Marketing research, secret to transforming Nigeria’s banking sector — Study

A new landmark study has spotlighted marketing research as a critical driver for transforming Nigeria’s banking sector in 2025 and beyond.

Conducted by Oshireku Onivefu, a renowned expert in business administration and marketing research, the study was recently published in the Emerging Markets Journal (Vol. 13, Issue 2), hosted by the University of Pittsburgh Library, United States.

Titled “Unveiling the Potential and Significance of Marketing Research in the Nigerian Banking Industry,” Onivefu’s research provides fresh empirical evidence that robust marketing research is indispensable for banks aiming to boost customer satisfaction, drive product innovation, and ensure long-term economic sustainability in an increasingly competitive market.

According to the study, which surveyed 67 marketing professionals at a leading Nigerian bank, marketing research is no longer a luxury but a lifeline. Strikingly, all respondents agreed that neglecting marketing research has been a key contributor to past bank failures.

While 67 percent of banks have established dedicated research units, a staggering 84 percent struggle to conduct research remotely — a major gap threatening the industry’s digital transformation ambitions.

The report reveals that although every bank surveyed uses marketing research to develop new products and services, only 54 percent of customers say they are satisfied with what banks currently offer.

This indicates that while banks are investing in research, the insights are not always translating into improved customer experiences.

“Our findings prove that Nigerian banks ignoring research risk obsolescence, while those investing in it dominate markets and maximize profits,” Onivefu said.

All banking professionals surveyed affirmed that marketing research directly drives profitability and competitiveness. Banks that effectively leverage research outperform rivals by staying ahead of trends, refining services, and retaining customers through better data-driven strategies.

Onivefu’s research underscores the need for Nigerian banks to expand their marketing research departments and embrace real-time consumer tracking — especially as digital banking gains momentum.

He warns that the inability of 84 percent of banks to conduct remote research poses a significant threat to staying competitive in a digital-first world.

To bridge this gap, he recommends that banks and policymakers prioritize funding for advanced analytics, AI-driven consumer behavior studies, and extensive staff training in remote research tools.

“Marketing research isn’t optional — it’s the lifeline of modern banking,” Onivefu emphasized.

With customer satisfaction hovering at just 54 percent, the report stresses that deeper and more agile research practices are vital for understanding unmet needs and tailoring services to evolving customer expectations.

Strengthening marketing research capabilities, the study concludes, will be central to boosting profitability, resilience, and long-term growth in Nigeria’s banking industry.