Research On Zenith Bank

CUSTOMER RELATIONSHIP MANAGEMENTResearch on companies in Nigeria that have poor customer service, pick one, analyse their issues and understand their customers. Hence, create a FAQ document for the brand. RESEARCH ON ZENITH BANK PLC IN NIGERIAOverviewThe Banking sector in Nigeria is one of the companies with poor customer service towards their approach to matters concerning the money of the society kept in their custody. There are alot of cases of Thievery act (fraudsters) using fake alert for POS, Poor loan refunding system, illegal loan app, deceit in interest percentage made to draw customers to take loan.The financial reports of the banks between January to December 31, 2021, examined by The ICIR reveal that a total of 171,642 complaints made by customers were not attended to. The total amount claimed in the complaints was N196.2 billion but the banks refunded a total of N4.1 billion to customers.This means the banks failed to refund their customers a total of N192.1 billion in claims from complaints they received. Zenith Bank happens to be one of the banks with customer service issues regarding money lost. Other banks include GTBank, Access bank and UBA bank. For Zenith Bank, out of a total of 307,537 complaints received from customers, 82,415 were not resolved. Zenith Bank customers claimed N35.2 million in the complaints but the bank only refunded N7.01 million.The bank further disclosed that 3,370 complaints remain pending while 38 were escalated to the Central Bank of Nigeria (CBN) for intervention.The CBN introduced the consumer protection regulation in 2019 to provide guidelines for banks to deal with customer complaints. It was aimed at checking unethical and predatory practices that undermine consumer confidence in the use of financial products and services. The regulations were meant to tackle the provision of inadequate and misleading information and/or failure to disclose material information; by ensuring access to complaints redress mechanisms that are “free, fair, timely, transparent, accessible and independent” among others.Despite these policies and regulations, banks continue to record a high rate of unresolved complaints.Without overlooking its demerits, this study will analyze the achievement and failures in regards to customer service.Company Introduction Zenith Bank Plc is a large financial service provider in Nigeria and Anglophone West Africa. It is licensed as a commercial bank by CBN, central bank of Nigeria which is the national banking regulator. Zenith Bank Plc was established in May 1990, and commenced operations in July of the same year as a commercial bank. The Bank became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offering (IPO). Zenith Bank Plc currently has a shareholder base of more than half a million and is Nigeria’s biggest bank by tier-1 capital. In 2013, the Bank listed $850 million worth of its shares at $6.80 each on the London Stock Exchange (LSE).Headquartered in Lagos, Nigeria, Zenith Bank Plc has over 500 branches and business offices in prime commercial centres in all states of the federation and the Federal Capital Territory (FCT). In March 2007, Zenith Bank was licensed by the Financial Services Authority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited as the United Kingdom subsidiary of Zenith Bank Plc.As of 31 December 2019, it holds $16.1bn in total assets, with shareholders' equity of $854 million.The company is listed on the Nigeria Stock Exchange and the London Stock Exchange. It was founded in 1990 and Dr. Godfrey Itse Mene Otubu happened to be the first chairman while the founder Jim Ovia. Other countries where Zenith Bank can be found are Ghana, Sierra Leone, South Africa and the UK. zenithbank.com.The Bank grew its shareholder’s fund of ₦20million in 1990 to ₦704.50billion as at year end 2016. Today, the Bank continues to thrive on the strong values, brand equity, corporate culture of professionalism and service excellence which are the foundations upon which the bank was built.The Vision statement of Zenith Bank is "To become the leading Nigerian, technology-driven, global financial institution that provides a distinctive range of financial services. The Mission is to build the Zenith brand into a reputable international financial institution recognized for innovation, superior performance and creation of premium value for all stakeholders. The Core values are Integrity, Professionalism, Corporate Governance, Loyalty and Excellent Service.A Short Profile of the Founder ( Zenith Bank)Jim Ovia is a Nigerian businessman. He is the founder of Zenith Bank Plc in 1990. Zenith Bank is one of Africa's largest banks with over $22.80 billion in assets and shareholders' funds of US$3.03 billion as at December, 2021. He is from Agbor, the most populous city among the Ika people. It is located in Ika South Local Government Area of Delta State, in the South-south geopolitical zone of Nigeria, West Africa. He was born November 4, 1951. He studied at the University of Louisiana Monroe (1979), Southern University and A&M College (1977). The problems that this organization is solving is pertaining to securing one's funds, valuable items for safety purposes and to keep those items where they can be easily traced when needed.However, based on the focus of this study we will examine its managerial potential in executing these promises to their clientele, where they are not working .Therefore using SWOT Analysis as a yardstick, we will look at where they stand in the banking sector and how they can better their service. SWOT (Strength, weakness, opportunities and Threat)Wikipedia defines SWOT as a strategic planning and strategic management technique used to help a person or an organization identify its strength, weakness, opportunities and threat related to business competition or project planning. SWOT-analysis carried out for Zenith Bank Plc involves specifying the objective of the company's business and identifies the different factors that are favorable and unfavorable to achieving that objective. SWOT-analysis helps to understand a company's strengths, weaknesses, opportunities, and possible threats against it.By going through the above stated process, we will search the area where SWOT Analysis can be applied to Zenith banking business. Strengths in the SWOT Analysis of Zenith bank:Leading Market position in top-tier corporate banking in Nigeria.Comfortable funding and liquidity profile. Good capitalization and low loan reserve, supporting loss absorption capacity.

Weakness in Zenith SWOT Analysis:Very high economic and industry risks associated with concentration in Nigeria.Limited business diversification given top-tiers corporate banking focus.High exposure to credit risk and deteriorated asset quality indicators .Weakened financial performance.Difficulty in Navigating the user interface on the app.Bad networkPoor customer service response. Opportunities in Zenith SWOT Analysis:Zenith bank has continued to provide access to good roads, portable water for local communities, establishment of health centers and cottage hospitals, provision of scholarship for the education sector, provision of Agricultural extension services to the host communities. Also while the extreme impacts of covid-19 on societal scaled-down, Zenith Bank supported communities in the rebuilding process.It also serves as a source of employment for both skilled and unskilled labour in different specification. Threats in Zenith SWOT Analysis : Competition :Top intercontinental bank competitor to Zenith bank;GTBankAccess bankUBASterling bankPayPalUnion Bank Methods and Findings:Methods:The case method adopted the qualitative method which is conducting an investigation on the internet to determine the current state of the company.For the sake of this study, about seven websites were checked to achieve this write up. This includes mba Skool tool site, Google collections of information about people, place and things, business day news, an online business review site, in your best interest, similar web, Wikipedia, legit.ng.The brief information on their social media platforms such as Facebook, Twitter, LinkedIn and Instagram, as well as their website. zenithbank.com.Findings:Our findings showed that Zenith is a known bank across the 24 states in Nigeria,it has further presence in the UK,UAE,Ghana, Sierra Leone, the Gambia and the representative office of China. The social media have the following numbers of followers;Twitter 1,324,373 followersInstagram 494,838 followersFacebook 6,087,3385 followers Zenith bank happens to be the second of the three top commercial banks in Nigeria. In terms of customer service, many people complained about the Zenith application that error occurs on logging in , debit on airtime process that wasn't delivered via the application.The Zenith rate star for Zenith Mobile app is 3.3 of 5 .Recommendation:After our survey and reviewing the factors affecting the subject of study, Zenith Bank, we hereby want to give the following Recommendations: Zenith bank should try to restrategize the customer service on how well to obtain their money from loaners and avoid speaking abusively or harassing their customers. There should be training for their customer service personnel on how to attend to customers , thereby satisfying them and resolving their issues amicably and as quick as possible. Improvement towards fighting fraudulent acts within and outside the bank, and helping customers fast track their account issues when frauded.Proper sensitization should be given to retail help, POS on how well to prevent fraud as their end when their services are used around. The Zenith app should be worked on to reduce customers' frustration and disappointment about their online banking service. Customer service for the Zenith app should try to refund customers when debited and not granted the service they request for.Zenith bank should work on their social media platform, they should try to reply to customer's complaints within 24 hours. PS : these recommendations were given by zenith bank Customers. Conclusion: Zenith bank leverages its robust infrastructure to provide products and services through its network of branches, POS terminals and electronically through its internet and mobile banking channels. However, some issues need to be improved about their service, customer care service, loan service, poor app functioning and fraud issues. Source:mbaskool.com was first indexed by Google more than 10 years agohttps://www.mbaskool.com/brandguide/life..

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