CHAPTER ONE

1.0       INTRODUCTION

1.1       BACKGROUND OF THE STUDY   

The objective of this research work shows how the banking services increases customer satisfaction and also boost their patronage with particular reference to FIRST BANK OF NIGERIA PLC.

However, it is used to measure the level of customer satisfaction and services rendered in the banking industry in Nigeria. As a matter of fact, many banks subscribed to the high customer satisfaction will leads to greater customer loyalty which in turn, leads to both present and future revenue. For that purpose, many organizations that resulted by having superior service quality have been found to be market leaders in terms of turnover and long term customer loyalty and retention.

Some of the banks that have given their customers banking services have recorded tremendous success and has boosted their profitability and the number of customers who patronize them.

In the face of this, evolving bend confidence reformation and restoration efforts by individual banks has improved the banking services in order to satisfy the potential customers and entice others, bank customers have become cautions discriminating chooser and to a large sophisticated.

Banking operations are becoming increasingly, customer dictated. The demand for “banking super malls” offering one stop integrated financial services is well on the rise. The ability of banks to offer clients access to several market for different classes of financial instruments has become a valuable competitive edge. Convergence in the industry to cater for the changes of demographic expectations is now more than evident. Bank assurance and other forms of cross selling and strategic alliance will soon alter the business dynamics of banks and fuel the process of consolidation for increased scope of business and revenue. The thrust on farm sector, health sector, and services offers several and investment linkages. In short the domestic economy is an increasing pie which offers extensive economic of scale that only, large banks will be in a position to tap. With the phenomenal increase in the country’s population and the increased demand for banking services, speed and customers satisfaction are going to be key differentiators for each bank to get useful feedback on their actual response time and customer service aspect of retail banking, which in turn will help them take positive steps in maintaining a competitive edge. This exercise in the context of the banking industry will give us an insight into the parameters of customer satisfaction and their measurement. This vital information will help us to build satisfaction amongst the customer’s and customer loyalty in the long run which is an integral part of any business.