ANALYSIS THE NATURE PROBLEMS AND PROSPECTS OF THE NEW PRODUCTS DEVELOPED IN…
CHAPTER ONE
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. To identify the nature of the New products services delivery strategies in our banks.
2. To find out if the New products develop by banks is convenient to customers.
3. To find out if these New products developed by banks satisfy customers needs.
4. To find out if fund transfer is one of the prospects new products developed by banks.
5. To find out if inadequate infrastructural level is among, the problems of the New products, in the banking industry.
1.4 RESEARCH QUESTIONS
1. What is the nature of the New products and services delivery strategies in our banks?
2. Is new products developed in the banking industry convient for customers?
3. Could these products satisfy customers needs.
1.5 RESEARCH HYPOTHESES
The following hypotheses are drawn from the study using will (Ho) and alternative hypothesis (H1).
1. Ho: New Products development has not increased banks profitability.
H1: New product development has increased banks profitability.
2. Ho: The acceptability of New product by customers is not dependent on Awareness.
H1: The acceptability of New product by customers is dependent on Awareness.
3. Ho: New product development by banks has not 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.
1.7 SCOPE, LIMITATIONS AND DELIMITATION OF THE STUDY
The scope of this study is limited to the nature, problems and prospects of the new products developed in the banking industry. It runs across the various lines of the bank customers.
Being conducted by the banking industry in particular. Both primary and secondary data were collected and used in arriving at the findings and conclusion.
There are the major limitations of the study, because of lack of finance, time, inadequate data and attitude of some respondents.
1. Due to score resources, the researcher could not cover all the sections of the banking industry, on the new product developed in the banking industry.
2. Inadequate secondary data on the activities of the banking industry on the nature, problems and prospects of the new product developed.
3. death of literature of the area of the banking operation.
1.8 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.
1. NATURE: The basic qualities or character of thing.
2. PROBLEM: A thing that is difficult to deal with or understand or a question to be solved.
3. PROSPECT: The chances of being successful (Hernbey 1999).
