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This research studied the evaluation into the Nature,  problem and prospect of the New product developed in the banking industry from 1990-2003.

In this research work, the researcher choosed four of the products and measures the extent to which they have been able to satisfy the customers. The product selected are, SMART CARD, INTERNATIONAL MONEY TRANSFER, EDUCATIONAL SCHEME AND INTEGRATED NET WORK TRANSACTION.

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

Some of the findings are, the nature of the new product ca be measured in terms of accessibility, speed, timeliness, simplicity and reliability. Customers who patronize this products are mainly those who want money transfer both locally and internationally. Customers derived 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 of 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 constant problems.

A parallel organization that was supplying electricity in competition with NEPA should be allowed to evolved 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.


Title page                                                                                          ii

Approval page                                                                                  iii

Dedication                                                                                         iv

Acknowledgement                                                                                     v

Abstract                                                                                            vi

Table of contents                                                                              viii


1.1            Background of the Study                                                                  1

1.2            Statement of the Problems                                                      2

1.3            Objective of the Study                                                             2

1.4            Research Questions                                                                 3

1.5            Research Hypotheses                                                              4

1.6            Significance of the Study                                                                  4

1.7            Scope, Limitations and Delimitation                                       6

1.8            Definition of Terms                                                                 8

Reference                                                                                 10


Review of Related Literature                                                             11

2.1     New Products for Effective Banking Operation                      12

2.2     The Nature of the New Products in the Banking Industry               12

2.3     Information Technology                                                                   15

2.4     Globalization of Banking Industry                                          17

2.4     The Concept of Universal Banking                                         19

2.5     Prospects and Problems of the New Products in the Nigeria   20

2.6     The Review of Other Related Completed Research Work                24

2.7     Summary and Justification                                                      25

Reference                                                                                27


3.0            Research Design and Methodology                                         28

3.1            Research Design                                                                      28

3.2            Area of Study                                                                          28

3.3            Population                                                                               28

3.4            Sample and Sampling Techniques                                           29

3.5            Instruments of Data Collection                                                         29

3.6            Method of Data Presentation                                                  29

3.7            Method of Data Analysis                                                                  30

Reference                                                                                 33


4.1     Data Presentation and Analysis                                                       34

4.2     Questionnaire Presentation and Analysis                                34

4.3     Test of Hypotheses                                                                 44


Findings, Recommendation and Conclusion                                              51

5.1     Summary of findings                                                               51

5.2     Recommendation                                                                     52

5.3     Conclusion                                                                              53

5.4     Suggestion for Further Research                                             53

Bibliography                                                                           54



The history of banking in Nigeria dates back to pre-independence 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 fund a means of making financial intermediation easy.

In the recent times, between 1990-2003 a lot of techniques are sued by banks to facilitate customers services and customers satisfaction which has led to the introduction of the New Products developed in the Banking industry. These new products developed in the banking industry today revolve around electronic banking and information technology.

As a result of this, the researcher seeks to study the nature, problems and prospects of the New products developed in the banking industries between 1990-2003.


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