This research studied the
evaluation into the Nature, problem and prospect of the New product
developed in the banking industry from 1990-2003.
In this research work, the researcher choosed four of the products and measures
the extent to which they have been able to satisfy the customers. The product
selected are, SMART CARD, INTERNATIONAL MONEY TRANSFER, EDUCATIONAL SCHEME AND
INTEGRATED NET WORK TRANSACTION.
Data for this research were collected though questionnaire and interviews by
bank customers and the review of existing literature on the topic using simple
random procedure and the descriptive method of research. The data so collected
were analysed using the simple percentage and the formulated hypothesis were
tested with chi-square (X2) method.
Some of the findings are, the nature of the new product ca be measured in terms
of accessibility, speed, timeliness, simplicity and reliability. Customers who
patronize this products are mainly those who want money transfer both locally
and internationally. Customers derived high level of satisfaction from the New
products. Inadequate infrastructural level in our banking industry and high
cost of installing them contributed to the problems of the New Products.
Based on the findings, the following were recommended, that banks should come
together and establish a common data communication satellite to minimize
A parallel organization that was supplying electricity in competition with NEPA
should be allowed to evolved so that an efficient supply of electricity can be
Finally, since this study alone cannot be exhaustive of this vital subject, it
is recommended for further studies.
TABLE OF CONTENTS
Background of the
Statement of the Problems
Objective of the
Significance of the
Scope, Limitations and
Review of Related
New Products for Effective Banking
The Nature of the New Products in the Banking Industry
Globalization of Banking
The Concept of Universal
Prospects and Problems of the New Products in the Nigeria
The Review of Other Related Completed Research Work
Research Design and
Sample and Sampling
Instruments of Data
Method of Data
Method of Data
Data Presentation and
Questionnaire Presentation and
Findings, Recommendation and
Summary of findings
Suggestion for Further Research
1.1 BACKGROUND OF THE STUDY
The history of banking in Nigeria dates back to pre-independence period, then
the establishment of banks was motivated by the urge on the part of government
to inculcate banking culture in the people and the desire of the people
themselves to fund a means of making financial intermediation easy.
In the recent times, between 1990-2003 a lot of techniques are sued by banks to
facilitate customers services and customers satisfaction which has led to the
introduction of the New Products developed in the Banking industry. These new
products developed in the banking industry today revolve around electronic
banking and information technology.
As a result of this, the researcher seeks to study the nature, problems and
prospects of the New products developed in the banking industries between
OF THE PROBLEMS
This research is designed to
find out the Nature, problems and prospects of the New Products developed in
the banking industry between 1990-2003.
Therefore, the statement of the
problem in the research work remain this to what extent has the New Product in
the banking industry today been able to meet customers satisfaction. In looking
at the statement of the problem, one needs to bear in mind that some customers
come to the bank for certain needs that are peculiar to their own circumstances
while some come for reasons that could be general. The ability of these new
products in the banking industry is to meet customers needs ad facilitate their
satisfaction determine their efficiency.
OF THE STUDY
In view of the problems
identified, this will achieve the following objectives:
To identify the nature of the New products services delivery strategies in our
To find out if the New products develop by banks is convenient to customers.
To find out if these New products developed by banks satisfy customers needs.
To find out if fund transfer is one of the prospects new products developed by
To find out if inadequate infrastructural level is among, the problems of the
New products, in the banking industry.
1.4 RESEARCH QUESTIONS
What is the nature of the New products and services delivery strategies in our
Is new products developed in the banking industry convient for customers?
Could these products satisfy customers needs.
Is fund transfer one of the prospects of the
1.5 RESEARCH HYPOTHESES
The following hypotheses are drawn from the study using will (Ho) and
alternative hypothesis (H1).
Ho: New Products development has not increased banks profitability.
H1: New product development has
increased banks profitability.
Ho: The acceptability of New product by customers is not dependent on
H1: The acceptability of New
product by customers is dependent on Awareness.
Ho: New product development by banks has not increased customers patronage.
H1: New product development by
banks has increased customers patronage.
OF THE STUDY
This study will be capable of
widening Academics by acting as a guide for future researchers. Therefore bank
constitute themselves into a very powerful, instrument for fostering Economic
development. Bank customers today expect a lot from their banks. Banking nature
is no longer just about safety of funds and increased returns on investment
from their bank as well as efficient, fast and personalized service which meet
At the end of this research,
the following group of people such as the bank customers bank, govt. general
public and future researchers should stand to benefit from it.
1. BANK CUSTOMERS: They will be exposed to
the idea of the new developed product in the banking industry as to clear their
minds to the nature prospects and problems of the new product.
2. GOVERNMENT: It will act as a
starting point in arousing government policy in support of the new product
developed in the bank industry which will facilitate economic development.
3. BANKS: It will help the bank to
improve on their services rendered to the customers, as well as efficient fast
and personalized services which meet their needs.
4. GENERAL PUBLIC: This will further
encourage savings for more investment and creation of job opportunities for the
5. FUTURE RESEARCHERS: This study
above cannot be exhaustive of this virtual subject. So, it is hoped that the
findings and recommendations will appeal to the luguistive minds of the readers
and other students as to spur them to take further studies in this area.
DEFINITION OF TERMS
The following definition of
terms will help those who are experts in the field to understand certain
technological jargons used in this research.
1. NATURE: The basic qualities or
character of thing.
2. PROBLEM: A thing that is difficult
to deal with or understand or a question to be solved.
3. PROSPECT: The chances of being
successful (Hernbey 1999).
4. BANKS: A bank is any institution
licensed to carryout business of banking, and they are characterized by
acceptance of deposit and facilitating withdrawal, equipment leasing, by
discounting on the type of bank. (Ukemenam 2000).
5. BANK CUSTOMERS: These are people
or organization who have accounts with banks and carryout financial
transactions with the bank (Iloh 2002)
6. NEW PRODUCTS: These are
products that are introduced newly into the banking industry to enhance or
facilitate bank services to both customers and bankers (Edemodu 1998).
7. UNIVERSAL BANKING: This is a
concept or banking policy under which every bank is free to determine the type
of banking transaction they can engage in or a situation whereby a commercial
merchant banks are free to engage in any conventional activities of the either
8. C.B.N.: Central Bank of Nigeria also
known as the Apex regulatory bank for Nigeria Financial System (Ukemenam 2000).
TERMS AND CONDITIONS APPLY
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