This study,AN EVALUATION INTO THE NATURE PROBLEMS AND PROSPECTS OF THE NEW PRODUCTS DEVELOPED IN THE BANKING INDUSTRY contains concise information that will serve as a framework or guide for your project work. The project study is well-researched for academic purposes and are usually provided in complete chapters with adequate References.
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 choose 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 constant problems.
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 ensured.
Finally, since this study alone cannot be exhaustive of this vital subject, it is recommended for further studies.
TABLE OF CONTENTS
1.1 Background of the Study
1.2 Statement of the Problems
1.3 Objective of the Study
1.4 Research Questions
1.5 Research Hypotheses
1.6 Significance of the Study
1.7 Scope, Limitations and Delimitation
1.8 Definition of Terms
Review of Related Literature
2.1 New Products for Effective Banking Operation
2.2 The Nature of the New Products in the Banking Industry
2.3 Information Technology
2.4 Globalization of Banking Industry
2.4 The Concept of Universal Banking
2.5 Prospects and Problems of the New Products in the Nigeria
2.6 The Review of Other Related Completed Research Work
2.7 Summary and Justification
3.0 Research Design and Methodology
3.1 Research Design
3.2 Area of Study
3.4 Sample and Sampling Techniques
3.5 Instruments of Data Collection
3.6 Method of Data Presentation
3.7 Method of Data Analysis
4.1 Data Presentation and Analysis
4.2 Questionnaire Presentation and Analysis
4.3 Test of Hypotheses
Findings, Recommendation and Conclusion
5.1 Summary of findings
5.4 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 1990-2003.
1.2 STATEMENT 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.
1.3 OBJECTIVES OF THE STUDY
In view of the problems identified, this will achieve the following objectives:
1.4 RESEARCH QUESTIONS
1.5 RESEARCH HYPOTHESES
The following hypotheses are drawn from the study using will (Ho) and alternative hypothesis (H1).
H1: New product development has increased banks profitability.
H1: The acceptability of New product by customers is dependent on Awareness.
H1: New product development by banks has increased customers patronage.
1.6 SIGNIFICANCE 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 their needs.
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.
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.
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