ABSTRACT

This millennium is being heralded by advances in technology, political ideological harmonization and economic developments such as trade liberalization which among other factors have combined to give impetus to the process of Globalization. This phenomenon known as Globalization has the problems of poor appreciation and inadequate knowledge among Nigerians on what its processes entails; In Nigeria there exist financial globalization in bank services, however this services are face with challenges. Among the bank management globalization constitute part of the decision making flame work, thus globalization important cannot be over infancies. Consequently, the purpose of this exploration was to expose the nature of this phenomenon, its components forces and accompanying directions, the implication for the marketing strategies of banks, with its inherent opportunities and threats, to examine the challenge posed by globalization in financial services of satisfying the needs of bank customers and proffer solution to the challenges. This was mainly achieved through a literature survey of texts, journals, magazines, newspaper, conference lectures presented at different local and international fore and primary data collected through questionnaires administered on staff and customers of diamond bank plc. This led to the discovery that the major cause of globalization in banks lies in the advances in technology, that the easiest way for a firm to keep its customers satisfied in the face of global competition is to develop the products or service hat are customers oriented, that information technology application in marketing (banks) operations brings about reduction in cost and that the most likely banks is to entering strategic alliance partnership agreement. In the light of these findings, the study recommends that banks should broaden their market perspective, satisfaction in their daily operations, should seek strategic alliance, that banks should re-engineer for information technology compliance and most importantly, bank should always consider the effect of globalization on marketing in their decision making.