CHAPTER ONE
- INTRODUCTION
BACKGROUND OF THE STUDY
Presently the concept of serving customer needs (customers satisfaction) has risen to the centre stage of modern business.
It is indeed now considered by many management experts, and practitioners as a sure determinant of organizations cutting edge quitrent especially in the present sharp and competitive market environment in which banks and now operate.
As a result of this development, the management vocabulary is now replete with all kinds of terminologies are used to describe the same thing as customer services. Among these terminologies are customer care , customer satisfactions etc.
According to Oxford Advance Learners dictionary (6th edith) a customer is a person or any organization that buy something from a shop, store or business organization or firm, hence a customer is referred to a person or an organization that keep an account with a bank. It is between a banker and a customer.
Customer as the saying goes are always right and they are the reason why a business exists, therefore, every bank have a peak shift in its customer. Satisfaction chart at least at a minimum level, gaining the most share of the market and its benefits that follows thus, yet it is said that nothing is insatiable as man and as customer they are of the heart of any business organization.
In as much as the primary aim of establishing a business (bank) is to maximize profit and also carryout various service to customers, depending on the type of the business also knowing that customers needs are insatiable, how can a business satisfy its customer’s needs?
Customers are now were prospective and have much higher expectation, this makes services (serving customers needs) a strategies tool, those ideas enables winning organization to construct greater bonds.
Due to expectation of customers, the researcher principally seek to examine the extent with which those customers needs are satisfied and wants to know the various ways of improving and serving of customer need at least to a minimum level, despite knowing that nothing is a insatiable as man.
Consequently, effectively serving of those concept of improving banking efficiency and possible gain, its benefit which is certain therefore, so as financial services it renders, it is their right and duty to see that the unlimited needs of their customer wealth big small are special and efficient.
1.2 STATEMENT OF THE PROBLEMS
Serving customer’s needs are forced with the problem of ability
to keep good relationship with your customers, it pose a greater threat towards the possibility of the bank loosing their potential customers due to the fact that the customers would not be able to have easy and effective access to necessary information from the bank about the ongoing activities in the bank and enough details about the customer’s account, and when this occurs, they (customers) might start banking with other banks.
Serving customers needs are also faced with the problem of Ability to make good communication with them “ make use of positive language with them. The way you communicate or the language you speak to your customers is very important part /role in your business based on how you communicate with your customers.
Serving customers needs are also faced with how learn and determined all individual customers’ needs are also fixed with how to learn and determine all individual customers needs and respond according in order words when a bank do not respond accordingly on how best to serve his customers needs, customer might feel that he/she is not important to the bank and when a customer thinks so, he/she might decide to part ways with the bank thereby caring a lose to the very bank.
To state clearly how good relationship between bank and customer should improve banking profitability.
To ascertain how good interaction and communication with customers on regular basis will increase customers satisfaction and retention rates.
To offer solution problems identifies and recommend some ways of improving customer services
To ascertain the extent to which satisfying a customer can be a concept of improved banking efficiency.
1.4 RESERCH QUESTIONS
How would good relationship between bank and customers should improve banking profitability.
How would banks good interaction and communication with customers improve customers satisfaction and retention rates?
How would bank gives solution to the problems of customers service?
To what extent does serving customers need act as a concept of improving banking efficiency?
1.5 SIGNIFICANCE OF THE STUDY
This is to rest restructure and rationalize the process of prodding services to customer based on their various needs in to be able to provide quality services and eliminating the customers predicament. Through complains by customers cannot be totally eradicated/eliminated. The study research work will be very useful to both the banks, students, customers and the government.
Bank: It is significant to the bank to be able to know the various ways to satisfying their customer needs and also to identify various ways and shortcomings in rendering service to customers even when the expectations of the customers are unlimited in complementing the limited efforts of the bank.
Students: It is of a great significant for the banks to be able to meet the meet the needs of the students and do keep them happy through the efforts of the bank or bankers, failure to develop loyalty and satisfaction could end up loosing their great business, men/women in the future. This work will serve as a reference point to other student who may wish to carryout, further research on the existing topics and related topics.
Customers: It is of a great significant for the bank to add some efforts in carrying out the various services to their (customers) through the effort of the bank/bankers might be limited . A business can be successful only if end of customers are reduced and satisfied.
1.6 SCOPE OF THE STUDY
The study Access Bank Plc in Ekwulobia Anambra State in order to know how serving of customer need will lead to improve banking efficiency to this selected bank.
DEFINITION OF TERMS
In order to achieve charity and avoid misconception an attempt will be made to define some technologies used in this study.
Bank: A bank is financial institution and financial intermediary d that accepts and channel those deposits into lending activities, either directly by loaning or indirectly through capital market.
CUSTOMER: Is a person, whether corporate or incur corporate who has some not of account with a banker, the relationship commence as soon as the account is opened. A customer is also a person who receives goods, services, production or ideas, obtained from a seller, vendor or supplier for a monetary or other valuable consideration.
CUSTOMERS SERVICES; Is described as the assistance provided to help a customer with the purchase or use of a product, customer service is also a series of activities designed by an organization to enhance the level of customer satisfaction, that is the feeling that a product or service authce has met the customer’s expectation.
EFFICIENCY; It means that the quality of doing something well with no waste of money and time, it is also described as the extent to which time effort or cost is well used for the intended.
MOBILE BANKING; It is defined as the automated delivery of new and traditional banking product and service direct to customers through electronic interactive communication channels, mobile banking is also a system that allows customer of a financial institution. To conduct a number of financial transactions through a mobile device such as mobile phone or personal digital assistance.
AUTOMATED TELLER MACHINE; An automated teller machine (ATM) also knowing as automated banking (ABM) it is a computerized institution to perform financial transaction without the need for a cashier or bank teller, it is also a self believe dispenser, which caters for the demand of immediate cash by customer.
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