Thesis Abstract

Abstract
Product development in Nigerian commercial banks has become a crucial aspect of their operations in today's dynamic and competitive financial environment. This research aims to explore the strategies and challenges associated with product development in Nigerian commercial banks. The study utilizes a mixed-methods approach to gather data from both primary and secondary sources. The primary data collection involves interviews with key stakeholders in the banking industry, including product managers, marketing executives, and customers. These interviews provide valuable insights into the current product development practices, customer preferences, and market trends. The secondary data is gathered from relevant literature, industry reports, and regulatory publications to provide a comprehensive overview of the product development landscape in Nigerian commercial banks. The findings reveal that Nigerian commercial banks face several challenges in developing new and innovative products. These challenges include regulatory constraints, limited resources, and intense competition. To overcome these challenges, banks are adopting various strategies such as customer co-creation, digital innovation, and strategic partnerships. Customer co-creation involves involving customers in the product development process to ensure that the final product meets their needs and preferences. Digital innovation plays a significant role in product development by enabling banks to introduce new products quickly and efficiently. The use of digital channels also helps banks reach a wider customer base and improve the overall customer experience. Strategic partnerships with fintech companies and other organizations enable banks to leverage external expertise and resources to develop and launch new products successfully. The study further highlights the importance of market research and customer feedback in the product development process. By understanding customer needs and preferences, banks can tailor their products to meet market demand effectively. Moreover, continuous monitoring and evaluation of product performance are essential to ensure that products remain relevant and competitive in the market. In conclusion, product development in Nigerian commercial banks is a complex process that requires careful planning, innovation, and customer-centricity. By addressing regulatory constraints, leveraging digital innovation, and partnering strategically, banks can overcome challenges and drive successful product development initiatives. The insights from this research provide valuable recommendations for banks looking to enhance their product development capabilities and maintain a competitive edge in the Nigerian banking industry.

Thesis Overview

INTRODUCTION

1.1       BACKGROUND

This topic titled the product development in Nigeria commercial bank. Today commercial bank and banks in general are faced with a lot of competition and problem in the banking sector/ market so commercial bank and banks in general don’t wait for customers but they look for customers because of the competition in the filled.

To days business is dynamic in nature and the only business that is dynamic is banking is banking business. Due to the nature of business in today’s society there is a lot of challenges that faces our business mostly in the banking sector. For these challenges to be tackled bank must develop their product to match their business and it can be done by improving the old product or bring a new product into the banking business each product have life cycle that is why banks must renew improve or invent new product so that their customer will be retain in the banks.

This work is to identify the product available in banks.

This work is to identify the product available in banks by so doing to know how the product can be developed and the hindrances facing product development in the banks. Also to know how it will project the bank profit and satisfy there customer because their customers is the first thing they should have in mind.

1.2              STATEMENT OF THE PROBLEM

Product development in commercial bank is a nonstop thing event that bankers do must all the time so that they can satisfy customers.

In product development by commercial bank they must tackle and this problem makes it difficult for banks to introduce new product even old ones lack patronage because of the problem this problem after the level of income and also affect the profit of the commercial banks and banks in general.

The customers most esteems don’t know more or at all about the new or old product of the bank and it make the product not to be patronized by the customers and the banks will be effects as well poor education affect the customers it means that they are not deviational wise on the bank product and also some bank staff/ banks don’t know how to equip their staff to help carry on the job of product development to their customers so that profit will be minimized.

Finally due to poor handling of the product by bank by not puffing the product   in the right track the product get small attention by their customers their by being poor profit to the bank.

1.3              OBJECTIVES OF THE STUDY

The main aim of this study is to look inside the commercial bank and examine their entire product in this the researcher rends to discover how the commercial banks/ banks develop their product and also to state other objective like:

a.                   To discover if the product develop satisfy the customers that bank have.

b.                 To discover the problem the banks get in developing new products in the there bank.

c.                   To discover how the commercial banks divide their product into different department effective use and also profit maximization in the bank.

d.                 To discover the problem means of educating the banks customers on there product and who they most use the product and the benefit the customer will get form the product.

e.                   Finally to tell the commercial banks the solution or recommendation that may help them for better customers bank relationship there by satisfying their customer need and also increasing their own profit in the banking business for better prospect.

1.4              SIGNIFICANCE OF STUDY  

This study will open the management staff of commercial banks/banks eyes to know the area they are lacking behind and to improve on satisfaction to there customer.

The management start of the banks will make sure that there product are introduced to there customers which will help the bank to most there expectations in the business. Also by doing that it will attract new customers for the banks and retain the old ones there by making the bank not to go into unwanted competition with one another.

The commercial banks/bank with the help of this small work (research) will open the banks eye on the extend of there competitor/ competition in the business. Also discover the type of product other banks officer to there customers how improved their product and how to retain their customer and gain new one as well.

Finally the research will help the banks to know that good product developed well will increase the profit level of the banking sector business. Also that it will bring move profit for the banking sector. Their this work will be useful to all banks and public mostly to the people that needs it for more knowledge expansion in the banking or educational sector

1.5                DEFINITION OF TEAM

In this the researcher will like to define come of the terms that people may came across in this work. This term are commonly used in this work and may be seen frequently in this work and there are.

a.         Product:         This can be define as bring out new thing/ result or something that is manufactured or produced.

b.         Development: This can be define as growth or expand it may be standing up something.

c.         F.B.N:            It means first bank of Nigeria

d.         U.B.N:            It means union bank of Nigeria

e.         P.L.C: It mean public limit company. In this it shows that the company have sold their share to the public.

f.         A/C: It means account in this it can be current or soundings account that the banks operate.

This are the most common term that will be commonly used in this work so it must be stated will for people to understand.