THE IMPACT OF THE NEW PRODUCTS DEVELOPED IN THE BANKING INDUSTRY IN NIGERIA (1990-2003)
(A CASE STUDY OF FIRST BANK PLC STATE)
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.
A parallel organization that was supplying electricity in competition with NEPA should be allowed to evolve so that an efficient supply of electricity can be ensured.
Finally, since this study alone cannot be exhaustive of this vital subject, it is recommended for further studies.  
TABLE OF CONTENTS
CHAPTER ONE
Introduction                                                                                                    
1.1              Background Of The Study                                         
1.2              Statement of the Problem                                           
1.3              Objectives of the Study                                                          
1.4              Research Question                                                                  
1.5              Research Hypothesis                                                   
1.6              Purpose of the Study                                                  
1.7              Significance of the Study                                                       
1.8              Rationale / Justification                                                          
1.9              Scope of the Study                                                     
1.10          Limitations of the Study                                                         
1.11          Delimitation of the Study                                                       
1.12          Assumption of the Study                                                        
1.13          Definition of Terms                                                    
1.14          Organization / Plan Development                                           
References:                                                                             
CHAPTER TWO
Literature Review                                                                               
Theoretical Frame Work                                                                     
2.1.0        New Product for Effective Banking Operation         
2.1.1        The Nature of the New Products in the Banking Industry.   
2.1.2        Information Technology                                                         
2.1.3        Globalization of banking Industry                                          
2.1.4        The Concept of Universal Banking                                        
2.1.5        Impact of the New Products in
the Nigeria Banking Industry.                                                            
2.1.6        Review of Other Related Completed                                     
2.1.7        Summary and Justification                                                     
Reference:                                                                   
CHAPTER THREE
3.0              Research Design and Methodology                            
3.1       Research Design                                                                     
3.2              Area of Study                                                                         
3.3              Research Population                                                               
3.4              Sampling Size Determination                                     
3.5              Sampling Procedure                                                    
3.6              Sources of Data Used                                                             
3.7              Location of Data                                                                     
3.8              Method of Data Collection                                         
3.9              Method of Date Analysis                                                       
3.10          Statistical Tools for Analysis                                                              
Reference:                                                                               
CHAPTER FOUR
Data Presentation and Analysis                                                                      
4.1              Data Analysis and Interpretation                                            
4.2              Questionnaire Presentation                                         
4.3              Test of Hypothesis                                                      
4.4              Findings                                                                                  
CHAPTER FIVE
Summary of Finding and Recommendation and Conclusions
5.1       Summary of Findings                                                 
5.2       Recommendation and Conclusion                              
5.3       Conclusion                                                                              
5.4       Suggestion for Further Research                                
Bibliography                                                 
 CHAPTER ONE
1.1       BACKGROUND OF THE STUDY
The history of the banking in Nigeria dates back to pre-independent 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 find a means of making financial inter-mediation easy.
In the recent times, between 1990-2003 a lot of techniques are used by bankers to facilities customers services and customers satisfaction which has led to the introduction of the impact of the new products developed in the banking industry. These new products developed in the banking industry today revolve around banking and information technology.
As a result of this, the researcher seeks to study the impacts of the new products developed in the banking industries between 1990-2003.
1.2              STATEMENT OF THE PROBLEM
This research is designed to find out the impact of the new products developed in the banking industry between 1990-2003.
Therefore the statement of the impact in the research work remain thus to what extent has the new products n the banking industry today been able to meet customers satisfaction! In looking at the statement of the impact, one need to bear in mind that some customers came to the bank for certain needs that are peculiar to their own circumstance while some come for reasons that could be general. The ability of this new production the banking industry if to meet customers needs and facilitate their satisfaction determines efficiency.
1.3              OBJECTIVES OF THE STUDY
In view of the impact identified this study will achieve the following objectives.
1.                  To identify the impact of the new products and service delivering strategies in our banks.
2.                  To find out if the new products developed by banks is convenient to customers.
3.                  To find out if these new products developed by banks satisfy customers needs.
4.                  To find out if find transfer is one the prospect of the new products developed by banks.
5.                  To find out if adequate frastructural level is among the impacts of the new products in the banking industry.
1.4              RESEARCH QUESTION
1.                  What is the impact of the new products and services delivery strategies in our banks?
2.                  In new products developed in the banking industry convenient for customers?
3.                  Could those new products satisfy customers needs?
4.                  Is find transferring one of the prospects of the new products developed by banks?
5.                  Is adequate fratructural level an impact of the new products developed in the banking industry?
1.5              RESEARCH HYPOTHESIS
The following hypotheses are draw from the study using will (H0) and alternative hypothesis (HI)
1.                  H0: New product developed by banks has not increased Customers patronage.
HI:   New products developed by banks have increased customer patronage.
2.               H0:      Customers did mot derive satisfaction from patronizing the new products.
HI:       Customers derive satisfaction from patronizing the new products.
1.6              PURPOSE OF THE STUDY
This research is carried out for a charmed propose in order to meet the requirement for the award of higher national Diploma.
1.7              SIGNIFICANCE OF THE STUDY
This study will be capable of widening academic by acting as a guide for further researchers. Therefore constitutes themselves into a very power 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, customers demand courteous treatment from their banks as well as efficient, fast and patronized service which meet their needs.  
1.8              RATIONALE / JUSTIFICATION FOR THE STUDY.
At the end of this research, the following group of people such as the bank customers, banks Government General public and future researchers should stand to benefit there from.
1.                  Bank Customers: They will be exposed to the idea of the new products in the banking industry as to clear their minds to the impact of the new products.
2.                  Government: It will as a starting point in arousing government policy in support of the new products developed in the banking industry which will facilitate economic development.
3.                  Bank: it will help the banks to improve on their services 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 job opportunities for the timing population.
5.                  Future Researchers: This study above cannot be exhaustive of this virtual subject. So, it if hoped that the findings and recommendations will appeal to the inquisitive minds of the readers and other students as to spur them to take further studies in this area.
1.9              SCOPE OF THE STUDY
The scope of this study is limited to the impact of the new products developed in the banking industry. It runs across the various lines of the bank customers.
Being conducted by the banking industry in particular. Both primary and secondary data were used in arriving at the findings and conclusion.
1.10          SCOPE OF THE STUDY
This research deems it necessary for the researcher to visit all the banks constituting the new products developed in the banking industry but because of time and finance at the disposal of the researcher. Only a sample of the respondents culling across the various lives of the business is being conducted.
1.11          ASSUMPTION OF THE STUDY
The following assumptions are made on this research. This research work is free of bias. The data collected is true, reliable and not fictitious because of the questions and the right person answered interviews. The information repaired by the respondents is reliable because the responded were honest in replying the questions and those who cannot give true information were excluded.
The method, which constituted systematic random procedure, is not questionable. The chi-square (X2) method used in testing hypothesis is the most appropriate one.
1.13     DEFINITION OF TERMS
            The following definition of terms will help those who are not experts in the field to understand certain technological jargon used in this research.      
1.                  Impact: The basis effect or forceful check of a thing. A.U.P. Harray’s standard learner English Dictionary 1980
2.         New Products:           these are products that are introduced newly into the banking industry to enhance facilitates bank series to both customers and bankers. Edemolu A. (1998).
3.         BANKS:  A bank is any institution licensed to carry out business of banking in Nigeria and they are characterized by acceptance of deposit and facilitating withdrawal, equipment leasing, by discounting and other financial transactions depending on the type of bank. Ukemenam. C.O. (2000).
4.         Bank Customers: Are people or organizations who have account with a bank and carry out financial transaction with the bank.
1.                  Universal Banking: This is a concept or banking policy under which every bank is free to determine the type to banking transaction they can engage in or a situation whereby a commercial merchant banks are free to engage in any conventional activities of either. Orjih. J. (2001).
2.                  Banking Industry: Is a prominent member of the service sector of the Nigeria economy.
3.                  Developed: Something that is mature or more advanced.
1.14          ORGANIZATIONAL / PLAN DEVELOPMENT
The researcher seeks to study the impact of the new products developed in the banking industry towards achieving this, the project is divided into five chapters.
Chapter one deals with the introduction. It discusses among other things the background of the study, statement of the impact, the objectives it sets to achieve and research questions, the hypothesis to test, significance, purpose, justification etc.
Chapter two is the literature review. It is subdivided into three division- the theoretical frame work where the researcher proved that the project is relevant to he course of study, the review of related projects previously completed where the researcher reviewed the efforts to her study, the summary and justification of the literature review designed to expose the gap in knowledge which the researcher intends to fill.
Chapter three deals with the research design methodology. It discusses the procedure adopted by the researcher in carrying out the research.
Chapter four is the data presentation and analysis. It is subdivided into analysis and interpretation, questionnaires test of hypothesis findings.
Chapter five is the conclusion including summary of findings, recommendation, and suggestions for further research.