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.

TABLE OF CONTENTS

Title page ii

Approval page iii

Dedication iv

Acknowledgement v

Abstract vi

Table of contents viii

CHAPTER ONE

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

CHAPTER TWO

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

CHAPTER THREE

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

CHAPTER FOUR

4.1 Data Presentation and Analysis 34

4.2 Questionnaire Presentation and Analysis 34

4.3 Test of Hypotheses 44

CHAPTER FIVE

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

CHAPTER ONE

1.1 BACKGROUND OF THE STUDY

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.

1.2 STATEMENT OF THE PROBLEMS