TITLE PAGE

THE ROLE OF E-MARKETING OF FINANCIAL SERVICES IN

NIGERIA BANKING SECTOR ( A CASE STUDY OF DIAMOND
BANK PLC, LAGOS).

BY

YAHAYA LIASU
FPI/HND/BAM/14/055

DEPARTMENT OF BUSINESS ADMINISTRATION &

MANAGEMENT,
SCHOOL OF BUSINESS STUDIES,
FEDERAL POLYTECHNIC, IDAH,
KOGISTATE.

SUBMITTED TO THE DEPARTMENT OF BUSINESS

ADMINISTRATION & MANAGEMENT

IN PARTIAL FULFILMENT OF THE REQUIREMENTSFOR THE

AWARD OF HIGHER NATIONAL DIPLOMA (HND) IN BUSINESS
ADMINISTRATION & MANAGEMENT.

NOVEMBER, 2016.

i
 CERTIFICATION

This research was supervised and approved as meeting the

requirements for the award of Higher National Diploma (HND) of the

department of Business Administration and Management, Federal

Polytechnic Idah, Kogi State.

______________ ______________
Mr. A.A. Amodu Date
(Project supervisor)

______________ ______________
Mr. A.A. Amodu Date
(Head of Department)

______________ ______________
External Examiner Date

ii
 DEDICATION

This project work is dedicated to Almighty Allah, the controller

of the universe, for His mercy upon my life and to my parents

(Ibrahim O. Yahaya and late Yahaya Rekietu Audu) for their efforts

throughout my programme.

iii
 ACKNOWLEDGEMENT

I sincerely appreciate Almighty Allah, who through His

inspiration and knowledge bestowed on me towards the success of

my project work.

My profound gratitude goes to my loving father Mallam

Ibrahim O. Yahaya and my beloved mother Late Mallama Yahaya

Rekietu Audu as well as Mr/Mrs. Yahaya Zekeri for their financial

and moral support throughout my Higher National Diploma (HND)

programme. May Almighty Allah reward them accordingly.

My appreciation also goes to Samson Audu and all the staff of

the Department, Dean, School of Business Studies and other

academic staff of the polytechnic.

Thanks to the Head of the Department who is equally my

Project supervisor, Mr. A.A. Amodu for devoted his time to supervise

this project with all efforts and moral advice. May Almighty Allah

reward him and his family.

YAHAYA LIASU
FPI/HND/BAM/14/055

iv
 LIST OF FIGURES

Figure 2.5 E-marketing versus Traditional marketing - - 22

Figure 2.9 Marketing Communication System- - - - - 26

v
 LIST OF TABLE

Table 4.2.1 Sex of Respondents - - - - - - - 42

Table 4.2.2 Age - - - - - - - - - - 42

Table 4.2.3 Marital status - - - - - - - - 43

Table 4.2.4 Highest educational qualification - - - - - 44

Table 4.2.5 Occupation - - - - - - - - - 45

Table 4.2.6 Relationship of the respondent with the bank - - 46

Table 4.2.7 Adoption of e-marketing - - - - - - 47

Table 4.2.8 Employment of professional marketers - - - 47

Table 4.2.9 Problems encountered - - - - - - 48

Table 4.2.10 Contribution of e-marketing - - - - 49

Table 4.2.11 Manual containing e-marketing policies & training - 50

Table 4.2.12 Marketing personnel for further training - - - 50

Table 4.2.13 Significant of e-marketing on customers patronage 51

Table 4.2.14 E-marketing improved customers convenience - - 52

Table 4.2.15 E-marketing reduced cost against traditional

marketing - - - - - - - - - 53

Table 4.2.16 Test of Hypothesis One - - - - - - 55

Table 4.2.17 Test of Hypothesis Two - - - - - - 56

Table 4.2.18 Test of Hypothesis Three - - - - - - 58

vi
 ABSTRACT

This study examines the role of e-marketing of financial services in

Nigeria banking sector. The main objective is to investigate how the
adoption of e-marketing enhance financial services in Nigeria
banking industry. The study is a survey approach with sample of
133 respondents (employees and customers) drawn from Diamond
bank in Lagos, representing 66 percent of the total population (200).
The data was analyzed using descriptive statistic and chi-square to
test the formulated hypothesis which revealed that the adoption of e-
marketing has significantly enhanced customers banking services in
Nigeria, particularly in the area of improved patronage, on-time
service delivery and reduced marketing costs. Some
recommendations were made; among the major recommendations is
the need for all the barriers to effective e-marketing adoption such as
poor connectivity, inadequate computers and ICT infrastructure as
well as cyber-crimes which constituted services bottleneck to the
overall success of e-marketing of financial services in Nigeria should
be addressed by managers and all shareholders in the banking
sector.

vii
 TABLE OF CONTENTS

Title Page -- - - - - - - - - - i

Certification

Dedication

Acknowledgement

List of Tables

List of Figures

Abstract

Table of Contents

CHAPTER ONE: INTRODUCTION

1.1 Background of the Study

1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Statement of Hypothesis
1.5 Significance of the Study
1.6 Scope of the Study
1.7 Limitations of the Study
1.8 Definition of key Terms
1.9 References

CHAPTER TWO: LITERATURE REVIEW

2.1 Introduction

viii
2.2 Brief history of Diamond Bank PLC

2.3.1 Concept of E-marketing

2.3.2 Relevance of E-marketing for the Banks

2.3.3 Adoption of E-marketing in the Banks

2.4 Characteristics of E-marketing

2.5 E-marketing Vs Traditional Marketing

2.6 New Technology for Bank Product Development

2.7 Marketing of Financial Services

2.8.1 Concept of Customer Relations as it Affect Financial

Institution

2.8.2 Services Marketing

2.9 Marketing Promotional Tools

2.10 References

CHAPTER THREE: REASEACH METHODOLOGY

3.1 Introduction

3.2 Research Design

3.3 Area of the Study

3.4 Population of the Study

3.5 Sample and Sampling Techniques

ix
3.6 Sources of data Collection

3.7 Method of data Collection

3.8 Method of Data Analysis

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA.

4.1 Introduction

4.2 Data Presentation and Analysis

4.3 Testing of Hypothesis

CHAPTER FIVE: SUMMARY, CONCLUSION AND

RECOMMENDATIONS

5.1 Summary of Findings

5.2 Conclusion

5.3 Recommendations

5.4 Suggestions for further research

Bibliography

Appendix

x
 CHAPTER ONE: INTRODUCTION

1.1 BACKGROUIND OF THE STUDY

With the recent emergence of Nigeria as the largest economy

in Africa, the need for customer convenient marketing and service

delivery in the banking sector has become more imperative. Studies

have shown that Nigeria has the second largest financial services

sector in sub-Saharan Africa, after South Africa and it is fast

growing and expanding internationally (Becker et al., 2008).

Electronic Banking (E-banking) has changed the face of commercial

banking in recent times by bridging geographical, industrial and

regulatory gap as well as creating innovative products and services

and more market opportunities for both banks and customers (Liao

and Cheung, 2002; Khan and Karim, 2010). Therefore, banks have

employed internet marketing to exploit such opportunities and

provide services to their customers at their finger tips.

The rapid technological diffusion makes the internet the best

way to provide customers with banking services regardless of the

limits of time and geography. And that is what makes banks

consider the internet as an important part of their strategic plans.

xi
Internet Technology has changed the design and the way of

delivering the financial services and as a result the banking

industry has made continuous innovation especially in the field of

communications and information technology that ultimately led to

the emergence of the idea of what is known as the “Online banking”.

Banking services through the internet is a way to keep the existing

customers and attract others to bank (Pikkarainen et al., 2004).

1.2 STATEMENT OF THE PROBLEM

Nigeria Banking Sector is faced with enormous problem of

marketing its products and services. As a way of improving and

enhancing marketing activities in banking sector, various measures

have been introduced such as electronic banking (e-banking). It

becomes surprising that today, there is still challenges in marketing

of financial services, which electronic marketing is meant to sought

out.

This research is therefore, to study amongst others whether

application of e-marketing have positive impact on customers

patronage, e-marketing improved customers convenience in

xii
enjoying banking services and whether e-marketing helps reducing

marketing costs as against traditional marketing.

1.3 OBJECTIVES OF THE STUDY

Every research of this kind must have an objective. The broad

objective of this study is to assess the role of e-marketing of

financial services in Nigeria banking sector. The specific objectives

are:

i. To assess whether e-marketing have impact on customers

patronage.

ii. To determine whether e-marketing has improved customers

convenience in enjoying banking services.

iii. To assess whether e-marketing help in reducing marketing

costs as against traditional marketing.

1.4 STATEMENT OF HYPOTHESIS

Hypothesis is a testable statement of possible relationship

between two or more variables. It could also mean a tentative or

possible answers or solutions to research problem. We have two

types of hypothesis. The Null Hypothesis (Ho) which says there is no

xiii
differences while the Alternative Hypothesis (Hi) says there is

differences. Thus, we have:

HYPOTHESIS ONE

Ho: E-marketing does not have significant impact on customer’s

patronage.

Hi: E-marketing have significant impact on customers patronage.

HYPOTHESIS TWO

Ho: E-marketing does not improved customers convenience in

enjoying banking services.

Hi: E-marketing improved customer’s convenience in enjoying

banking services.

HYPOTHESIS THREE

Ho: E-marketing does not reduce costs as against traditional

marketing.

Hi: E-marketing reduces costs as against traditional marketing.

xiv
1.5 SIGNIFICANCE OF THE STUDY

Significance of e-marketing of financial services in the banking

sector in Nigeria cannot be overemphasized especially in the areas

of this study to the banks and other industries which lower growth

to the use of computer of on-line in their marketing duties.

It will help ascertain some of the problem lingering or

hampering the effective functioning of e-marketing in the banking

industry. It will create room for mental alertness to the society

technological advancement and consciousness in technology.

It will enhance the productivity and performance of the

business expectations.

The study will give managers of similar industries insight into

successful operations through effective e-marketing in its products

and services.

This study is a prerequisite to the students or the researchers

for the award of the Higher National Diploma (HND) certificate.

Finally, it is an avenue for further research where necessary to

other scholars.

xv
1.6 SCOPE OF THE STUDY

The scope of the study will be limited to the concept,

geographical, time and industrial scope of the study.

The conceptual scope of the study focus on the role of e-

marketing of financial services in Nigeria. The geographical scope of

the study is within Lagos metropolis and Eti-osa local government

to be precise, Ilasan New Road, KM10 Lekki PhaseII, Lekk epe-

express way, where Diamond Bank Plc is situated.

The time scope of this study will cover the period of carrying

out this study, which was between July to December the year 2016

while the industrial scope cover the marketing activities of the bank

industry but special emphasis will be laid on Diamond Bank plc as

one of the firm in the industry.

1.7 LIMITATIONS OF THE STUDY

In the course of writing this project, the researcher

encountered some problems among which include time, financial

and attitude of respondents.

xvi
 Firstly, this research is limited to one academic semester,

hence the problem of time is even more amplified when the fact that

the researcher had to attend to other aspect of their study other

than the research work since both research work and academic

studies are run concurrently.

Secondly, finance problem was seriously experienced during

the execution of the project which limits the scope of research. This

was due to high cost of transportation that was incurred in visiting

various places under study.

Finally, the attitude of respondents is another problem

encountered because many Nigerians are sometimes very reluctant

in providing information by completing questionnaire and as such

they do not react whole heartedly to filling of the questionnaires

which as a result hindered the collection of adequate data for the

research work.

1.8 DEFINITION OF KEY TERMS

Banking sector: Banking units, environment where transactions

are made to satisfy both the customers and the shareholders.

xvii
Consumers: The end user of such products achieved by the

bankers.

Customers: Are the immediate client to the banker.

E-marketing: An aspect of e-commerce and marketing is a

systematic way of discovering the demands of the consumers and

preferring solution to it with satisfaction to the firm itself.

E-marketing is then the electronic device in the internet through

which marketing activities streak across nations at the speed of

light.

E-mail: the telecommunication equivalent of the ordinary posted

services which delivers letters houses and offices.

FTP (File Transfer Protocol): Helps in file transfer to any location

you want.

Internet: A medium through which the globe is research with one

message at a time and with ease and low cost.

On-line business: The means of reaching the word as to business

unit in the internet.

xviii
Personnel setting: Face to face interaction of a market with the

customer or consumer.

Telnet: Helps you to log on to a remote computer to search library

and catalogues, explore information system using menus and so on.

Electronic: This is concerned with or using devices that operate on

principles governing the behavior of electrons.

Financial Services: Anything that necessitate handling of fund in

the process of buying and selling of products which do not and

cannot result in possession of any tangible item.

Traditional marketing: Finding a media outlet whose demographic

best desired customers base.

xix
1.9 REFERENCES

Akalabu, S. N., (2014). A fundamental Approach to marketing 4 th

Edition: Adura Printing/Publishing Press, Idah.
Becker, A. (2008), “Nigeria financial services cluster Analysis and
Recommendation: The micro-economics of competitiveness:
firms cluster & Economic Development P.1.
Bello A., and Ibrahim, A. A. (2015), Evaluation of the impact of
internet marketing on Bank services in Nigeria: A Journal of
marketing studies, ECFRTD; Vol3, No7.
Khan, A. R., and Karim, M. (2010), E-banking and Extended Risk:
How to Deal with the Challenges paper Presented to the
Department of Finance and Banking, Rajshah, University
P.17/
Liao, Z. & Cheung, M. T. (2002), Internet-based e-banking and
consumer Attitudes: An Empirical study, Journal of
Information and Management. 39(4) pp. 283-295.
Pickkarainen, et al. (2004), Consumer Acceptance of Online
Banking: An Extension of the Technology acceptance model.
Internet research, Vol. 14, No. 3 PP.224 – 235.

xx
 CHAPTER TWO

LITERATURE REVIEW

2.1 INTRODUCTION

The intent of this chapter is to build on the conceptual framework

in orderto review the existing literature in the area of e-marketing of

financial services in Nigeria Banking sector.

This is necessary in order to build upon the conceptual

framework of the various scholars who treated this topic. To

enhance easy comprehension of the subject of e-marketing, this

chapter shall provide conceptual and operational definition of e-

marketing, advertising and promotion, cooperate communication,

adoption of e-marketing, relevance and characteristic of e-

marketing as well as technology for banks product development and

internet which consist of the e-marketing tools.

2.2 HISTORYOF DIAMOND BANK PLC

Diamond Bank Plc began as a private limited liability company

on March 21, 1991 (The company was incorporated on December

20, 1990). Ten years later, in February 2001, it became a universal

xxi
bank. In January 2005, following a highly successful private

placement share offer which substantially raised the Bank’s equity

base, Diamond Bank became a public limited company. In May

2005, the Bank was listed on the Nigerian Stock Exchange.

Moreover, in January 2008, Diamond Bank’s Global Depositary

Receipts (GDR) was listed on the Professional Securities market of

the London Stock Exchange. The first bank in Africa to record that

feat.

Today, Diamond Bank is one of the leading banks in Nigeria,

respected for its excellent services delivery, driven by innovation

and operating on the most advanced banking technology platform

in the market. Diamond Bank has over the years leveraged on its

underlying resilience to grow its asset base and to successfully

retain its key business relationships. And like a diamond, their

strength makes them even more valued and valuable. Diamond

Bank has won many awards including the prestigious “Nigerian

Bank of the Year, 2009”, the “Most improved Bank of the year,

2007” and “Best Bank in mergers and acquisition, 2006” all by the

This Day Annual Awards.

xxii
 Diamond Bank have retained excellent banking relationships

with a well-known international banks, allowing them to provide a

budget of world class banking services to suit the business needs of

their clients. These international banking partners include

Citibank, Standard Chartered Bank, Deutchie Bank, Commerz

Bank and Nordea Bank Plc.

In 2008, and to ensure they grow with the needs of their

customers, Diamond bank streamlined its operations into three

distinct strategic business segment: Retail Banking, Corporate

Banking and Public sector. The bank offers a full range of banking

products and services in retail, cooperate and investment banking.

The business is based on strong, enduring relationship and is

driven by innovation and leading edge technology. The marketing

development function of the Bank is organized in a way that enable

them service their customers in various market segments optimally.

The structure, along with the alignment of the bank’s services,

control and other support functions facilitate excellent customer

services delivery are Retail Banking, Corporate Banking, Diamond

Capital, Public Sector, Treasury and Correspondent Banking

xxiii
Development, Customer Services and Technology, General Services

and Personal Banking.

Diamond Bank is currently Head by Dr. Chris Ogbechie and

has Uzoma Dozie as the Group managing Director and Chief

Executive Officer with an assets of over 1.7 billion.

2.3.1 CONCEPT OF E-MARKETING

Several different definitions of e-marketing are recorded in the

literature. Elizabeth (2015) describes e-marketing as utilizing digital

channels to undertake brand marketing. Moreover, Elizabeth (2015)

explains e-marketing as “an integral strategy based on customer

behavior”. However, Gilmore, Gallagher and Henry (2007) in their

study define e-marketing as utilizing both the internet and those

technologies which are associated with the internet to assist in the

achievement of marketing objectives in combination with other

marketing communication techniques. The current research

employs the following definitions: “e-marketing explains company

endeavors to notify buyers, communicate, promote and sell its

offerings through means of the internet” (Kotler and Keller 2009).

xxiv
 Several phrases such as digital marketing, internet marketing

and e-commerce are applied throughout the literature to include

and often expand on the concept of internet and e-marketing.

Bharadwa and Soni (2007) offer the following definition: Numerous

business actions through the use of the internet include selling,

purchasing, advertising services and products, are in corporate

within e-commerce. However, Strydom and Jooste (2012) relate how

information technology digital channels including mobile phone, the

internet and e-mails have changed how businesses communicate.

Through these means, an organization can interact in an individual

way with the customers or consumers. Two-way communication is

established through “social media channels”, for example, facebook,

my space and Twitter further creating, plus building excellent

relationship opportunities within businesses.

According to EL-Gohary (2010:216), e-marketing is a recent

innovation and a current business practice concerned with

marketing product, services, facts and concepts by the use of the

internet and other additional electronic measures such as mobile

phones, internet and extranets. A small company implementing e-

xxv
marketing can adapt the shape and nature of their business

worldwide. The increased use of the internet might not only

enhance opportunities for the small business but could also remove

various threats.

An early investigation by Fillis, Johansson and Wagner

(2003:336) discuses certain ideas found in various research papers

concerning “opportunities and barriers to e-business” growth in

minor businesses. Different thoughts are shared amongst the

business community with regards to acceptance of new technology.

Fillis et al (2003:336) report that companies can gain a competitive

benefit through implementing new technology. The papers focuses

on administration attitudes, offerings and industry issues which

might affect manager’s resolution to utilize new technology within

the company. While the internet may present a company with new

opportunities, it can also be seen as a perceive risk. The managers

understanding of the internet may also obstruct the company

progressing and adopting innovative technology. Further difficulties

include: aversion to risk, insufficient information and supposed

uncertainties with recent technology (Fillis et al 2003:338).

xxvi
2.3.2 RELEVANCE OF E-MARKETING TO BANKING

INDUSTRY

Marketing practice is now busy integrating the potential of

information and communication technologies through the

utilization of databases and internet marketing. (Gauzent and

Ranchhod, 2001) Internet technology provides opportunities to

gather consumer information “on an unprecedented scale”.

However, some aspects of information gathering are visible and

some are less visible. Pouria (2013). Internet-marketing has been

the faster growing advertising medium for many years and this

trend is expected to continue for the foreseeable future. Specifically,

E-marketing on banking services is relevance in Global reach, 24

Hours marketing and services, Low cost, Shorter Lead times, One-

to-One marketing and Better convention rate.

E-marketing builds on the E-channels ability to provide

detailed data about customer’s financial profiles and purchasing

behavior. Detail understanding of customers enables customized

advertising customized products and enrichment of the relationship

with customers through such activities as cross selling.

xxvii
 E-marketing in the financial services sector was made possibly

on the arrival of E-Banking. The internet marketing leads to faster

discovery of customers needs, greater customization of the products

to the customer needs. Price on the internet has become very

competitive. There are two reasons for that: one is price

transparency on the internet as it is much quicker and easier to

compare prices by visiting companies’ websites or by using price

comparison sites. The other reason is the ability to reduce costs

such as store space and staff costs. In this sense, internet is

considered as the most cost-effective marketing tool, Pouria (2013).

2.3.3 ADOPTION OF E-MARKETING IN THE BANKS.

Understanding which demographic segment is using internet

is very important. Banks have to know the demographic

characteristic of e-users in order to design effective and proper

marketing strategies for their customers. Research have shown that

psychographic variables, such as novelty seeking, need for social

interaction, product involvement and perceived behavioral control

have an effect on consumers decision on whether or not to

purchase online (Kokkinaki 1999; Sin and Tse 2002).

xxviii
Consumer’sattitudinal characteristics also influence their adoption

of the internet. In addition, convenience is the most important

predictor of e-satisfaction and measures it in terms of time and

browsing ease.

Varadarajan and Yadav (2002) indicate that internet enhance

the effectiveness and efficiency of marketing mix element (4ps)

except the actual distribution of non digital products focusing on

the shift of the traditional physical market place to the hybrid one

that encompass both physical and electronic market-place non

considering the competitive strategy of pure internet firms.

Kalyananam and Mclntyre (2002) present e-marketing mix as

compared to the conventional marketing mix. Their e-marketing mix

contains seven extra element thought to be essential for e-

marketing include personalization, customer service, privacy, site,

community, security and sale promotion.

2.4 CHARACTERISTICS OF E-MARKETING

Internet marketing or E-marketing is similar to traditional

marketing but it is very important to know the characteristics that

xxix
distinguish this environment from the traditional marketing

environment. Pride (2004) gives the following characteristics.

a) Addressability: E-users through the internet have the

possibility to identify themselves and provide information

about their product needs and wants before making a

purchase.

b) Interactivity: Interactivity allows customers to express their

needs and want directly to a firm in respond to its marketing

communication.

c) Memory: Another distinguishing characteristic of e-marketing

is memory which refers to firm’s ability to access databases or

data warehouses containing individual customer profiles and

past purchase histories and use these data in real time to

customize its marketing offer to specific customer.

d) Control: This refer to e-users ability to regulate information

they view as well as the rate and sequence of their exposure to

that information.

e) Accessibility: This refer to the ability to obtain the amount of

information available on the internet.

xxx
2.5 E-MARKETING VS TRADITIONAL MARKETING

Technology is one leading “driving force’ nowadays, in different

businesses. Pairia (2013). It is made up of discoveries in sciences,

product development and improvement in machinery, process and

automation and information technology. It also includes a

combination of knowledge, information and ideas. Almost every

business no matter how big or small needs an online presence and

there are now realizing that online advertising is very cheap,

trackable and extremely profitable.

In traditional marketing, the needs and wants of customers

are being discovered and satisfied, through channels of

communication such as face-to-face communication, magazines,

catalogues e.t.c. Traditional marketing involves finding a media

outlet (print, radio, Tv etc) whose demographics best desired

customer base. Once this demographics match is determined, the

content, brand, item, e.t.c is placed within view of the designated

xxxi
potential consumers with the hope of attracting their attention.

There are some differences between the E-marketing and

Traditional marketing which has been shown in the following figure

E-MARKETING TRADITIONAL MARKETING

E-marketing is very economical Traditional marketing is very
and fast way to promote product. expensive and takes more time
It is very useful for promoting to promote product i.e it is
the products globally (without expensive and time consuming
any additional cost). process.
In e-business you can sell or buy That is not possible in traditional
product 24/7, around the year marketing.
without employing any person.
Fig.1: E-marketing Vs Traditional Marketing.

Sources: field survey 2016

2.6 NEW TECHNOLOGY FOR BANKS PRODUCT DEVELOPMENT

New technology adopted by the bank management in

developing their products has or course helped Diamond bank plc

in a lot of ways that other investors or competitors in the industry

are also looking onto them on how information technology is

turning fortunes for the bank. The technologies adopted by

xxxii
Diamond Bank may include; Online/Internet banking system,

Mobile banking system, Credit/debit alert, E-mail, e.t.c.

2.7 MARKETING OF FINANCIAL SERVICES

Financial services can be defined as the services that will

necessitate the handling of fund in the process of buying and selling

of a product and the buying and selling of which do not and cannot

result in possession of any tangible item. Aluko (2003).

It can also be seen as that activities or benefits which one

person can offer to another party through the creation of money

and other financial instrument without resulting into ownership of

something that can be seen, touched, tasted. Financial services

possess many characteristics, these characteristics include;

Intangibility, Inseparability, Perishability, Variability, e.t.c.

There are various kinds of financial services that are life wire

of any economy. These various kinds of financial services include

Banking Services, Insurance Services, Building societies services

(Mortgatge banking), leasing companies services.

xxxiii
2.8.1 CONCEPT OF CUSTOMER RELATION AS IT AFFECTS

FINANCIAL SECTOR

A management philosophy according to which a company’s

goals can be best achieved through identification and satisfaction of

the customers stated and unstated needs and wants. A

computerized system for identifying, targeting, acquiring, and

retaining the best mix of customers.

Customer relationship management helps in profiling

prospects, understanding their needs, and in building relationships

with them by providing the most suitable product and enhanced

customer service. It integrates back and front office systems to

create a database of customer contacts, purchase, and technical

support, among other things. This database help the company in

presenting a unified face to its customers, and improve the quality

of the relationship, while enabling customers to manage some

information on their own.

xxxiv
2.8.2 SERVICES MARKETING

A number of definitions have been advanced in the area of

marketing of services. This is not unusual since the marketing

profession is a dynamic one. Marketing of services dates from ages

but has not been as pronounced as it is now. Osuagwu as in

Akalabu (2014)defines services as any activity or benefit that one

can offer to another which is essentially intangible and does not

result on ownership of anything. It is also define as any mutual

benefit activity offered by a marketer to a consumer or user for a

value called price. These definitions though good looking, is not

without shortcomings. The reason is that “a service is an activity

carried out by the marketer for another and those services do not

result in ownership of anything”.

Just as it is with product classification, a number of criteria

can be used to classify services. Services encompass such

industries as car rentals, repairs, health care, barbing saloons, hair

xxxv
 dressing, day care, banking, amusement in park, legal service,

business consultancy services, transportation, e.t.c. Services can

generally be classified into equipment-based and people-based.

Equipment-based services are those that are less labour-intensive

or goods-dominated service, like automated car washes, airline

services, computer services e.t.c.

On the other hand, People or labour-based services are heavily

dependent upon the service providers themselves, like barbing,

hairdressing, catering, legal consultancy, e.t.c.

2.9 MARKETING PROMOTIONAL TOOLS

In modern marketing, sophisticated approaches are applied in

communicating sales messages to customers. Marketing promotion

is one half of these approaches. Below is the communication tree

which displays pictorially what position marketing promotion

assumes in marketing communication system.

MARKETING COMMUNICATION

Marketing Information System (MIS) Marketing Promotion

xxxvi
Fig 2: Marketing Communication System.

Sources: field survey 2016

In the figure 2 above, we are shown that marketing promotion

is one half of the marketing communication system. Today,

marketing promotion, otherwise known as the promotion mix, is

handled through personal selling, Advertising sales promotion,

Public relations and publicity approaches.

Personal selling being the first on the list is a face to face

promotion directed to one or very few audience one after another at

different times. It could be done through itinerant sale or in house

sales person. It is effective as it provides the message receiver the

opportunity to raise objections, ask questions and criticize openly

though it has a major defect which border on distractions.

Advertising is a non-personal paid form of promotion through an

identified sponsor designed to inform and personal the intended

audience to act favourably towards the sponsor’s product, service,

idea, persons or event. The advertisement are carried on two

categories of medium; the electronic and print media.

xxxvii
 Sales promotion: Promotional activities other than advertising,

personal selling or public relations and publicity designed to induce

the customer to buy or act in a favourable way towards ones

product, services, ideas, events or persons e.g price discount packs,

on pack premium, Bonus packs, Home/free samples, Buy one and

get one free, e.t.c.

Public relations is the selling or communication of company’s

management attitude towards the welfare of the relevant publics

through various programmes e.g. the extent to which company’s

management directly or indirectly involved in workers and host

community’s welfare, health care, electrification. It may also include

award of scholarships, roads contract, and township planning and

market development projects for the immediate and distant

communities.

Publicity is information about a company and its products

that is conveyed to a wide public through mass media because such

information is regarded as news worthy. It is not officially paid for;

otherwise, it would have been the same as advertising.

xxxviii
2.10 REFERENCES

Akalabu, S. N. (2014). A fundamental Approach to Marketing, 4 th

Edition: Idah Adura Printing/Publishing press.

Asikhia, O. U. (2009). The moderating Role of E-marketing on the

consequences of market orientation in Nigeria firms:
Department of Business Studies, College of Business and
Social Science, Covenant University, Ota.

Bello, A. and Ibrahim, A. A. (2015). Evaluation of the impact of

Internet marketing on Banking services in Nigeria: A Journal
of Marketing Studies. ECFRTD; Vol. 3, No 7, pp 15-29.

Elizabeth, W. (2015). Impact of E-marketing on Business

Performance; A Master Thesis, Durban University of
Technology.

Grauzent, C., Ranchhod, A. (2001). Ethical marketing for

competitive Advantage on the Internet Southampton Business
School, Pi.

Kokkinaki, F. (1999). “Predicting Product Purchase and usage: The

Role of Perceived control, past Behavior and product
Involvement”, Advances in Consumer Research 26, 576-583.

Kotler, P. (2003). Marketing Management, http://www.amazon.com

/marketing-management-philip-kotler/dp/0130336297, p 9.

Pouria, J. (2013). Internet marketing: Path-to-profitability in the

Banking sector, Girne American University, International
xxxix
 Journal of Research in management issues 3, Vol. 2, pp 49-
58.

Pride, F. (2014). “Foundations of Marketing”, Marketing Learning

Center, Boston: Houghton Mifflin Company.

Shima, A. (2008). Transactional Vs Internet marketing; A

Comparison, Malardalen University.

Varadajan, P. (2002).“Marketing Strategy and the Internet: An

organization Framework”, Journal of the Academy of
Marketing Science, Vol. 30, No.4, pp 296-312.

Woolley, J. (2010). An Introduction to Internet Marketing.

xl
 CHAPTER THREE:

RESEARCH METHODOLOGY

3.1 INTRODUCTION

The purpose of this chapter is to present the methodology

adopted by the researcher in conducting the study or for the

researcher to state the research methodology been used for the

collection of the various data used for the work so as to give the

readers the proper understanding of the work. In line with the

above statement, the methods and techniques used will be

elaborated since it is a research into finding the role of e-marketing

of financial services in Nigeria Banking sector.

3.2 RESEARCH DESIGN

Research design is a plan for the collection of measurement,

and analysis of data based on the research questions of the study

(Sekaran & Bougie, 2013). This means to know what to study, the

purpose of studying it and what to be done to make it a successful

study. In relating to this study, what to observe will specifically

xli
base on the role of e-marketing of financial services in Nigeria,

Banking sector.

For the purpose of this study, survey research design is used.

The design answer the question of what exists? It is a form of

descriptive research. It is used in collecting samples from large or

small population in order to examine the relative incidence,

distributions and interrelations of variables in problem situation of

business environment (Ojukwu, 2012). The purpose of a survey

research design is based on the discovery of meaning in data

collection so that facts and events can be better understood or

interpreted.

3.3 AREA OF THE STUDY

This research work has been conducted on the staff and

customers of Diamond Bank Plc, at the branch office located along

Epe-express way, km 10, Lekki phase II, Eti-Osa Local Government

Lagos.

Eti-Osa is a local government area in the Lagos division, of

Lagos state, Nigeria. However, Lagos state government administers

xlii
the council area as Ikoyi-Obalande LCDA, Eti-Osa East LCDA, Eti-

Osa West LCDA and Iru Victoria Island LCDA. Within Eti-Osa, there

are several important areas of Lagos state, including Lagos Victoria

Island and Lekki’s Port. Before the Nigerian capital was moved to

Abuja, Eti-Osa Local Government Area served alongside Lagos

Island Local Government Area as the seat of the National capital.

Eti-Osa Local Government Area has a population of 283,791,

which represents 3.11% of the state’s population. 158,858 of the

total population are male while the remaining 124933 are female.

Eti-Osa’s people are predominantly from the Awori Yoruba

subgroup. There is little industry within Eti-Osa. Most residents

work in fishing, farming, and trading. However, due to it being the

formal location of the nation’s capital, Eti-Osa is home of many

large domestic and international business.

3.4 POPULATION OF THE STUDY

Population is the universe or the totality of any well-defined

subject with common characteristic which are of interest to a

researcher for a particular purpose (Ojukwu, 2012). It is also

defined as any group of individuals who have one or more

xliii
characteristics in common that are of interest to the researcher

(Otache 2016). This population as define above could be target,

accessible and even sample as levels of population. In view of this,

the population of this study is 200 which comprises of both staff

and customers of Diamond Bank Plc.

3.5 SAMPLE AND SAMPLING TECHNIQUES

Sample simply means the number that has actually been

chosen from the accessible population. It mean that the sample

portray the same characteristics with the population its represented

or it is a representative of the entire population.

In relation to this work, the sample size is determined using

the Taro, Yamane’s (1963) formula.

The formula is

n = N
1+N(e)2

Where

n = Sample size

N = Total population

xliv
1 = Constant

e = Significance level (5%)

n = 200
1+200(0.005)2

n = 200
1+200(0.05)2

200
n = 1+ 200(0.0025)

200
n = 1+ 0.5

200
n = 1.5

n = 133.

Based on the calculation above, the sample size of the population is

133 out of which 53 (40%) questionnaire were issued to the staff of

Diamond Bank Plc and the remaining 80 (60%) questionnaire were

issued to the customers of the Bank. Regrettably, only 112

questionnaire (representing 84%) was retrieved from both the staff

and the customers of Diamond Bank Plc.

xlv
SAMPLING TECHNIQUES

The method of selecting a sample from the population is

known as sampling techniques. In view of the method of sampling,

the researcher used probability sampling. In this probability

sampling, every number of the people which constitutes staff and

customers of Diamond Bank Plc has equal chance of being selected

and the probability of this selection is known.

3.6 SOURCES OF DATA COLLECTION

For the purpose of this research work, the researcher was able

to collect data and information from two sources. These sources

are; primary and secondary sources of data collection.

The primary source of data collection involves a direct contract

between the researcher and the respondents. This is done through

the use of questionnaires, personal interview and observation so as

to achieve a dependable result.

The secondary sources are those data sources from the past

written materials like year books, text books government

xlvi
publication or Gazette etc that provide comprehensive

information’s.

3.7 METHODS OF DATA COLLECTION

Data collection means gathering facts regarding the major

ideas of the hypothesis of a research study. That is, the collected

data must bear reference with some hypothesis. The methods of

data collection are tools use to answer research questions raised in

the study by the researcher. This method includes.

Questionnaires, Interview and Observation

QUESTIONNAIRES: These are list of questions relating to the aims

of the study and hypothesis to be administered unto the

respondents for verification. It can be open or close form of

questionnaires and can be administered personally, mailed or

electronically.

INTERVIEW: It is an interpersonal situation where the interviewer

(researcher) meets face-to-face with the interviewee (respondents) or

through telephone to ask questions in relation to the hypothesis or

research study. It may be structure or unstructured.

xlvii
OBSERVATION:This involves obtaining first-hand information

about events, people or materials through recording of events as

may be perceived by the researcher or investigator.

3.8 VALIDATION OF INSTRUMENT

For the purpose of evaluating complex skills as research, valid and

reliable instrument must be constructed. Validation can be viewed

as logical, legal or officially acceptable means of validity. The

instrument used was validated by two experts from mathematics

and Statistics and languages department who gave useful criticism

and ways of structuring the instrument used in the research.

The expert in Department of languages went through the

instrument to ensure that the questionnaire was designed with

simplified and unambiguous language while the expert in the

Department of Mathematics and Statistics ensured that the

research variables were correct and finally, my project supervisor

carried out final corrections and all observations and corrections

were duly incorporated by the researcher.

xlviii
3.9 METHOD OF DATA ANALYSIS

This aspect deals with the method for the presentation and

analysis of the data. The researcher present its data in tabular

format making use of simple percentage (%) and the analysis was

done using the chi-square to test the hypothesis and the validity of

the formulated hypothesis.

The chi-square which determined the discrepancies existing

between observed and expected frequencies of more variable is

represented by the formula.

2 (oi− E I 2)
X = ∑
Ei

Where X2 = Chi-square

∑ = Summation

Oi = Observed frequencies

Ei = Expected frequencies.

xlix
CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

4.1 INTRODUCTION

This chapter deal with the presentation of data collected from

various sources especially through questionnaires and personal

interview. The data collected from two sources were fully presented

in tabular form and thereafter analyzed or studied for the purpose

of findings.

4.2 DATA PRESENTATION AND ANALYSIS

The researcher intends to study the analysis of data on the

133 questionnaires issued out to respondents but only 112 were

returned representing 84%. The aim was to assess the role of e-

marketing of financial service in Nigeria Banking sector. The data

are analyzed, the findings of the study are presented and the

results are therefore determined according to the alternative that

was the highest response.

l
TABLE I: SEX OF RESPONDENTS

ALTERNAIVE RESPONDENTS PERCENTAGE %

Male 71 63
Female 41 37%
TOTAL 112 100%
Source: Field Survey, 2016.

The above table shows that the total number of male

respondents that responded to the questionnaires is 71

representing 63% while female respondents were 41 (i.e 37%) only.

It means that more of the male are employees, patronage or

customers of the bank than the female.

TABLE II: AGE OF THE RESPONDENTS

ALTERNATIVE RESPONDENTS PERCENTAGE %

20 - 25 18 16%
26 - 35 25 22%
36 - 45 38 34%
45 and above 31 28%
TOTAL 112 100%
Source: Field Survey 2016.

From the above computation, it was observed that 18-25

respondents representing 16% and 22% (i.e 38%) of the total

respondents were between the age of 20 – 35 and this fall within the

categories of students who may be the customer of the bank and

li
new employee of the bank while 38 and 31 respondents

representing 34% and 28% (i.e 52%) of the total respondents were

age of 36 – 45 and above which falls into working class categories. It

implies that more of working class people are users of the bank

TABLE III: MARITAL STATUS OF THE RESPONDENTS

ALTERNATIVE RESPONDENTS PERCENTAGE%

Single 41 37%
Married 62 55%
Divorce 2 2%
Widow 7 6%
TOTAL 112 100%
Source: Field survey 2016.

The table above shows that, 62 respondents representing 55%

of the total respondents were married, 41 respondents representing

37% were single, 2 and 7 respondents representing 2% and 6%

were divorced and widow respectively. This means that even divorce

and widows are users of bank services but the percentage of single

and married was greater than that of widow and divorced.

TABLE IV: EDUCATIONAL QUALIFICATION OF THE

RESPONDENTS

ALTERNATIVE RESPONDENTS PERCENTAGE%

O’Level 20 18%
lii
 ND/NCE 32 29%
HND/BSC 54 48%
MBA 8 5%
TOTAL 112 100%
Source: Field survey 2016.

From the above table, it is observed that 20 respondents

representing 18% of the total respondents have a minimum of

SSCE, 32 respondents representing 29% were holders of ND/NCE

while 54 and 8 respondents representing 48% and 5% of the

respondents respectively posses HND/BSC and MBA respectively. It

implies that majority of the bank users are literate going by their

academic qualification.

TABLE V: OCCUPATION OF THE RESPONDENTS

ALTERNATIVE RESPONDENTS PERCENTAGE%

Civil servant 50 45%
Self employed 20 18%
Students 40 36%
None of the above 2 1%
TOTAL 112 100%
Source: Field survey 2016.

The above table revealed that 50 respondents representing

45% of the total respondents were civil servant, 20 respondents

representing 18% were self employed, 40 respondents representing

liii
36% respondents were students while only 2 respondents

representing 1% of the total respondents constitute none of the

above. This means that civil servant and self employed constitute

working class people are more users of the bank followed by studen

TABLE VI: RELATIONSHIP OF THE RESPONDENTS WITH

DIAMOND BANK

ALTERNATIVE RESPONDENTS PERCENTAGE %

STAFF 51 46%
CUSTOMER 61 54%
TOTAL 112 100%
Source: Field survey, 2016.

From the computation above, it was revealed that

51respondents representing 46% of the total respondents were staff

of Diamond Bank while 61 respondents representing 54% of the

total respondents are customers of the bank. This implies that more

data were from the customers as they are the users of financial

services of the bank.

liv
TABLE VII: DOES YOUR BANK ADOPT E-MARKETING IN THE

MARKETING DEPARTMENT

ALTERNATIVE RESPONDENTS PERCENTAGE%

YES 112 100%
NO ______ _______
TOTAL 112 100%
Source: Field survey, 2016.

From the analysis above, one can actually see that Diamond

Bank adopt e-marketing in the marketing department as all the

respondent which comprises a total number of 112 (100%) attest to

it.

TABLE VIII: DO YOUR BANK EMPLOY PROFESSIONAL

QUALIFIED MARKETERS TO MANAGE THE MARKETING

ACTIVITIES?

ALTERNATIVE RESPONDENTS PERCENTAGE%

Qualified 86 77%
Not Qualified 26 23%
TOTAL 112 100%
Source: Field Survey, 2016.

lv
 From the table above, it is clearly seen that 86respondents

representing 77% of the total respondents indicate that the bank

employ qualified professional marketer while 26 respondents

representing 23% of the total respondents indicate that non-

qualified professional in the department of marketing in the bank.

It implies that some marketing employees of Diamond Bank are

from other profession but are less in number when compare with

qualified professional marketer in the department of marketing of

the bank.

TABLE IX: DO DIAMOND BANK ENCOUNTER ANY PROBLEMS IN

THE PROCESS OF ADOPTING E-MARKETING?

ALTERNATIVE RESPONDENTS PERCENTAGE

YES 94 84%
NO 18 16%
TOTAL 112 100%
Source: Field survey 2016.

From the above table, 94 respondents representing 84% of the

total respondents indicated that problems are associated with

process of adopting e-marketing in the bank while 18 respondents

representing 16% of the total respondents indicate zero problem in

adopting e-marketing.

lvi
TABLE X: DOES E-MARKETING CONTRIBUTE ANY

IMPROVEMENT TO THE BANK’S GOAL?

ALTERNATIVE RESPONDENTS PERCENTAGE

Yes 112 100%
No ____ ____
Total 112 100%
Source: Field survey 2016

The table above shows that e-marketing contribute immensely

to the Diamond Bank’s goals and objectives as all the respondents

(112) attest to it.

TABLE XI: DO YOU HAVE MANUAL CONTAINING E-MARKETING

POLICIES AND TRAINING?

ALTERNATIVE RESPONDENTS PERCENTAGE%

YES 112 100%
NO ____ ___
TOTAL 112 100%
Source: Field survey 2016.

lvii
 From the above table, one can understand that Diamond bank

has manual containing e-marketing policies and training policies

that guide the activities of e-marketing and the training of

marketing personnel as 112 respondents representing 100% of the

total respondents have indicated.

TABLE XII: DO YOU SEE YOUR MARKETING PERSONNEL FOR

FURTHER TRAINING?

ALTERNATIVE RESPONDENT PERCENTAGE%

YES 100 89.29%
NO 12 10.71%
TOTAL 112 100%
Source: Field survey, 2016.

The above computation shows that 100 respondents

representing 89.29% of the total respondents indicated that the

marketing personnel required subsequent training to ensure that

the need of the Diamond Bank customers are met so as for the

bank to achieve its objectives while 12 respondents representing

10.71% of the total respondents indicated that the marketing

personnel required no further training.

lviii
TABLE XIII: DOES E-MARKETING HAVE SIGNIFICANT IMPACT

ON CUSTOMERS PATRONAGE?

ALTERNATIVE RESPONDENTS PERCENTAGE %

YES 81 73%
NO 31 27%
TOTAL 112 100%
Source: Field survey, 2016.

The above computation should that 81 respondents

representing 73% of the total respondents were of the opinion that

the adoption of e-marketing have significant impact on customers

patronage of banking services in Nigeria while 31 respondents

representing 27% of the total respondents are against the adoption

of e-marketing in the Nigeria banking sector.

TABLE XIV: DOES E-MARKETINGIMPROVED CUSTOMERS

CONVINIENCE IN ENJOYING BANKING SERVICES?

ALTERNATIVE RESPONDENTS PERCENTAGE %

YES 112 100%
NO ___ ___
TOTAL 112 100%
Source: Field survey, 2016.

The table above show that 112 respondents representing 100%

of the total respondents are of the opinion that the adoption of e-

lix
marketing have significant impact in improving customers

convenience in enjoying banking services in Nigeria.

TABLE XV: DOES E-MARKETING REDUCES MARKETING COSTS

AS AGAINST TRADITIONAL MARKETING?

ALTERNATIVE RESPONDENTS PERCENTAGE %

YES 101 90.18%
NO 11 9.82%
TOTAL 112 100%
Source: Field Survey, 2016.

Table above, which is on perception whether the adoption of e-

marketing help in reducing marketing costs as against traditional

marketing, revealed that 101 respondents representing 90.18% of

the total respondents are of the opinion that e-marketing reduces

marketing costs as against traditional marketing while 11

lx
respondents representing 9.82% of the total respondents did not

buy the idea of e-marketing.

4.3 TEST OF HYPOTHESIS

The previous hypothesis will be tested by the use of statistical

method call chi-square which will enable the researcher to reach

the final conclusion in respect of finding of the research study. The

entire hypothesis are tested at respect or 0.05 significant level. The

chi-square formula is stated thus;

(Oi – Ei2)
X2 = ∑
Ei

Where:

X2 = Chi-square

Ei = Expected frequency from the respondents

∑ = Summation

Oi = Observed frequency from the respondents

Where the computed value is less than the table value, accept Ho

and reject Hi but where the computed value is greater than the

table value, reject Ho and accept Hi i.e t-cal > t-tab.

lxi
HYPOTHESIS ONE

TABLE XIII: DOES E-MARKETING HAVE SIGNIFICANT IMPACT

ON CUSTOMERS PATRONAGE?

ALTERNATIVE RESPONDENTS PERCENTAGE %

YES 81 73%
NO 31 27%
TOTAL 112 100%
Source: Field survey, 2016.

Hi: E-marketing have significant impact on customer’s patronage.

RESPONS Oi Ei Oi-Ei (Oi-Ei)2 (Oi – Ei ) 2

Ei
E
Yes 81 56 25 625 11.16
No 31 56 -25 625 11.16
TOTAL 112 22.32
(Oi−Ei)
∑ = 22.32
Ei 2

lxii
To test at 5% level of significance

df = K - 1

df = 2 – 1

df = 1

X2 = 0.05, 1 = 3.841

DECISION RULE

Since X2 calculated is greater that X2 tabulated, Ho is rejected

and otherwise accept Hi;

CONCLUSION

From the above analysis it is conclude that the test carried out is

95% sure that e-marketing have significant impact on customer’s

patronage.

HYPOTHESIS TWO

TABLE XIV: DOES E-MARKETINGIMPROVED CUSTOMERS

CONVINIENCE IN ENJOYING BANKING SERVICES?

ALTERNATIVE RESPONDENTS PERCENTAGE %

YES 112 100%

lxiii
 NO ___ ___
TOTAL 112 100%
Source: Field survey, 2016.

Hi: E-marketing improved customers convenience in enjoying

banking services

RESPONSE Oi Ei Oi-Ei (Oi-Ei)2 (Oi – Ei ) 2

Ei
Yes 112 56 56 3,136 56
No 0 56 -56 3,136 56
TOTAL 112 112
(Oi−Ei)
∑ = 112
Ei 2

To test at 5% level of significance

df = K - 1

df = 2 – 1

df = 1

X2 = 0.05, 1 = 3.841

DECISION RULE

Since X2 calculated is greater than the X2 tabulated, Ho: is

rejected and otherwise accept Hi;

lxiv
 2

CONCLUSION

From the computation above, it is concluded that e-marketing

improved customer’s convenience in enjoying banking services in

Nigeria.

HYPOTHESIS THREE

TABLE XV: DOES E-MARKETING REDUCES MARKETING COSTS

AS AGAINST TRADITIONAL MARKETING?

ALTERNATIVE RESPONDENTS PERCENTAGE %

YES 101 90.18%
NO 11 9.82%
TOTAL 112 100%
Source: Field Survey, 2016.

Hi; E-marketing reduces costs as against traditional marketing

RESPONSE Oi Ei Oi-Ei (Oi-Ei)2 (Oi – Ei2 )

Ei
Yes 101 56 45 2,025 36.16
No 11 56 -45 2,025 36.16
TOTAL 112 72.32
(Oi−Ei)
∑ = 72.32
Ei 2

To test at 5% level of significance

df = K - 1

df = 2 – 1

lxv
df = 1

X2 = 0.05, 1 = 3.841

DECISION RULE

Since the X2 calculated is greater than X2 tabulated (X2 cal > X2 tab),

The Null (Ho) hypothesis is rejected while the alternative (Hi)

hypothesis is accepted.

CONCLUSION

From the computation and analysis above, it is conclude that e-

marketing reduces costs as against traditional marketing.

lxvi
CHAPTER FIVE: SUMMARY, CONCLUSION,RECOMMENDATIONS

AND SUGGESTIONS FOR FURTHER RESEARCH

5.1 SUMMARY

The major findings based on the analysis of the study revealed that

the adoption of e-marketing has significantly enhanced customers’

banking services in Nigeria, particularly in the areas of improved

patronage and on-time (effective) service delivery. The result show

that it helped in boosting patronage of banking services through

accessibility of flexible banking for customers and thus, improving

the level of turnover for the banks. Also, the adoption of e-

marketing has significantly improved customers’ convenience in

enjoying banking services in the country, enabling customers to

carry out banking transactions and enjoying bank services from the

comfort of their bedrooms. It has even blurred the line between

banks as funds can be transferred between or among banks

without visiting any of the branches. Other findings reveal that the

adoption of e-marketing has drastically helped in reducing

marketing costs as against traditionalmarketing in Nigeria. It has

created exciting new and cheaper ways to learn about and track

lxvii
customers, create products and services tailored to meet customer

needs, distribute products more efficiently and communicate with

potential customers effectively.

5.2 CONCLUSION

There is no doubt that the adoption of adoption of e-marketing has

played significant rolesin improving customers’ patronage of

banking services in Nigeria, through strategies andelectronic

measures such as telemarketing, catalogue marketing, direct mail,

e-payment, e-banking,e-marketing, e-commerce and e-business.

However, in spite of the numerouscontributions, there are still

certain challenges which represent barriers to it effective adoption

inmost banks and by most customers in the country.

Infrastructures such as Internet connectivity,GSM system,

computer, and online tools for effective marketing and

communication of bankingservices are either grossly inadequate or

lacking completely in some areas within the country. Thestudy

concludes that; banking organizations that embrace the powerful

force of internet stand toreap immense benefit as it is the means by

which they can be effective and efficient and thus,remains

successful in the competitive banking industry.

lxviii
5.3 RECOMMENDATIONS

Based on the above conclusion, the following recommendations

were made:

1. In view of the benefits associated with the adoption of e-

marketing, Commercial Banks in Nigeria should adopt some

measures to ensure the effective utilization of the internet as a

strategic marketing tool in their banking operations.

2. Banks should not only provide internet service facility but

should also focus on how to improve on other forms of e-

marketing activities such as telemarketing, catalogue

marketing, direct mail, e-payment, e-banking, e-marketing, e-

commerce and e-business.

3. All the barriers to effective e-marketing adoption such as poor

connectivity, inadequate computers and ICT infrastructure, as

well as cyber-crimes which constitutes a serious bottleneck to

the overall success of banking operations in Nigeria should be

addressed by managers and stakeholders in the banking

sector.

4. Nigerian bank managers should develop marketing strategies

that will help them use e-marketing to deliver the satisfaction

lxix
 more effectively and efficiently than other competitors so as to

continue to retain existing customers and attract new ones.

5.4 SUGGESTIONS FOR FURTHER RESEARCH

Further research might be performed in the use of e-marketing

as it relates to business performance and customer relationships of

other banks in Nigeria, so that a comparison of the results may be

obtained. Future research could expand the scope of the study of e-

marketing to incorporate other industries (such as manufacturing

industry). The present study should be enlarge in order to

accommodate more banks and states of Nigeria as the researcher

believes that customers behavior with e-marketing may be at the

variance in different states.

lxx
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Elizabeth, W. (2015). Impact of E-marketing on Business

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Grauzent, C., Ranchhod, A. (2001). Ethical marketing for

competitive Advantage on the Internet Southampton Business
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 Department of Business

Administration & Management

School of Business Studies

Federal Polytechnic, Idah,

Kogi State.

Date……………………

Dear Respondent,

QUESTIONNAIRE ON THE ROLE OF E-MARKETING OF

FINANCIAL SERVICES IN NIGERIA BANKING SECTOR (A CASE
STUDY OF DIAMOND BANK PLC, ETI-OSA, LAGOS)

The purpose of this questionnaire is to solicit answer from the

question of research work. It is purely academic exercise.

Honest answers to the questions will enable us to assess properly

your feeling about the role of e-marketing of financial services in
banking sector in Eti-Osa, Lagos State.

Thanks for your cooperation

YAHAYA LIASU

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 QUESTIONNAIRE

Please tick (√ ) the appropriate and correct answers

1. Sex: Male ( ) Female ( )

2. Age: 20-25 ( ) 26-35 ( ) 36-45 ( ) 46 and above ( )
3. Marital status: Single ( ) Married ( ) Divorce ( )
Widow ( )
4. Highest Educational Qualification: O’level ( ) ND/NCE ( )
HND/BSC ( ) MBA ( )
5. Occupation: Civil servant ( ) Self employed ( ) Student ( )
None of the above ( )
6. What is your relationship with Diamond Bank? Staff ( )
Customer ( )
7. For how long have you been in this relationship with Diamond
Bank? 1-3years ( ) 4-6years ( ) 7-10years ( ) 11 and above
( )
8. Does your bank adopt e-marketing in the marketing
department? Yes ( ) No ( )
9. Does your bank employ professional qualified marketers to
manage the marketing activities? Yes ( ) No ( )
10. Does your Bank encounter any problems in the process of
adopting e-marketing? Yes ( ) No ( )
11. Does e-marketing contribute any improvement to the bank
goals? Yes ( ) No ( )
12. Does your bank have manual containing e-marketing policies
and training? Yes ( ) No ( )
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13. Do you see your marketing personnel for further training? Yes
( ) No ( )
14. Does e-marketing have significant impact on customers
patronage? Yes ( ) No ( )
15. Does e-marketing improved customers convenience in enjoying
banking services? Yes ( ) No ( )
16. Does e-marketing reduces costs as against traditional
marketing? Yes ( ) No ( )

lxxv