PERFORMANCE EVALUATION OF NEW PRODUCTS DEVELOPED IN THE BANKING INDUSTRY 1999 – 2004
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PERFORMANCE EVALUATION OF NEW PRODUCTS DEVELOPED IN THE BANKING INDUSTRY 1999 – 2004
ABSTRACT
From 1999 to 2004, this study examined the performance evaluation of new products introduced in the banking industry.
In this study project, the researcher selects four products and assesses the extent to which they have been able to please clients. Smart cards, international money transfers, educational schemes, and integrated banking network transactions were chosen as products.
Data for this study were gathered through surveys and interviews with bank customers, as well as a review of current literature on the subject utilising a systematic random technique and a descriptive research method. The acquired data were analysed using basic percentages, and the hypotheses were tested using the chi square (X2) method.
Some of the results. Accessibility, speed, timeliness, simplicity, and dependability can all be used to assess performance. Customers that use the new goods are individuals who want to transfer money both locally and abroad. Customers are quite pleased with the new goods.
Inadequate infrastructure in our banking industry, as well as the high cost of installation, contributed to the problem of new products.
Based on the findings, the following banks were advised to collaborate and build a single data communication satellite to reduce ongoing issues.
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
The history of banking in Nigeria extends back to the pre-independence period, and the founding of banks was prompted 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 simple.
Between 1999 and 2004, bankers used a variety of strategies to improve customer service and happiness, which resulted in the introduction of new products developed in the banking business. These new banking solutions developed nowadays revolve around electronic banking and information technologies.
As a result, the researcher intends to investigate and evaluate the performance of new products launched in the banking industry between (1999 – 2004).
1.2 STATEMENT OF THE PROBLEM
This study aims to determine the performance and evaluation of new products introduced in the banking industry between 1999 and 2004.
As a result, the problem statement in the research activity is thus to what extent has the new product in the banking business today been able to fulfil consumer satisfaction.
When looking at the problem statement, keep in mind that some clients have wants that are specific to their situation, while others come for reasons that could be general.
The ability of these new financial products to suit customers’ wants and promote their satisfaction is what determines their efficiency.
1.3 OBJECTIVE OF THE STUDY
This study will accomplish the following goals in light of the concerns identified.
1 to determine the delivery strategy for new products and services in our banks.
2 Determine whether new products developed by banks are convenient for customers.
3 Determine whether these new products offered by banks meet the needs of clients.
4 To determine whether fund transfer is one of the performance of new products offered by banks.
5 Determine whether inadequate infrastructure is one of the problems with new products in the banking business.
1.4 RESEARCH QUESTIONS
1 What are the delivery plans for new goods and services in our banks?
2 Are new products developed in the banking business useful to customers?
3 Can the new products offered by banks meet the needs of their customers?
4 Is fund transfer one of the new solutions developed by banks that function well?
5 Is poor infrastructure one of the difficulties with innovative products in the banking industry?
1.5 RESEARCH HYPOTHESIS
The study yielded the following hypotheses: null hypothesis (Ho) and alternative hypothesis (Hi).
Banks’ innovative products have not increased client loyalty.
Hello, new bank products have increased consumer loyalty.
Customers were dissatisfied with the new products, according to Ho.
Hello: consumers are pleased with the new things they have purchased.
1.6 OBJECTIVE OF THE STUDY
This research is being conducted for academic purposes in order to fulfil the requirements for the award of the Higher National Diploma.
1.7 THE SIGNIFICANCE OF THE STUDY
This research will be able to broaden academics by serving as a guide for researchers. As a result, banks have evolved into a highly strong tool for encouraging economic development. Bank customers nowadays have high expectations of their banks.
Customers want polite treatment from their banks, as well as efficient, rapid, and personalised service that meets their demands. Banking performance is no longer just about the safety of cash and greater returns on investment.
1.8 RATIONALE AND JUSTIFICATION OF THE STUDY
The following banks, government, general public, and future scholars should benefit from the findings of this study.
1 bank customer: they will be introduced to the concept of a newly produced product in the banking business in order to clear their minds for the performance and evaluation of the new products.
2 Government: It will serve as a starting point for mobilising government policy in favour of the new product developed in the banking industry that would aid economic development.
3 Banks: It will assist banks in improving the services they provide to consumers, as well as providing efficient, rapid, and personalised services that fit their demands.
4 General public: this will stimulate additional savings for increased investment and the creation of work possibilities for the timing population.
5 Future researchers: Because this study cannot cover every aspect of this important topic, it is hoped that the findings and recommendations would pique the interest of readers and other students, encouraging them to pursue additional studies in this field.
1.9 SCOPE OF THE STUDY
This study’s scope is limited to the performance and evaluation of new products developed in the banking industry. Being carried out, in particular, by the banking industry. The findings and conclusion were based on both primary and secondary data.
1.10 ASSUMPTION OF THE STUDY
On the basis of this research, the following assumptions are made. This research is without prejudice. Because the questions and interviews were answered by the correct person, the data acquired is true, reliable, and not fictitious.
The information provided by the respondents is reliable because the respondents were truthful in their responses and those who could not provide accurate information were removed.
The method that comprised the systematic random procedure is not debatable. The chi-square (X2) approach is the best appropriate for testing hypotheses.
1.11 DEFINITION OF TERMS
The definitions provided here will assist those who are not professionals in the subject in understanding specific technological jargons utilised in this research.
1. Performance: The act of achieving a specific goal.
2. Evaluation: Bringing two concepts together and observing the differences between them.
3. Banks: A bank is any institution licenced to conduct banking activity in Nigeria, and they are distinguished by deposit acceptance and withdrawal facilitation, equipment leasing, bill 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. J. C. Iloh (2002)
5. New product: These are new goods introduced into the banking industry to improve and facilitate bank services for both customers and bankers. A. Edemodu (1999)
6. 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 both commercial and merchant banks are free to engage in any typical operations of either. J. Orjih (2001)
C.I.B. stands for Chartered Institute of Bankers.
8. Banking industry: Is a significant contributor to the Nigerian economy.
CBN stands for the Central Bank of Nigeria. The apex regulatory bank for the Nigerian financial system. Ukemenam. C. O. (2000)
10th. developed: something more mature or advanced.
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