MOTIVATION OF CUSTOMERS AS ESSENTIAL TOOL IN FINANCIAL INSTITUTION
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MOTIVATION OF CUSTOMERS AS ESSENTIAL TOOL IN FINANCIAL INSTITUTION
ABSTRACT OF CUSTOMER MOTIVATION AS ESSENTIAL TOOL IN FINANCIAL INSTITUTION
This research clearly demonstrates the motivational techniques employed by financial institutions to achieve financial goals.
The issue “customer motivation as an essential tool in financial institutions” is critical for institutions to use. For profit maximisation, at the very least. This motivation is used by institutions such as banks to retain and gain new consumers.
INTRODUCTION
CHAPTER ONE OF CUSTOMERS’ MOTIVATION AS AN ESSENTIAL TOOL IN FINANCIAL INSTITUTION
1.1 STATEMENT OF THE PROBLEM
Customer motivation is a critical tool for financial institutions such as banks.
As a result, I’d like to explore the benefits of banks if they (customers) are driven by banks.
Banks can inspire clients by offering sales promotions, raising depositor interest rates, particularly for those who operate savings accounts, and providing loans to prime customers when instruments or articles such as “treasury bills, certificates for deposit” are available.
These financial instruments should be issued at a lower rate to customers, and lowering loan interest rates can encourage customers to patronise such institutions, such as banks.
1.2 OBJECTIVES OF THE STUDY
The rationale for this study is very important if we are to understand and influence motivation. The main reason for this study may be stated as: counselling against previous experience.
If this study is strictly followed, the previous experience of not patronising banks may be brought to an abrupt end if such a financial institution does not maintain excellent relationships with its consumers.
This study provides a way for banks to improve on past mistakes.
Profit reformation could also be cited as a motivation. In most circumstances, banks waste the potential to maximise profits; to avoid this, a motivational approach is a great way to recoup such profits.
Customers have the right to be motivated in order to understand their rights and obligations, and their duty of patronage is assured, thus the motivation process is crucial.
1.3 THE SIGNIFICANCE OF THE STUDY
The study will be extremely beneficial to the institution being studied, such as banks. The study’s findings and recommendations appear to be very important to the management of a specific financial institution in dealing with challenges pertaining to the motivational process.
However, the study will be extremely beneficial to the financial institution in maintaining a positive working connection with their consumers.
The study will also be valuable to scholars and researchers who are interested in conducting research on motivation in an institution.
The study will also assist certain financial institutions in defeating the source of backwardness in some of our banks, which also reduces the institution’s rate of income and profit, and the manner some of these problems may be remedied.
1.4 DEFINITION OF TERMS
While working on this project, I came across several words and phrases that are really important and pertinent to the project theme.
The following terms are defined for the purposes of this study:
1. Motivation: Meeting the social and psychological demands of clients in order to achieve an organization’s aims.
2. Financial institution: A large and important organisation with a specific purpose related to money, such as a bank.
3. Essential Tool: An vital instrument that is absolutely necessary in a specific scenario or for a specific activity.
4. Patronage: Financial or other support offered to an individual or organisation.
5. Dwindle: They gradually get less or smaller.
6. Increase income/profit: The amount of money earned by a person or organisation from work or company.
7. Interest rate: In finance, this is the extra money you pay back when you borrow money or receive when you invest money.
8. Variables: Something that is always changing or is likely to change.
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