This research intends to study the Impact of the New Products
Developed in the Banking Industry in Nigeria (1990-2003).
In this research work, the researcher chooses four of the products
and measures the extent to which they have been able to satisfy the customers.
The products selected are SMART CARD, INTERNATIONAL MONEY TRANSFER, EDUCATIONAL
SCHEME, AND INTEGRATED BANKING NETWORK TRANSACTION.
Data for this research were collected through questionnaire and
interviews by bank customers and the review of exiting literature on the topic
using simple random procedure and the descriptive method of research. The data
so collected were analyzed using the simple percentage and the formulated
hypotheses were tested with chi-square (X2)
Some of the findings are the impact the new products can be
measured in terms of accessibility, speed, timeliness, simplicity and
Customers who patronize the new products are majority those who
want money transfer both locally and internationally. Customers clerived 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 we might have with the new
Based on the findings, the following were recommended that banks
should come together and establish a common data communication satellite to
minimize contract problems.
A parallel organization that was supplying electricity in
competition with NEPA should be allowed to evolve so that an efficient supply
of electricity can be ensured.
Finally, since this study alone cannot be exhaustive of this vital
subject, it is recommended for further studies.
1.1 Background Of The Study
1.2 Statement of the Problem
1.3 Objectives of the
1.6 Purpose of the
1.7 Significance of the
1.8 Rationale / Justification
1.9 Scope of the Study
1.10 Limitations of the
1.11 Delimitation of the
1.12 Assumption of the
1.13 Definition of
1.14 Organization / Plan Development
Theoretical Frame Work
2.1.0 New Product for Effective Banking Operation
2.1.1 The Nature of the New Products in the Banking
2.1.3 Globalization of banking
2.1.4 The Concept of Universal Banking
2.1.5 Impact of the New Products in
the Nigeria Banking
2.1.6 Review of Other Related Completed
2.1.7 Summary and Justification
3.0 Research Design and Methodology
3.2 Area of Study
3.3 Research Population
3.4 Sampling Size
3.6 Sources of Data
3.7 Location of
3.8 Method of Data
3.9 Method of Date
3.10 Statistical Tools for Analysis
Data Presentation and Analysis
4.1 Data Analysis and Interpretation
4.2 Questionnaire Presentation
4.3 Test of
Summary of Finding and Recommendation and Conclusions
5.1 Summary of
5.2 Recommendation and
5.4 Suggestion for Further
1.1BACKGROUND OF THE STUDY
The history of the banking in Nigeria dates back to
pre-independent 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 find a means of making financial
In the recent times, between 1990-2003 a lot of techniques are
used by bankers to facilities customers services and customers satisfaction
which has led to the introduction of the impact of the new products developed
in the banking industry. These new products developed in the banking industry
today revolve around banking and information technology.
As a result of this, the researcher seeks to study the impacts of
the new products developed in the banking industries between 1990-2003.
1.2 STATEMENT OF THE PROBLEM
This research is designed to find out the impact of the new
products developed in the banking industry between 1990-2003.
Therefore the statement of the impact in the research work remain
thus to what extent has the new products n the banking industry today been able
to meet customers satisfaction! In looking at the statement of the impact, one
need to bear in mind that some customers came to the bank for certain needs
that are peculiar to their own circumstance while some come for reasons that
could be general. The ability of this new production the banking industry if to
meet customers needs and facilitate their satisfaction determines efficiency.
1.3 OBJECTIVES OF THE STUDY
In view of the impact identified this study will achieve the
1. To identify the impact of the new products and
service delivering strategies in our banks.
2. To find out if the new products developed by banks
is convenient to customers.
3. To find out if these new products developed by
banks satisfy customers needs.
4. To find out if find transfer is one the prospect
of the new products developed by banks.
5. To find out if adequate frastructural level is
among the impacts of the new products in the banking industry.
1.4 RESEARCH QUESTION
1. What is the impact of the new products and
services delivery strategies in our banks?
2. In new products developed in the banking
industry convenient for customers?
3. Could those new products satisfy customers needs?
4. Is find transferring one of the prospects of the
new products developed by banks?
5. Is adequate fratructural level an impact of the
new products developed in the banking industry?
1.5 RESEARCH HYPOTHESIS
The following hypotheses are draw from the study using will (H0)
and alternative hypothesis (HI)
1. H0: New product developed by banks has not
increased Customers patronage.
HI: New products developed by banks have increased
2. H0: Customers did
mot derive satisfaction from patronizing the new products.
HI: Customers derive
satisfaction from patronizing the new products.
1.6 PURPOSE OF THE STUDY
This research is carried out for a charmed propose in order to
meet the requirement for the award of higher national Diploma.
1.7 SIGNIFICANCE OF THE STUDY
This study will be capable of widening academic by acting as a
guide for further researchers. Therefore constitutes themselves into a very
power 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, customers demand courteous treatment
from their banks as well as efficient, fast and patronized service which meet
1.8 RATIONALE / JUSTIFICATION FOR THE STUDY.
At the end of this research, the following group of people such as
the bank customers, banks Government General public and future researchers
should stand to benefit there from.
Customers: They will
be exposed to the idea of the new products in the banking industry as to clear
their minds to the impact of the new products.
2. Government: It will as a starting point in arousing
government policy in support of the new products developed in the banking
industry which will facilitate economic development.
3. Bank: it will help the banks to improve on their
services rendered to the customers, as well as efficient fast and personalized
services which meet their needs.
Public: This will
further encourage savings for more investment and creation of job opportunities
for the timing population.
study above cannot be exhaustive of this virtual subject. So, it if hoped that
the findings and recommendations will appeal to the inquisitive minds of the
readers and other students as to spur them to take further studies in this area.
1.9 SCOPE OF THE STUDY
The scope of this study is limited to the impact of the new
products developed in the banking industry. It runs across the various lines of
the bank customers.
Being conducted by the banking industry in particular. Both
primary and secondary data were used in arriving at the findings and conclusion.
1.10 SCOPE OF THE STUDY
This research deems it necessary for the researcher to visit all
the banks constituting the new products developed in the banking industry but
because of time and finance at the disposal of the researcher. Only a sample of
the respondents culling across the various lives of the business is being
1.11 ASSUMPTION OF THE STUDY
The following assumptions are made on this research. This research
work is free of bias. The data collected is true, reliable and not fictitious
because of the questions and the right person answered interviews. The
information repaired by the respondents is reliable because the responded were
honest in replying the questions and those who cannot give true information
The method, which constituted systematic random procedure, is not
questionable. The chi-square (X2)
method used in testing hypothesis is the most appropriate one.
1.13 DEFINITION OF
following definition of terms will help those who are not experts in the field
to understand certain technological jargon used in this research.
1. Impact: The basis effect or forceful check of a thing.
A.U.P. Harray’s standard learner English Dictionary 1980
are products that are introduced newly into the banking industry to enhance
facilitates bank series to both customers and bankers. Edemolu A. (1998).
3. BANKS: A bank is any
institution licensed to carry out business of banking in Nigeria and they are
characterized by acceptance of deposit and facilitating withdrawal, equipment
leasing, by discounting and other financial transactions depending on the type
of bank. Ukemenam. C.O. (2000).
4. Bank Customers: Are people or
organizations who have account with a bank and carry out financial transaction
with the bank.
Banking: This is a
concept or banking policy under which every bank is free to determine the type
to banking transaction they can engage in or a situation whereby a commercial
merchant banks are free to engage in any conventional activities of either.
Orjih. J. (2001).
Industry: Is a
prominent member of the service sector of the Nigeria economy.
3. Developed: Something that is mature or more advanced.
1.14 ORGANIZATIONAL / PLAN DEVELOPMENT
The researcher seeks to study the impact of the new products
developed in the banking industry towards achieving this, the project is
divided into five chapters.
Chapter one deals with the introduction. It discusses among other
things the background of the study, statement of the impact, the objectives it
sets to achieve and research questions, the hypothesis to test, significance,
purpose, justification etc.
Chapter two is the literature review. It is subdivided into three
division- the theoretical frame work where the researcher proved that the
project is relevant to he course of study, the review of related projects
previously completed where the researcher reviewed the efforts to her study,
the summary and justification of the literature review designed to expose the
gap in knowledge which the researcher intends to fill.
Chapter three deals with the research design methodology. It
discusses the procedure adopted by the researcher in carrying out the research.
Chapter four is the data presentation and analysis. It is subdivided
into analysis and interpretation, questionnaires test of hypothesis findings.
Chapter five is the conclusion including summary of findings,
recommendation, and suggestions for further research.
TERMS AND CONDITIONS APPLY
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