CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The banking industry in Nigeria which started as far back as 1862, 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 find the means of making financial intermediation easy, in the recent time between 2005 – 2010, a lot of techniques are used by bankers to facilitate customers service and customers satisfaction which has led to the introduction of the new products  developed  in the banking industry. These products developed in the banking industry. These new products developed in the banking industry today revolve around electronics banking and information technology.

As a result of this, the researcher seeks to study the performance and evaluation of the new products developed in the banking industries between (2005-2010)

STATEMENT OF THE PROBLEM 

This research is designed to find out the performance and evaluation of the new products developed in the banking industry between 2005- 2010. Therefore the statement of the problem in the research work remains thus to what extent has the product in banking industry today been able to meet customer’s satisfaction. In looking at the statement of the problem, one need to bear in mind that some customers needs that are peculiar to their own circumstances while some come for reasons that could be general. The ability of this new product in the banking industry is to meet customers’ needs and facilitate their satisfaction to determine their efficiency.

OBJECTIVE OF THE STUDY

 In the view of the problems identified this study will achieve the following objectives:

1.     To identify the delivery strategies of the new products and service 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 satisfies customers needs

4.     To evaluate if fund transfer is one of the  performance of the new products developed by banks

5.      To find out if inadequate infrastructure level is among the problems of the new products in the banking industry.

RESEARCH QUESTIONS

1.     1. What are the delivery strategies of the new products and service in our banks?

2.     Is new products developed in the banking industry convenient for customers?

3.     Could those new products developed by banks satisfies customers needs?

4.     Is fund transfer is one of the performance of new products developed by bank?

5.     Is inadequate infrastructure level is among the problems of the new products in the banking industry.

RESEARCH HYPOTHESIS

The following hypotheses are draw from the study using null

(H0) and alternative hypothesis (HI)

H0:   New products by banks have not increased customers patronage.

HI:    New products by banks have increased customers patronage.

H0:   customers did not derive satisfy action from patronizing the new products.

HI:    customers derive satisfaction from patronizing the new products.

SIGNIFICANCE OF THE STUDY

This study will be capable of widening academics by acting as a guide for researchers. Therefore banks constitute themselves into a very powerful instrument for fostering economics development banks customer today expects a lot from their banks. Banking performance is no longer just about safety of funds and increased returns on investment, customers demand courteous treatment from their banks as well as efficient, fast and personalized service which meet their need.

RATIONALE AND JUSTIFICATION FOR THE STUDY

At the end of this research, the following banks, government, general public and future researchers should stand to benefits there from.

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 performances and evaluation of the new products.

2.     Government: it will act as a starting point arousing government policy in support of the new product developed in the banking industry which facilitates economic development.

3.     Banks: it will help the bank to improve in their service rendered to the customers as well as efficient fast and personalized services which meet their needs.

4.     General public: this will further encourage savings for more investment and creation of jobs opportunities for the timing population