ABSTRACT

This research intends to study the Impact of the New Products Developed in the Banking Industry in Nigeria (1990-2003).In this research work, the researcher chooses four of the products and measures the extent to which they have been able to satisfy the customers. The products selected are SMART CARD, INTERNATIONAL MONEY TRANSFER, EDUCATIONAL SCHEME, AND INTEGRATED BANKING NETWORK TRANSACTION.

Data for this research were collected through questionnaire and interviews by bank customers and the review of exiting literature on the topic using simple random procedure and the descriptive method of research. The data so collected were analyzed using the simple percentage and the formulated hypotheses were tested with chi-square (X2) method.

Some of the findings are the impact the new products can be measured in terms of accessibility, speed, timeliness, simplicity and reliability.

Customers who patronize the new products are majority those who want money transfer both locally and internationally. Customers clerived 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 we might have with 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 contract problems.