IMPACT OF THE NEW PRODUCTS DEVELOPED IN THE BANKING INDUSTRY IN NIGERIA
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IMPACT OF THE NEW PRODUCTS DEVELOPED IN THE BANKING INDUSTRY IN NIGERIA
ABSTRACT
The purpose of this research is to investigate the impact of new products developed in the Nigerian banking industry between 1990 and 2003.
In this research project, the researcher selects four items and assesses how well they have met the needs of their clients. SMART CARD, INTERNATIONAL MONEY TRANSFER, EDUCATIONAL SCHEME, AND INTEGRATED BANKING NETWORK TRANSACTION are the products chosen.
Data for this study were gathered through questionnaires and interviews with bank customers, as well as a survey of existing literature on the subject utilising a basic random technique and the descriptive research approach. The acquired data were analysed using a basic percentage, and the hypotheses were evaluated using the chi-square (X2) method.
Some of the findings include the impact of new goods on accessibility, speed, timeliness, simplicity, and reliability.
Customers who use the new items are mostly individuals who need to transfer money both locally and abroad. Customers were really pleased with the new products.
Inadequate infrastructure in our banking industry, as well as the expensive cost of installing them, contributed to the potential problems with the new products.
Based on the findings, it was suggested that banks collaborate to develop a common data transmission satellite in order to reduce contract difficulties.
A rival organisation that supplied electricity in competition with NEPA should be permitted to emerge in order to ensure an effective supply of electricity.
Finally, because this study cannot be thorough of this important subject, it is suggested that additional research be conducted.
CHAPTER ONE:
1.1 BACKGROUND OF THE STUDY
The history of banking in Nigeria dates back to the pre-independence period, when the founding of banks was spurred by the government’s goal to instill banking culture in the people, as well as the people’s desire to find a way to make financial intermediation easy.
Between 1990 and 2003, bankers adopted a variety of strategies to improve customer service and happiness, which resulted in the introduction of the effect of new products developed in the banking business. These new banking solutions developed nowadays revolve around banking and information technologies.
As a result, the researcher intends to investigate the effects of new products introduced in the banking industry between 1990 and 2003.
1.2 STATEMENT OF THE PROBLEM
The purpose of this study is to determine the impact of new products created in the banking industry between 1990 and 2003.
As a result, the impact statement in the research work remains thus: to what extent have new products in the banking business today been able to fulfil client satisfaction? When reviewing the impact statement,
keep in mind that some clients came to the bank for specific requirements unique to their situation, while others came for reasons that could be general. Efficiency is determined by the ability of this new production in the banking industry to fulfil customers’ expectations and assist their contentment.
1.3 STUDY AIM
Based on the impact determined, this study will achieve the following goals.
1. Determine the impact of new goods and service delivery strategies in our banks.
2. Determine whether the new products developed by banks are convenient for clients.
3. Determine whether the new products developed by banks meet the needs of their clients.
4. Determine whether or not discover transfer is one of the new items developed by banks.
5. Determine whether suitable infrastructure is one of the effects of new products in the banking business.
1.4 THE RESEARCH QUESTION
1. What are the implications of our banks’ new product and service delivery strategies?
2. Are new products introduced in the banking business beneficial to customers?
3. Will the new items meet the needs of the customers?
4. Is finding transferring one of the prospects of new goods offered by banks?
5. Does a sufficient structural level have an impact on the new products launched in the banking industry?
1.5 RESEARCH HYPOTHESIS
The analysis yielded the following hypotheses: will (H0) and alternative hypothesis (HI).
1. H0: New products introduced by banks have not improved customer patronage.
Greetings: Banks’ new products have strengthened consumer loyalty.
2. H0: Customers did not receive satisfaction from purchasing the new products.
Customers are pleased with the new products, according to HI.
1.6 THE OBJECTIVE OF THE STUDY
This study is being conducted for a charming proposal in order to meet the requirements for the issuance of a higher national diploma.
1.7 THE SIGNIFICANCE OF THE STUDY
This work has the potential to broaden academic horizons by serving as a roadmap for future scholars. As a result, they have become a highly powerful vehicle for promoting economic development. Customers today have high expectations of their banks.
Customers want courteous treatment from their banks, as well as efficient, rapid, and patronised service that meets their demands. Banking is no longer just about the safety of funds and greater returns on investment.
1.8 RATIONALE / JUSTIFICATION OF THE STUDY
At the conclusion of this study, the following groups of individuals should benefit: bank customers, banks, the general public, and future scholars.
1. Bank Customers: They will be introduced to the concept of new products in the banking industry in order to clear their thoughts about the impact of the new goods.
2. Government: It will serve as a starting point for mobilising government policy in support of innovative banking products that will aid economic development.
3. Bank: It will assist banks in improving the services they provide to their consumers, as well as providing efficient, rapid, and personalised services that fit their needs.
4. General Public: This will stimulate additional savings for future investment and the creation of job possibilities for the timing population.
5. Future Researchers: The research presented above is not exhaustive of this virtual subject. So, it is hoped that the findings and recommendations will pique the interest of the readers’ and other students’ inquisitive minds, encouraging them to pursue more studies in this area.
1.9 SCOPE OF THE STUDY
The scope of this study is limited to the influence of new banking products developed. It crosses the numerous lines of bank customers.
Being carried out, in particular, by the banking industry. The findings and conclusion were based on both primary and secondary data.
1.10 SCOPE
This research finds it necessary for the researcher to visit all of the banks that comprise the new products launched in the banking industry, but due to time and financial constraints. Only a sample of responders from the various stages of the business’s life is being surveyed.
1.11 ASSUMPTION OF THE STUDY
On the basis of this research, the following assumptions are made. This research is without prejudice. Because of the questions and interviews, the data acquired is true, reliable, and not false. The information provided by respondents is reliable because those who replied were truthful in answering the questions and those who could not provide accurate information were removed.
The process, which consisted of a methodical random procedure, is not in doubt. The chi-square (X2) approach is the best appropriate for testing hypotheses.
1.13 DEFINITION OF TERMS
The definitions provided here will assist those who are not professionals in the field in understanding some technological jargon utilised in this research.
1. Impact: The fundamental effect or forceful check of a thing. A.U.P. Harray’s Learner’s English Dictionary, 1980
2. New items: These are items that are brought into the banking business for the purpose of improving bank series for both clients and bankers. A. Edemolu (1998).
3. BANKS: A bank is any institution licenced to conduct banking activity in Nigeria, and they are distinguished by the acceptance of deposits and the facilitation of withdrawal, equipment leasing, discounting, and other financial operations, depending on the type of bank. C.O. Ukemenam (2000).
4. Bank Customers: Individuals or organisations who have a bank account and conduct financial transactions with the bank.
1. Universal Banking: This is a notion or banking policy in which each bank is free to decide the sort of banking transaction in which they can engage, or a situation in which commercial merchant banks are free to engage in any typical activity of either. J. Orjih (2001).
2. Banking Industry: Is a major contributor to the Nigerian economy’s service sector.
3. Developed: Something that has matured or advanced.
1.14 ORGANISATIONAL AND PLAN DEVELOPMENT
The researcher wishes to investigate the influence of new products developed in the banking business. To that end, the project is divided into five chapters.
The first chapter is about the introduction. It discusses the study’s history, impact statement, aims, research questions, hypothesis to test, importance, purpose, and rationale, among other things.
The second chapter is a review of the literature. It is divided into three sections: the theoretical framework in which the researcher demonstrated that the project is relevant to the course of study,
the review of previous related projects in which the researcher reviewed the efforts to her study, and the summary and justification of the literature review designed to expose the gap in knowledge that the researcher intends to fill.
The process for research design is covered in Chapter three. It outlines the method used by the researcher to conduct the research.
The fourth chapter is about data display and analysis. It is broken into three sections: analysis and interpretation, questionnaires, and hypothesis testing.
The fifth chapter is the conclusion, which includes a summary of the findings, recommendations, and proposals for further research.
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