ABSTRACT
This research work is designed to look into the relationship between the bank and the customer. This relationship is basically contractual in nature. It is the relationship that has to do with debtor which is the bank and creditor which is the customers.
In carrying out this, it was found that a personal becomes a customer of the bank when account either current, sayings or fixed deposit account is opened for the profiting customer. And a bank is a corporate body licensed by the state to carryout all the necessary banking functions under the banking act or decree at the particular time.
During the research also, problems such as the rigorous process in opening an account and the amount involve, the strenuous process of paying in and bureaucratic bottlenecks in the withdrawal process were encountered and recommendations were made to avert them.
This research on a morel lucid aspect has been conducted to ascertain the perception of both customers and the bank or the services rendered by banks. It was also divided into four chapters, each highlighting a particular aspect of the project such as the correlation of the rating of certain attributes by both the bank and its customers and the sensitivity of banks towards their customers needs.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The law of banking is concerned not only with the legal framework of banking business but also with the peculiar legal relationship which exist between bankers and their customers. To the coverage Nigeria bank customer, that is, an ordinary account holder, customer’s relationship with his bank or banker begins and ends with paying in and withdrawing from the customer’s account. But in actual fact and in law, the relationship is more complex than that. The Nigeria customers appear to feel unconcerned or unaffected and does not bother confusing and difficult to comprehend.
The relationship which exist between a banker and his customers is basically contractual and fundamentally that of debtor (the bank) and creditor (the customer). The relationship is unwritten and inferentially that of a loan agreement in which the bank accept with an undertaking. The banks accept the loan not as a trustee but as a debtor and promise to pay them as soon as it is required by the customer through the issuance cheques.
A person becomes a customer the bank by opening a current, savings or fixed deposit account. The deposits in banking law, held in trust for the customers to borrowed. Therefore on the agreement that he will repay paid or in full on demand. The bank is therefore under the obligation to honour the customer request in respect of his account.
Modern banking has been under-going series of evaluation and development which satisfies all that concerns. The banks, the government and ultimately the customer are not able to satisfactory perform their function otherwise customer would not have complained of been neglected in the provision of information regarding the range of available banking services
1.2 STATEMENT OF RESEARCH PROBLEM
Management analysis post that banks cannot exist in isolation. They exist in society to render services to customers and government.
Therefore, there should be a smooth contractual relationship between the banks and customers before service can be regarded as effective. Customers employ the service of bank in order to safe guard the fund and business venture. The bank on the other hand needs the patronage of customer to remain a going concern.
Furthermore, the customer needed the service of bank of access to loans, overdraft facilities and granting of service such as standing order payment and other financial transaction. Hence, this research intends to ascertain how the relationship between banks and customers affect both parties.
1.3 OBJECTIVES OF THE STUDY
The fundamental purpose of this study is to show the extent of which bank customers’ relationship has aided economic and investment development within the Nigeria banking industry and even beyond. In other words, it is directed at explaining and critically analyzing the contractual relationship existing between the bank and customers and its contribution to the general economic development of the country.
Finally, it is designed to uncover the effects of bank customer relationship in Nigeria banking industry.
1.4 SIGNIFICANCE OF THE STUDY
- This study will enable the management of banks to find out how sensitive they are to their customers need and the extent to which they are applying marketing concept.
- This study will help the financial institutions on how to mobilize funds and transfer them efficiently from the surplus unit to the deficit unit of the economy.
1.5 HYPOTHESIS OF THE STUDY
The research work is being conducted base on the following hypothesis.
- Customers and bankers perception on bank services are the same
1.6 SCOPE OF THE STUDY
The research study is limited to the Nigeria banking industry. The study involves first bank of Nigeria PLC, as the case study. How banks and customers perform their roles in the Nigeria banking sector is properly reviewed and evaluated.
1.7 LIMITATION OF THE STUDY
1. Inadequate study material
2. Secrecy of information and bias attitude: respondents were either relevant or ignorant to give precise answers to a number of questionnaires during interview while some other declined such interviews outright despite the promise of confidentially. The reason for this however is that some of the information are considered as “trade secrets” by those in authority. Every organization seeks to guide it performance information jealously taking into consideration the effect such disclosure might have on the business.
This material content is developed to serve as a GUIDE for students to conduct academic research
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