INNOVATIVE BANKING AND MARKETING OF FINANCIAL SERVICES: THE NIGERIAN DEPOSIT MONEY BANKS EXPERIENCE.

Abstract

This study seeks to examine the interplay between banking Innovations and the marketing of financial services of deposit money banks in Nigeria. Electronic Mobiles were used as proxy for banking innovations while the numbers of deposit money banks were used as proxy for marketing of financial services in Nigeria which is the dependent variable. Findings reveal that banking Innovations has positively impacted on the marketing of financial services in deposit money banks in Nigeria though in a weak form. Its insignificant contributions to marketing of financial services could be attributed to lack of sensitization and customers’ orientation. Most bank customers are analogy in nature and lacks understanding about the latest technology. Hence, study recommended that to promote the marketing of financial services in the Nigerian deposit money banks, bank customers should be sensitized about the importance of banking innovations and how to make adequate use of them as reports has made it clear that most bank customers are analogy and not digital. Since banking Innovations require digital ideas, more sensitization will go a long way in promoting bank services and thus promote bank performance accordingly.