks plc is good enough to enhance
bank/customer relationship in a developing economy.
H2: the
prevalent communication network in union banks plc is not good enough to
enhance bank/customer relationship in a developing economy.
Hypothesis Three
H0: Management encourages workers
because there is poor in house training on the part of their staff.
H3: Management does not
encourage workers because there is poor in house training on the part of their
staff.
Hypothesis Four
H0: lack educated and
inexperienced staff affected bank/customer relationship because it well lead to
poor management which scares customer away.
H4: lack educated and
inexperienced staff does not affect bank/customer relationship because it well
lead to poor management which scares customer away.
1.6
SIGNIFICANCE OF STUDY
The
study provides means of achieving lasting solution and problems that have
prevented the harmonious bank and customer relationship various ways of
providing better banking services and overall also be stressed finally, manager
of banks will also learn how best to handle customer’s problems.
1.7
SCOPE OF STUDY
The
study discussed in detail the bank/customer relationship in respect of services
banks render the cause of by queues and times wasted in a bid to obtain
services, union bank of Nigeria plc okpara avenue Enugu branch.
1.9 DEFINITION OF
TERMS
Some of the terms
which the researcher used in this prefect are defined below.
Bank:
Establishment for keeping money and valuables them safety, the money being paid
out customers order ( by means of cheques).
Merchant Bank:
a bank whose business include receiving deposits on deposit account, provision
of finance consultancy and advisory services relating to corporate and
investment matters, making or managing investment on behalf of any person.
Community Bank:
a bank whose business is restricted to a specific geographical area in
Nigeria.
Customer: is a person
who open account, cash or deposit cheques, do foreign transaction business make
enquires other is reciprocal.
Developing:
continual and irreversible growth towards achieving full development.
Cheque:
written order (usally on a printed form) to a bank to pay money and pay in
cach.
Deposit: put or store
for safe keeping example money, document, etc.
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