Evaluation Into The Nature Problems And Prospects Of The New Products Developed In The Banking Industry
(A Case Study Of First Bank Plc, Enugu)
This research studied the evaluation into the Nature, problem and prospect of the New product developed in the banking industry from 1990-2003.
In this research work, the researcher choosed four of the products and measures the extent to which they have been able to satisfy the customers. The product selected are, SMART CARD, INTERNATIONAL MONEY TRANSFER, EDUCATIONAL SCHEME AND INTEGRATED NET WORK TRANSACTION.
Data for this research were collected though questionnaire and interviews by bank customers and the review of existing literature on the topic using simple random procedure and the descriptive method of research. The data so collected were analysed using the simple percentage and the formulated hypothesis were tested with chi-square (X2) method.
Some of the findings are, the nature of the new product ca be measured in terms of accessibility, speed, timeliness, simplicity and reliability. Customers who patronize this products are mainly those who want money transfer both locally and internationally. Customers derived 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 of 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 constant problems.
A parallel organization that was supplying electricity in competition with NEPA should be allowed to evolved 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.
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ii Title page
iii Approval page
iv Dedication
v Acknowledgement
vi Abstract
viii Table of contents
CHAPTER ONE
1.1 Background of the Study 1
1.2 Statement of the Problems 2
1.3 Objective of the Study 2
1.4 Research Questions 3
1.5 Research Hypotheses 4
1.6 Significance of the Study 4
1.7 Scope, Limitations and Delimitation 6
1.8 Definition of Terms 8
Reference 10
CHAPTER TWO
Review of Related Literature 11
2.1 New Products for Effective Banking Operation 12
2.2 The Nature of the New Products in the Banking Industry 12
2.3 Information Technology 15
2.4 Globalization of Banking Industry 17
2.4 The Concept of Universal Banking 19
2.5 Prospects and Problems of the New Products in the Nigeria 20
2.6 The Review of Other Related Completed Research Work 24
2.7 Summary and Justification 25
Reference 27
CHAPTER THREE
3.0 Research Design and Methodology 28
3.1 Research Design 28
3.2 Area of Study 28
3.3 Population 28
3.4 Sample and Sampling Techniques 29
3.5 Instruments of Data Collection 29
3.6 Method of Data Presentation 29
3.7 Method of Data Analysis 30
Reference 33
CHAPTER FOUR
4.1 Data Presentation and Analysis 34
4.2 Questionnaire Presentation and Analysis 34
4.3 Test of Hypotheses 44
CHAPTER FIVE
Findings, Recommendation and Conclusion 51
5.1 Summary of findings 51
5.2 Recommendation 52
5.3 Conclusion 53
5.4 Suggestion for Further Research 53
Bibliography 54
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