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This study was carried out on the purchasing of banking and financial services in Nigeria, using Eco Bank as case study. To achieve this, five significant research objectives were formulated.  The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of all the customers and staff of Eco Bank, Lagos State. In determining the sample size, the researcher conveniently selected 70 respondents while 55 were received and 50 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that banks & financial institution does not provide enough service and infrastructural facilities and amenities required to satisfy the customers. And the customers spends much time when performing banking services in the bank. Also the customers are not satisfied with the services rendered by the customer care unit of banks. In regard to the findings, the study recommends that in most locations where customers are ignorant of the law guiding him and his banker, banks should be made to enforce the rule and fulfill their contractual obligations. This can be achieved by making laws that would ensure compliance and in default, provide for remedy.



1.1 Background Of The Study

The deregulation of the financial services market which the Nigeria economy has witnessed under the structural adjustment programme, has exposed financial institution to the types of competitive and tough market environment which their counter parts in the advanced economics have witnessed for many years.

The banking and financial institution which have survived the turbulence which those changes brought in their wake, are those which have encourage & embrace the purchasing philosophy as a corporate culture for the organization. The Nigeria experiences is no different from that of those of our counterparts in the advanced world and we have the benefit of adopting the well tested and established method which help them to achieve excellence in the face of apparent odds.

The argument in this research work is that it enhance profits and in fact the entire issue of corporate survival, excellency, competitive edge stand out corporate image, can only be achieved if financial industries adopt the purchasing concept as the philosophy which guides the way we deliver our services.

Besides, the advent of deregulation and the ensuring cut-throat competition the financial market in which we operate is characterized by homogeneity of products or services rendered by all banks and insurance companies. As with other service industries, they do not have the advantage which the physical product purchasing companies have in product differentiation  through improvement of product functioning and peck presentation.

Banks and insurance companies are selling essentially the same basic products or service and therefore have very limited degree of freedom to enhance competitiveness on the basis of product differentiation.

Competitive advantage can therefore only be achieve through adoption of outstanding service delivery systems and customer oriented attitude towards the satisfaction of customer demands and expected.

This study is thus designed to examine how banking organizations can create a competitive edge through the application of purchasing concept.

1.2 Statement Of Problem

Banking and Financial Institutions are service industry. The quality of service rendered by banks and financial institution have beer the gunt. Functionaries, the media and general public are all very critical of banking and financial institution. The argument range from those of inefficiency, long delays in cashing cheque favoritism, delays. In withdrawals, tardiness in granting loans and or credits, to unfriendly attitude of bank workers. A lot of businessmen, and customers has been treated with result. By keeping people standing in their office for some minute. Most banks and financial institution do not put their customer in the prime place as they are suppose to be. There is now a competition and to compete means to apply the purchasing concept. Are these criticisms justify or are they just a more random of the banking industry because they are making profit in an era of economic slump?

1.3 Purpose Of Study

The above explanation has confined us to take a segment of the banking and financial services, and study the approach of the banks to their customers.

1. To formulate purchasing strategies and recommendations that would be more effective in the purchasing of banking & financial services.

2. To ascertain whether or not purchasing of banking & financial services as bases for rendering services to their customers.

3. To determine if customers are satisfied with the services rendered by banks.

1.4 Significance For The Study

The researcher wants to carryout a research on what Banks do an find out if they adopt the purchasing to transact banking and financial services. There have been criticisms about the Banking and Financial Services in the way they render services to their customers. They do not see the customer as king. The researcher also want to have an analytical base either to support the poor impression people have of the banks and advice them on how to improve their services by adopting the way the banking and financial services can be marketed. A business must learn to think of itself not as producing goods or services, but as buying customer: and doing the things which will make people want to deal with it. Criticisms has no room to give but that may arise because the banks are doing well. It their services are poor, why should they make so much profit. Are they do this at the detriment of their customer.

1.5 Scope Of The Study

The scope of this study is limited to banking institutions which is only a part of the Nigeria economy. This project work has been design in such a way as to include all the general problems which the customer often encounter with the financial firms resulting to poor services by banking companies. Representative sample of the client and staff of Eco Bank has been carefully made the sample chosen is considered an adequate representative of the population in the insurance companies. Nevertheless, It is hoped that the result of the study would contribute to the available facts on the purchasing services employed by banking organizations.

1.6 Limitation Of The Study

Since a research of this nature is like any other research, it certain that it will have it’s own limitation, the research touched principally the core of banking business and inherent competitive strategy implication.

This material content is developed to serve as a GUIDE for students to conduct academic research


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