THE IMPACT OF THE NEW PRODUCTS DEVELOPED IN THE BANKING INDUSTRY IN NIGERIA (1990-2003) (A CASE STUDY OF FIRST BANK PLC STATE). A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
ABSTRACT
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) method.
Some of the findings are the impact the new products can be measured in terms of accessibility, speed, timeliness, simplicity and reliability.
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 products.
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.
CHAPTER ONE
1.1 BACKGROUND 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 inter-mediation easy.
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.
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