Reports on frauds and forgeries Background: The incidence of frauds and forgeries in the banking sector has been a long standing challenge to the system. There was a consensus that if the banks’ returns on this, normally sent to FITC among other statutory bodies, are regularly analyzed and trends in frauds and forgeries are published more regularly, it could assist banks to know aspects of their operations that demand more attention to minimize fraud.
Solution: FITC Research switched into action by producing the Reports on Frauds and Forgeries for the banks. This report is sent electronically to all the banks on quarterly basis.
Results: Banks have found the report highly beneficial in taking decisions on holes to plug in their fraud mitigating efforts. Other self regulating bodies in the financial services sector, special committees, individual researchers on banking and finance and students in tertiary institutions have equally found the analysis in these reports useful for various purposes.
Customer satisfaction studies a) Customer choice of banks studies Background: Sequel to the exponential increase in the number of banks after the banking liberation of the 80s, the 89 banks that existed prior to the banking consolidation stepped up efforts to widen their customer base. But for better customer satisfaction, they needed to scientifically establish those factors that triggered customer’s choice of banks in the many alternatives.
Solution: FITC met this pressing need of the banks by carrying out an expansive customer satisfaction survey. The results of its study were made available to the banks in form of published monograph titled “Customers’ Choice of Banks in Nigeria: An Assessment of Determinants”.
Results: Banks used the results to scale up their services to customers. Their marketing efforts became more informed, more focused and result oriented.
b) Customer care studies Background: The success recorded by the customer satisfaction study stimulated an interest in FITC to seek to investigate the nature and level of customer care practices in Nigerian banks. This became a top priority when banks started the widening of their market share without sustainable and inconsistent customer care strategies.
Solution: FITC led a team of researchers to carry out a Customer Care Survey of Nigerian banks. The project was co-sponsored by First Bank of Nigeria Plc and Zenith International Bank Plc.
Results: The study led to the production of a monograph known as “Customer Care: A study of Nigerian Banks”. The work promoted the understanding of customer care in the Nigerian banking industry, and assisted banks to delight their customer and, in some cases, exceeded customers’ expectations.
Other benefits that spilled over from the results of the study included the fact that:
i)
it generated vital information on customer care in the banking industry that helped to enrich the teaching curricular on the marketing of financial services
ii)
a training programme on Customer Care was evolved. This runs twice a year in FITC drawing participants from banks and non- bank organizations. It has contributed immensely to human capital development
