Evaluation into the nature problems and prospects of the new products developed in the banking industry

Project Abstract

The banking industry has been increasingly focusing on developing new products to meet the changing needs and preferences of customers. However, the nature, problems, and prospects of these new products have not been extensively studied. This research project aims to evaluate the nature, problems, and prospects of the new products developed in the banking industry. The research will utilize a mixed-methods approach, combining qualitative and quantitative data collection methods. Qualitative data will be gathered through interviews with key stakeholders in the banking industry, including product developers, managers, and customers. These interviews will provide insights into the motivations behind developing new products, the challenges faced during the development process, and the potential benefits these products offer to customers. Quantitative data will be collected through surveys administered to a sample of bank customers. The survey will assess customers' awareness and usage of new banking products, their satisfaction levels, and their perceptions of the value these products bring. By analyzing both qualitative and quantitative data, this research aims to provide a comprehensive evaluation of the nature of new banking products. The study will also identify the key problems encountered in developing and implementing new banking products. These problems may include technological challenges, regulatory hurdles, or resistance from internal stakeholders. By understanding these challenges, the banking industry can develop strategies to overcome them and improve the success rate of new product launches. Furthermore, the research will investigate the prospects of new banking products in terms of market acceptance and long-term sustainability. By examining customers' satisfaction levels and willingness to continue using these products, the study will provide insights into the potential success of new products in the market. Overall, this research project will contribute to the existing body of knowledge on new product development in the banking industry. By evaluating the nature, problems, and prospects of new banking products, this study will help banks make informed decisions about their product development strategies and enhance their competitiveness in the market.

Project Overview

<p> </p><p><strong>1.1 BACKGROUND OF THE STUDY</strong><br>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.<br>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.<br>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.</p><p><strong>1.2 STATEMENT OF THE PROBLEMS</strong><br>This research is designed to find out the Nature, problems and prospects of the New Products developed in the banking industry between 1990-2003.<br>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.</p><p><strong>1.3 OBJECTIVES OF THE STUDY</strong><br>In view of the problems identified, this will achieve the following objectives:<br>1. To identify the nature of the New products services delivery strategies in our banks.<br>2. To find out if the New products develop by banks is convenient to customers.<br>3. To find out if these New products developed by banks satisfy customers needs.<br>4. To find out if fund transfer is one of the prospects new products developed by banks.<br>5. To find out if inadequate infrastructural level is among, the problems of the New products, in the banking industry.</p><p><strong>1.4 RESEARCH QUESTIONS</strong><br>1. What is the nature of the New products and services delivery strategies in our banks?<br>2. Is new products developed in the banking industry convient for customers?<br>3. Could these products satisfy customers needs.<br>4. Is fund transfer one of the prospects of the</p><p><strong>1.5 RESEARCH HYPOTHESES</strong><br>The following hypotheses are drawn from the study using will (Ho) and alternative hypothesis (H1).<br>1. Ho: New Products development has not increased banks profitability.<br>H1: New product development has increased banks profitability.<br>2. Ho: The acceptability of New product by customers is not dependent on Awareness.<br>H1: The acceptability of New product by customers is dependent on Awareness.<br>3. Ho: New product development by banks has not increased customers patronage.<br>H1: New product development by banks has increased customers patronage.</p><p><strong>1.6 SIGNIFICANCE OF THE STUDY</strong><br>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.<br>At the end of this research, the following group of people such as the bank customers bank, govt. general public and future researchers should stand to benefit from it.<br>1. BANK CUSTOMERS: They will be exposed to the idea of the new developed product in the banking industry as to clear their minds to the nature prospects and problems of the new product.<br>2. GOVERNMENT: It will act as a starting point in arousing government policy in support of the new product developed in the bank industry which will facilitate economic development.<br>3. BANKS: It will help the bank to improve on their services rendered to the customers, as well as efficient fast and personalized services which meet their needs.<br>4. GENERAL PUBLIC: This will further encourage savings for more investment and creation of job opportunities for the timing population.<br>5. FUTURE RESEARCHERS: This study above cannot be exhaustive of this virtual subject. So, it is hoped that the findings and recommendations will appeal to the luguistive minds of the readers and other students as to spur them to take further studies in this area.</p><p><strong>1.7 SCOPE, LIMITATIONS AND DELIMITATIONS OF THE STUDY</strong><br>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.<br>Being conducted by the banking industry in particular. Both primary and secondary data were collected and used in arriving at the findings and conclusion.<br>There are the major limitations of the study, because of lack of finance, time, inadequate data and attitude of some respondents.<br>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.<br>2. Inadequate secondary data on the activities of the banking industry on the nature, problems and prospects of the new product developed.<br>3. death of literature of the area of the banking operation.<br>4. tight schedule and ignorant of most managing directors of the banks, interview and resulted in very brief tie allocated to the researcher during contact with them.<br>This researcher deems it necessary for the researcher to visit all the banks constituting the new product developed in the banking industry but because of time and finance at the disposal of the researcher, only a sample of respondents cutting across the various lines of the business is being conducted.</p><p><strong>1.8 DEFINITION OF TERMS</strong><br>The following definition of terms will help those who are experts in the field to understand certain technological jargons used in this research.<br>1. NATURE: The basic qualities or character of thing.<br>2. PROBLEM: A thing that is difficult to deal with or understand or a question to be solved.<br>3. PROSPECT: The chances of being successful (Hernbey 1999).<br>4. BANKS: A bank is any institution licensed to carryout business of banking, and they are characterized by acceptance of deposit and facilitating withdrawal, equipment leasing, by discounting on the type of bank. (Ukemenam 2000).<br>5. BANK CUSTOMERS: These are people or organization who have accounts with banks and carryout financial transactions with the bank (Iloh 2002)<br>6. NEW PRODUCTS: These are products that are introduced newly into the banking industry to enhance or facilitate bank services to both customers and bankers (Edemodu 1998).<br>7. UNIVERSAL BANKING: This is a concept or banking policy under which every bank is free to determine the type of banking transaction they can engage in or a situation whereby a commercial merchant banks are free to engage in any conventional activities of the either (Orjih 2001).<br>8. C.B.N.: Central Bank of Nigeria also known as the Apex regulatory bank for Nigeria Financial System (Ukemenam 2000).</p><p><strong>REFERENCES</strong><br>Hernbey A.S. (1999) “Oxford Advanced Learners<br>Dictionary of correct English”, 3rd Edition London. ELBS p. 20<br>Ukamenam C.O. (2002) Charactered Institute Banker:<br>Africana Feb. Publishers. P.48<br>Orjih J. (2001) Seminar in Banking And Finance Enugu:<br>Bob Billion Publishing pp. 62-71<br>Ogwuma P. (1997) The Future Role of Technology in<br>Banking Development in Nigeria: Bullion vol. 2, No. 4, Oct-Dec. p.35.<br>Agene, C.E. (1995) The Principles of Modern Banking,<br>Abuja Gene Publishing p. 91.<br>Edemodu, A. (1998) “Banks New Products and Strategies<br>to Keep, A flat,” Guerdian vol. 15, No 71175 July, p. 25</p> <br><p></p>