Performance Evaluation Of New Products Development In The Banking Industry 2005 -2012

Performance Evaluation Of New Products Development In The Banking Industry 2005 -2012

ABSTRACT

This exploration studies performance evaluation of new product development in the banking assiduity from 2005 – 2012. In this exploration work, the experimenter chooses four of the products and measures the extents to which they’ve been suitable to satisfy the guests. The products named are, smart card, transnational plutocrat transfer, and educational scheme and intertwined banking network sale. Data for his exploration were collected through questionnaires and intervenes by banks guests and the review of being literature on the content using methodical arbitrary procedure and descriptive system of exploration. The data so collected were anatomized using the simple chance and formulated square( X2) system. Some of the findings, the performance can be measured in terms of availability, speed, time lines, simplicity and trustability. guests who patronize the new products are major those who want plutocrat transfer both locally and internationally. client’s device high position of satisfaction from the new products. shy infrastructural position in our banking assiduity and high cost of installing them contributed to the problem of the products. Grounded on the findings, the following were recommended banks should come together and established a common data communication satellite to minimize constant problems. A resemblant association that was supplying electricity in competition with PHCN should be allowed to evolved so that an effective force electricity can be assured. Eventually, since this study alone can not be total of this vital subject, it’s recommended for farther studies

CHAPTER ONE

preface

BACKGROUND OF THE STUDY

The banking assiduity in Nigeria which started as far back as 1862, the establishment of banks was motivated by the appetite 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 fiscal intermediation readily, in the recent time between 2005 – 2010, a lot of ways are used by bankers to grease guests service and guests satisfaction which has led to the preface of the new products developed in the banking assiduity. These products developed in the banking assiduity. These new products developed in the banking assiduity moment revolve around electronics banking and information technology.

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

STATEMENT OF THE PROBLEM

This exploration is designed to find out the performance and evaluation of the new products developed in the banking assiduity between 2005- 2010. thus the statement of the problem in the exploration work remains therefore to what extent has the product in banking assiduity moment been suitable to meet client’s satisfaction. In looking at the statement of the problem, one need to bear in mind that some guests needs that are peculiar to their own circumstances while some come for reasons that could be general. The capability of this new product in the banking assiduity is to meet guests ’ needs and grease their satisfaction to determine their effectiveness.

ideal OF THE STUDY

In the view of the problems linked this study will achieve the following objects

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 accessible to guests.

3. To find out if these new products developed by banks satisfies guests needs

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

5. To find out if shy structure position is among the problems of the new products in the banking assiduity.

exploration QUESTIONS

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

2. Is new products developed in the banking assiduity accessible for guests?

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

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

5. Is shy structure position is among the problems of the new products in the banking assiduity.

exploration thesis

The following suppositions are draw from the study using null

H0) and indispensable thesis( HI)

H0 New products by banks haven’t increased guests patronage.

HI New products by banks have increased guests patronage.

H0 guests didn’t decide satisfy action from patronizing the new products.

HI guests decide satisfaction from patronizing the new products.

SIGNIFICANCE OF THE STUDY

This study will be able of widening academics by acting as a companion for experimenters. thus banks constitute themselves into a veritably important instrument for fostering economics development banks client moment expects a lot from their banks. Banking performance is no longer just about safety of finances and increased returns on investment, guests demand gracious treatment from their banks as well as effective, fast and individualized service which meet their need.

explanation AND defense FOR THE STUDY

At the end of this exploration, the following banks, government, general public and unborn experimenters should stand to benefits there from.

1. Bank guests they will be exposed to the idea of the new advanced product in the banking assiduity as to clear their minds to the performances and evaluation of the new products.

2. Government it’ll act as a starting point arousing government policy in support of the new product developed in the banking assiduity which facilitates profitable development.

3. Banks it’ll help the bank to ameliorate in their service rendered to the guests as well as effective fast and individualized services which meet their requirements.

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

5. farther experimenters this study can not be total of this vital subject so, it’s hoped that the findings and recommendations will appeal to them curious minds of the compendiums and other scholars as to goad them to take farther studies in the area.

compass OF THE STUDY

The compass of this limited to performance and evaluation of the new product developed in the banking assiduity in particular. Both primary and secondary data were used in aiming at the findings and conclusion.

LIMITATION OF THE STUDY

These are the major limitation of the study because of lack of finances, time, indefinite data and station of some repliers.

1. Due to dread coffers, the exploration could cover all the section of the bank assiduity on the new products developed in the banking assiduity.

2. shy secondary data on the conditioning of the banking assiduity on performance and evaluation of the new product developed.

DELIMITATION

This exploration deems it necessary for the experimenter to visit all the banks and the new product developed in the banking assiduity but because of the time and finance at the disposal of the experimenter, only a sample of repliers cutting across the colorful situations of the business is being conducted.

supposition OF THE STUDY

The following hypotheticals are made on this exploration. This exploration work is free of bias. The date collected is true, dependable and not unanimous because of the question and interviews were by answered is dependable because the repliers were honest in replying the questions and those who can not give true information were barred. The system which constituted methodical arbitrary procedure isn’t questionable. The ki- forecourt( X2) system applicable one

description OF TERMS

The following description of terms will help those who aren’t experts in the field to understand certain technological shops used in this exploration.

1. Performance The act of achieving a targeted ideal

2. Evaluation Bringing two generalities together and seeing the difference between those two generalities.

3. Banks A bank is any institution certified to carryout business of banking in Nigeria and they’re characterized by acceptance of deposit and easing pullout, outfit leasing, bill blinking and other fiscal sale Ukemenam( 2000).

4. Bank guests Are people or association who have account with the bank and carries fiscal sale with the bank Tioh( 2002).

5. New Product these are products that are introduced recently into the banking assiduity to enhance and grease banks services to both guests and bankers. Edemodu.( 1999)

6. Universal banking this is a conception or banking policy which every banks is free to determine the type of banking sale they can engage in or a situation whereby a marketable and trafficker banks are free to engage any conventional conditioning of either Orjih( 2001)

7.C.I. B Chartered Institute of Banks.

8. Banking assiduity is a prominent member of the service of the Nigerian frugality

9. CBN central bank of Nigeria. Known as the apex nonsupervisory bank for Nigeria fiscal system. Ukemenam( 2000).

10. Developed commodity that’s more mature or advanced.