Motivation of Customers as Essential Tool in Financial Institution

Motivation of Customers as Essential Tool in Financial Institution

It is important and very essential to review prior conclusion on work by some of the authors used in this research work. Related works have been done in the area of motivation which forms the basis for the work under view. It is then wise to start with the words of Schein (1965) which says that motivation is concerned with what they people do or refrain from doing things and that the process of motivation involves choosing alternative form of action in order to achieve some desired end goal. Such goals can be tangible e.g higher profit or intangible such personal or organizational reputation.

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Maslow (1954) produced the theory of needs and is simply concerned with the identification of factors and processes to which attention must be paid in order to develop in customer’s or peoples the willingness, the readiness and the interest recognized before customer can do anything at all. He placed his needs into five categories arranged in ascending order in a hierarchy. They are:

  1. Physiological needs i.e. need for clothing, shelter, sleep, fest, elimination of waste.
  2. Safety i.e. desire for security such as job, security, protection and freedom from all kinds of danger.
  3. Love and belonging needs i.e. motive for friendship companionship.
  4. Self-esteem need i.e. desire for respect, confidence, freedom of integrity and administration.
  5. Self actualization. It is regarded as the highest level of human needs.

The central idea of Maslow’s theory of needs is that people tend to satisfy their needs systematically, starting with the basic physiological needs and then moving up to the hierarchy.

Herzberg (1988) came out with some certain factors that led to job satisfaction, while others that lead frequently to dissatisfaction, they called factors resulting to satisfaction “Motivation” and these postulating satisfaction or leading to dissatisfaction they called hygiene factors. The motivating factors include achievement, recognition, the attraction of works itself, responsibility, advancement. His assumptions are clear in the sense that highly motivated customers cannot be bought just with items.

Institution like banks can achieve this through organizational policy, technical supervision, working condition, thereby satisfying both Adam and Abraham natures of man in service or work. Mc Clelland (1961) identified three types of needs: they are for power (n-power) need for attention (n/aff) and need for achievement (n/Ac-H). The financial institution with the need for power seek for leadership they endulge in argument.

Institutions with achievement have great desire for success and great fear for failure, they like to maintain or set personal responsibility to get work done, they like to receive immediate feedback on things they do and are worried about failure it occurs. Motivation is important in this area in the sense that for the more we can understand human needs, the work it will be possible to integrate them with the needs of the organization or institution. Vroom (1960) theory and practice recognizes the importance of various individuals needs and motivation. It does seem more realistic and fits the concept of harmony of objectives.

Mayol (1949) says that the physical condition of the work environment of the aptitude of the customers and financial incentive were the main determinants of profit maximization. Non economic rewards lay a central role in determining the motivation and happiness of customers.

Rigors and Myers (1973) talked in inner motivation. According to them, profit can be meaningful when it stimulates inner motivation and that when manager helps to release and develop neglected customer’s efforts and talent by offering opportunities for psychological growth on the work. He can increase customer motivation and thus add to organizational growth.

They, in an attempt to propound a theory on motivation gave some of the important pronouncements which a bank should adopt when trying to stimulate or reinforce the motivation of his customers should consider. They include:

  1. Motivation patterns are unique
  2. The whole of the customers are motivated not just part of them.
  3. Innovations comes from inside individuals
  4. All behaviours are determined but not all of it are motivated.


After looking at the theories of motivation, one may well ask what they mean to financial institution like banks.

What motivational techniques can bank use? While motivation is so complex and individualized that there can be no single answer. Some of the major motivational techniques can be identified:

  1. Money: According to Regors (1973)

Money can never be overlooked as a motivator, even if it is in the form of fringe benefit, sales promotion, bonuses or any other incentive interest or discount, or any other thing that may be given to customer for patronizing the, money is important. Though to some people, money may be of utmost importance, while for others, it may never be. Money is an urgent means of achieving a minimum standard of caring although this minimum has a way of getting higher as customers become more efficient. It is probably quite true that in most kinds of institution and other enterprises, money is used as a means of keeping an organization adequately staffed and not primarily as a motivator. Various banks in Nigeria today make salaries and wages competitions within their institution and their geographical area to attract and hold customers.

Money as an effective motivator makes possible for customers in varouse position even through at a similar level must be given discount and bourses that reflect their individuals performance. The increase in motivation of customers actually will increase the profit of such bank.

2.       Participation: Herzberg (1958)

One technique that has given strong support as a result of motivation theory and research is the increased awareness and use of participation.

In Nigeria, services rendered by financial institutions matters a lot end how the staff are devoted to the work will attract customers. In addition most customers in the center of an operation have knowledge both of problems and solution to them. This kind of motivation as a consequence yielded both motivation and knowledge valuable for banks success. Participation is also a means of recognition. Above all, it gives customers sense of accomplishment.

3.       Job Enrichment: According to Herberg (1958)

In job enrichment factors such as challenge, achievement recognition and responsibility are seen in the real motivators. In job enrichment, the attempt is to build into jobs a higher sense of challenge and achievement.

Job may be enriched by:

(i)                giving customers more freedom to subject and involve in the decision making.

(ii)             Encouraging participation of staff and in detection between other customers.

(iii)           Giving customers a feeling of personal responsibility for their effort.

(iv)           Taking steps to make sure that customers sees to know how their task of contributing to the profit ad on going of their banks.

Finally, customers will be involved to be consulted and to be given an opportunity to offer suggestion, they will like to have feedback on their performance. They like to be appreciated and recognized for their (customers) patronage.

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    The article deals in motivating staff and not motivating customers. Hence the title of the article is a misnomer.

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