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The Project File Details
The need for this study being the impact of product development on bank performance was to determine the rate at which the performance of this product is helping the economic development an growth in the banking industry in the terms of employment, income, staff utilization and technology and serve as an advisory piece to Owns of banks as to how these product can be run to the benefit of the customers who patronize such product. This research work is divided into five chapters. One deals with the introduction/background of the study, statement of problems, objectives of the study, research questions, scope of the study, significance of study, limitation of the study and delimitation of terms. Chapter four deals with presentation and interpretation of data. Chapter five deals with, summary of finding, conclusion and recommendation. For the purpose of the study, questionnaires were administered to both banks and customers. Finally, suggestion were made to the bank on how the should establish a good management team for proper co-ordination and marketing of such products.
Title page i
Approval page ii
Table of contents vi
1.0 Introduction 1
1.1 Background of the study 1
1.2 Statements of problems 4
1.3 Objectives of the study 6
1.4 Research questions 7
1.5 Significance of the study 9
1.6 Scope of the study 10
1.7 Limitation of the study 10
1.8 Definition of terms 11
2.0 LITERATURE REVIEW 16
2.1 Historically background of banks
operations in Nigeria 16
2.2 New product as a business strategy 22
2.3 The nature and structure of
banks new product 26
2.4 Stage in production process 29
2.5 factors that enhance the effectiveness
and efficiency of a new product 33
2.6 Problems indicators of bank product 35
3.0 Research methodology 37
3.1 Introduction 37
3.2 Research design 37
3.3 Population and sampling techniques 38
3.4 Sources of data 38
3.5 Method of data collection instrument 41
3.6 Techniques for data analysis 42
4.0 Data presentation and analysis 43
4.1 Introduction 43
4.2 Presentation of data 43
5.0 Summary, conclusion and recommendation 51
5.1 Summary of findings 51
5.2 Conclusion 53
5.3 Recommendations 55
1.1 BACKGROUND OF THE STUDY
Over the years, it has been identify that banks form a significant part of the financial institutions of modern society, because of this structure, and influence on an economy. Banks through their basic roles of researcher mobilization and allocation fro efficient investment play a great role in economic developed of any nation.
According to Nnolin (2001) the stock in trade of banks in Nigerian in the provision of financial services like over draft facilities, discounting bills of exchange, purchasing and selling securities etc to their customers.
There was time when banks did not see the need for providing adequate services and encourage patronage. Maybe, there was no need for such activities some year’s age, due to the fact that bankers were few and competition was very low. Today, the level of competition between banks is increasing as in the level of financial competition and sophistication of other banking needs by customers. Olupitan (2002) pointed out the banking in Nigerian is taste becoming not only very competitive but also sophisticated.
The banking industry has zone beyond mere acceptance of deposits, and giving out loans to its customers. Banks has now indicted various new products into the industry. The stimulate is traced to the unprecedented rise in the number of banks between 1992 to 2001 which resulted into creating a very competitive banking atmosphere among banks; Olupitan (2002) also note that in the early days of banking in Nigeria. The use of banks services was limited to government, business houses and for ailment in the society. Now, in a bid to line customers to them many banks introduced new product into banking industry.
New products of commercials banks can therefore to seen in the light of various services offered by banks to the generality of the public including firms, industries, organization and the government. The product are usually service oriented, designed to facilitate financial transaction as it relates to opening accounts and mobilization of fund from the surplus unit to the deficit which in regarded as the major function banks. Although a lot of banks use new product development as a growth strategy, some dread it because of the loses they incurs. If the product fail, however, banks go into developing new product because they want to maintain their position in the industry expand sales, meet customers demand and more importantly to maintain a profit level. Diamond bank for example tool other banks by surprise when they came up with “diamond integrate banking services” a product for quick encashment of cheques in any diamond bank branch nationwide first bank also introduce “western union money transfer” a product for quick enables fund to transferred minutes from anywhere in the world. UBA (united bank for African) plc introduce into the banking industry UBA easy card.
1.2 STATEMENT OF PROBLEM
In the development countries, banks were generally made financial transactions simpler them ever before, bills can easily be settled without physical cash exchanging hands funds can be transferred through electronic media in minutes. Financial deals are concluded in seconds through banks as intermediates and banking profession is given its right place in society. Bank home in Nigeria, the banking industry is becoming dynamic; banks are borrowing a leaf from their foreign counter parts by introducing some of this product into the industry.
Nigeria banks face one of their greatest challenges in the area of customers’ services. The unlimited aim of any organization is to constantly satisfy the need and wants of its customers with the right product at the right price using the right promotion and marking its available in the right place at the right time. The new product is described as the “reason d’ atre” of business enterprise. The issue there is that much interest is not given to these new products by the customer because of ignorance and the fear of high incidence of distress in banking industry. If fraction have the notion that these new product are associated with exorbitant bank changes while others are worried about the delay in banking services and the frequency cases of fraud in the banking industry.
The research therefore is propelled by the need expose customers to the various new products rendered by banks, as well as various cause of customer poor perception of these new product.
To this end, effort world be made conduct empirical test among customers of bank’s new product of the relationship between their perception of new product of bank on are hand and the loss of patronage of new banks product on the other hand the relationship between customers disposable income and the level of patronage of new bank product on the other hand. The relationship between customers’ disposable income and the level of patronage of banking services would be revised.
Attempts will be made to identify major factors responsible for customer dissatisfaction with new bank process and also to ascertain the extent to which bank customers are assisted with near bank product offering
1.3 OBJECTIVES OF STUDY
The objectives of the study are;
1.4 RESEARCH QUESTIONS
1.5 SIGNIFIANCE OF THE STUDY
The impact of new product in banks performance cover all those services which banks introduced to their operations which facilitates them in their transaction.
Lack of finance and time constraint made it impossible for attainment of some facts needed for their research work.
Some of the bank officers who are in position to give information were not being to open and free releasing or complying with the researcher.
The researcher find it difficult to go to every bank to get information for the research work compound with the time factor and finance to the researcher at times the researcher may be in the lecture room receiving lecturers which might lead not to get more information about this research work.
Despite all these problems, the researcher was able to conclude the research work with fact.
1.8 DEFINITION OF TERMS
CURRENT ACCOUNT: This is an account where a customer credit balance is withdrawal on demand by the issue of cheques.