THE IMPACT OF A NEW PRODUCT IN COMMERCIAL BANKS PERFORMANCE

ABSTRACT

The need for this study being the impact of new product in commercial banks performance was to determine the rate at which the introduction of this product is helping the economic development and growth in the banking industry in terms of employment, income, staff utilization and technology and serve as an advisory piece to proprietors of commercial banks as to how these product can be run to the benefit of the customers who patronize such product.

This research work is divided into five chapters one deals with the introduction/background of the study, statement of problems, objectives of the study, research questions, significance of the study, scope of the study, limitation of the study and definition of terms.

Chapter two deals with literature review and introduction, the commercial banking operation in Nigeria, development of new product as a business strategy, new product concept, the nature and structure of commercial banks of new product, in this chapter the new products of first bank and Diamond bank PLC were explained, the research also explained the steps in the production development process factors that increase the effectiveness and efficiency of a new products, problems indicators of bank product.

Chapter three deals with the research methodology and introduction, research design, sources and methods of data collection, population and sample size, sampling technique, validity and reliability of measuring instrument and methods of data analysis.

Chapter four deals with presentation and analysis of data and introduction presentation of data, analysis of data and interpretation of results.

Chapter five deals with summary of findings, conclusion and recommendation. Finally, suggestions were made to the bank on how they should establish a good management team for proper coordination and marketing of such products.

CHAPTER ONE

1.0 Introduction

1.1 Background of the Study

Commercial bank though their basic roles of resources mobilization, and allocation for efficient investment play a great role in economic development of any nation. The stock in trade of commercial bank in Nigeria in the provision of financial services like over draft facilities, discounting bills of exchange, purchasing and selling to their customers. A time was when banks did not see the need for providing adequate service and encourages patronage, due to the fact that bankers were few and competition was very low.

Today the level of competition between banks is increasing as in the level of financial competition and sophistication of other banking needs by customers. The banking in Nigeria is fast becoming not only very competition but also sophisticated of the industry has gone beyond mere acceptance of deposit, and giving out loans to its customers. New products of commercial banks can be identified as a various services offered by Bank to the generality of the public including firms, industries organization of the facilitate financial transaction as it relates to opening account and mobilization of found from the surplus unit regarded as the major function of commercial banks. Although commercial bank go into developing new product because they want to maintain their position in the industry, expand sales, meet customers demand and more importantly to maintain a profit level.

1.2 Statement of the Problem

In must developing nation (Nigeria) today, one of the major problems facing them is usually that of economic crisis which result to them having deficit experiences in their budget, and the sacking ways of correcting it. Hence, they usually resort to obtaining loan from the CBP which instead dwindles the economy more.

As it can be seen during Nigeria's second republic when the economy was dwindling, Nigeria applied for a loan from the institution but was met with its harsh conditionality which they were to fulfill before such loan will be given to them.

Should Nigeria have collected the loan, thereby accepting the conditionality involved, Nigeria would have turned into a new colonized nation by the way of dancing to their time of fund. The statement of the problem therefore is know if the western countries that formed the fund are using it as an instrument for controlling the economy of the developing nations and also why some of the developing nations that accepted such loan from the CBP is usually effects the patronages.

1.3. Aim and Objectives of the Study

The aim of the study is to examine the Impact of a New Product in Commercial Banks Performance using First Bank PLC as a case study. In achieving this aim, the following specific objectives were laid out as follows:

To find out whether customer encountered problems with the banking industry.
To see how the commercial bank affect the customer patronage.
To know the impact of commercial bank new product to the economic development and to the customers.
To know if the new products are helpful to the customer.

1.4. Research Question

The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:

Does the new product in commercial bank perform a business organization?
Are the new products in commercial bank affecting customers patronage?
Why customer is's encountering problems with the banking about the new product?
What would have been the outcome, if the commercial banks do not go in developing new product?

1.5 Statement of Hypothesis

In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.

Hypothesis One

H0: The new products in commercial bank can not affect customer patronage
H1: The new products in commercial bank can affect customer patronage

1.6. Significance of the Study

Furthermore, this study will help to determine the rate at which introduction of these new product are helping the economic development and growth in the banking industry in terms of employment, income, staff utilization and technology.

Also, Nigeria citizens will be better informed on what these products are, how it can facilitate the financial transaction and how much risk is reduce through their use.

Finally, this will serve as a spring board to further studies or related subjects thereby creating room for improvement in the banking industry, one way or the other touching the live of mankind in general.

1.7. Scope of the Study

The impact of new product in commercial bank performance covers all those services which banks introduce to their operation which facilitate them in their transactions.

1.8. Limitation of the Study

During the course of this study, there were some problems encountered which stood as limitations to the research work. Some of the limitations include:

Time Constraint:
The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
Establishment Policies:
Establishment policies posed a serious limitation as most staffs are not ready to release information needed for this research work. There were lots of information needed from the staffs of this establishment to enhance the study which took them time to release or they did not release at all for security purposes, hence the scope was reduced.
Financial Constraint:
Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Initial Cooperation Delay from Respondents:
A particular limitation of this work came as a result of the respondent refusal to offer their cooperation at the initial time they were contacted. This contributed in making the success of this research study difficult.

1.9. Definition of Terms

The definition of terms are stated as follows:

Bank:

a bank can be defined as a financial house established for the purpose of accepting deposited and lending out funds in addition to other services. It can also be any person who carries on banking business and this includes a commercial bank, acceptance house, discount house and financial institution.

Bank Customer:

this is the person who must have opened an account with the banker and has at least one transaction on the account.

Commercial Bank:

it can be seen as a financial institution which deals in money and credit and which receivers deposit from public, institution and organization, some of which are replaceable o demand by cheque.

Profit Level:

it is difference between total bank revenue and expenditure measured in Naira per year.

Advertisement:

this is no personal paid information to create awareness to stimulate the minds of the customers to make them buy the product.

Traveler Cheques:

a kind of cheque provided and process by the bank to their customer for easy foreign trips with a basic travelling allowance (where applicable)

Product Life Cycle:

These are those processes and stages a product goes through before it is developed and launched into market.

Bank Density:

is the relationship between the number of bank in an area and the population in a geographical area. It is used to determine how the quality of a product or services would affect the density of a geographical, if its density is low or high.

…

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …

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TABLE OF CONTENTS
PRELIMINARY PAGES

Title page
Approval page
Dedication
Acknowledgement
Table of Contents
Abstract
CHAPTER ONE
1.0 Introduction
1.1 Background of the study
1.2 Statement of the problem
1.3 Objective of the study
1.4 Research questions
1.5 Statement of hypothesis
1.6 Significance of the study
1.7 Scope of the study
1.8 Limitation of the study
1.9 Definition of terms
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
2.2 New product as a business strategy
2.3 The nature and structure of commercial banks new products (First Bank PLC)
2.4 The effectiveness of new product in commercial banks
2.5 Strategies in new product development
2.6 Factors that enhance the effectiveness and efficiency of a new products.
2.7 Problems indications of bank product
CHAPTER THREE
3.0 Research design and methodology
3.1 Introduction
3.2 Research design
3.3 Sources/methods of data collection
3.4 Population and sample size
3.5 Sampling technique
3.6 Validity and reliability of measuring instrument
3.7 Method of data analysis
CHAPTER FOUR
4.0 Presentation and analysis of data
4.1 Introduction
4.2 Presentation of data
4.3 Analysis of data
4.4 Interpretation of results
4.5 Interpretation of result(s)
CHAPTER FIVE
5.0 Summary, conclusion and recommendation
5.1 Introduction
5.2 Summary of findings
5.3 Conclusion
5.4 Recommendations
BIBLIOGRAPHY
APPENDIX - QUESTIONNAIRE

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