This research work is geared towards making a cross sectional analysis between the old and new generation Nigerian commercial banks on their marketing of financial services, comparing it to what obtains globally, identifying gaps that need to be filled and making recommendations on improving marketing strategies of financial services in the country.
The study was carried out through the use of data collection schedule to collect data on the marketing strategies of 4 old generation banks and 4 new generation banks.
Their annual reports provided the secondary data on their level of performance. This was used as a yardstick to determine their viability in the banking industry.
The findings of the research showed that both groups studied engage in some form of marketing which is less sophisticated than what is obtained in developed economies where the use of technology have revolutionalised bank service delivery and products.
The older generation banks were found to have a clear advantage over the new generation banks because of their large asset base, extensive branch network and
higher number of employees. With these, they are positioned to attract higher volume of deposits. Since they have been around for decades, they do not require high level of publicity.
The above is glaring when their performance index were compared with that of the new generation banks in absolute terms, but when compared in relative terms the new generation banks were found to be more efficient. Furthermore, the new generation banks engage more in unique product development and quicker service delivery as these form the core of their survival in the fiercely competitive banking industry.
It was recommended that both groups should improve on their marketing strategies especially in the area of product development and service delivery in the light of the continued liberalization policy of the government which will attract multinational banks that have the expertise and funds to carry out both effectively.
