THE IMPACT OF NEW PRODUCT DEVELOPMENT IN NIGERIA’S BANKING SYSTEM

THE IMPACT OF NEW PRODUCT DEVELOPMENT IN NIGERIA’S BANKING SYSTEM.(A CASE STUDY OF UNITY BANK PLC, ONITSHA)

ABSTRACT

The later part of decade (1990s) had a number of appellations and challenges. However, the most profound of these as far as Nigeria in general and the finance industry in particular are concerned was that of “Globalization, Technology and New product Development”. As careful been a number of innovations both technical and non-technical. This scenario of events engendered by keener

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After payment, text the name of the project, email address and your names to 08064502337 competition-thanks to development to the fore. This research and the choice of topic is not only timely that expedient, at a time when avoiding risks in the finance industry is in itself a risk thereby making new product development an option. Against this background, this research project is based on the “Impact of new product is based on the Nigeria Banking system” (A Case Study of Unity Bank plc, Onitsha).

In the light of the above, the study sets out to address the following research problems; how will the banking sector cope with the sophisticated changes that keep coming from the information technology?

How can they cope with the difficulty these changes pose on new product development?

How can they cope with the challenges of fraud and traditional regulations?

And why is it that the majority of new products are not successful?

To address the above research questions, the study has as its major objective as assessment of the relationship between new product development and bank performance, assessment of the rate success or other wise failures of new products and factors responsible for these, example the role of technology (I T) in new product, and an assessment of the contribution of electronic banking to the industry.

The study adopted the survey method in generating data for study. The major instrument used for data collection was the structured questionnaire in which the respondents were provided with sets of questions with multiple choice answers. The survey also, made use of oral interview specifically targeted at top management to complement the questionnaire. Tables and simple percentage were used in presenting and analyzing data.

After a thorough analysis of the data, it became evident that new product development strategy is an important tool for survival in the banking industry. Also worthy of note is the fact that information technology and electronic banking are some of the best things that have happened to the banking industry and they have contributed in no small measure to good bank performance.

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Lastly, the study recommended that the success of new products depend largely on a sound and an aggressive marketing programme by the marketing department, and the need to pay more attention to marketing regular training programme is also recommended for staff of the technology. New products should be simplified for easy operation without compromising security. By and large, our study has revealed that no meaningful impact could be made in a dynamic society like ours, without the mangers themselves being dynamic (responsive) and visionary in their policies and programmes, especially in the area of new product development.

(BODY OF THE WORK)

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Several significant macroeconomic reforms and development are taken place as a result of the lingering problems in the National economic arising from the policy changes in the Nigerian banking I financial system. These reforms has posed a great challenge to banks-over the last eight years, the trend in banking and finance, globally, has been towards “one stop” institution capable of rendering all service under one roof.

Intense competition, changes in technology and an economy that increasing rely on services for expansion has made the successful development of new products/services by banks a key for survival. New products, if successful contribute to economic growth, company growth, and consumer satisfaction. The record of advancement and of social change. Because of this profound influence, developers of new products ought to be aware of their social as well as their economic responsibilities. If the members of the business world take on a perspective of moral responsibility, the way  in which new products can assist in answering  company’s quest for a wholesome identity will be enhanced.

BERIEF HISTORY OF UNITY BANKING PLC

Unity bank are one of Nigerians leading retail banks. They emerged from the largest merged and consolidation in Nigeria banking industry. Following the banking consideration spearheaded by the central bank of Nigeria (C.B.N) dire financial institution with competence in investment banking, corporate and retail banking came together in January 2006 to form unity bank plc.

They have 242 business offices spread across the country. The central bank of Nigeria (C.B.N) has already given us approval to open additional 25 that will bring the number to 267. Unity Bank are Nigeria’s 7th largest bank by business locations. Their head office is at 785, Herbert Macaulay, central Business way, central business District, Abuja, while the Head office Annex Is at 290A Akin Olugbade Street, Victoria Island Lagos.

Unity Bank is one of the largest employers of labour in Nigeria and a major contributor to its gross domestic product (G.D.P). The Bank and its associate companies employ over 5,000 people. As at December 2010, their share holder’s funds stand at N44.153 billion.

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1.2   STATEMENT OF THE PROBLEM

Various aspects of new product development practices are associated with different levels of bank performance. Such practices and activities as the existence of a formal evaluation process, the existence of new product and the percentage of the operating budget spent on new product development tend to vary according to bank performance. Top performers have decidedly different new product development processes, structures, and practices than do average or negative performers.

How will the sector cope with the sophisticated changes that keep coming up from information technology developments, telecommunication and the network developers? How shall we cope with the difficulty these changes pose on new product development, product differentiation, and the undermining of traditional intermediaries and of course, above all, the challenges of fraud and traditional regulations? Hence, to what extent has new product development impacted on the performance of banks in Nigeria?

Not all product introductions are successful.

The record shows that many more new products fail than succeed. An analysis of products introduced in 1998, for example, reveals that fewer than 20% reached sales goals established for them. Even those companies with high new product performance record claim failure along with successes.

1.3                   PURPOSE OF THE STUDY

The purpose of this study on the impact of new product development in the Nigerian banking system is:

  1. profile new products development activity in the banking industry;
  2. To assess the relationship of new product development to bank performance;
  • Assess the rate of successes of new product introduced into the market;
  1. Assess the rate of failures of new product introduced into the market;
  2. Identify some of the causes of failure in new product introduced into the market;
  3. Examine the role of technology in new product development;
  • Examine marketing strategy in new products;
  • Assess the impact of innovation on bank performance;
  1. Examine the contribution of electronic banking to the industry; and
  2. Assess the impact of information technology on product development.

1.4  SIGNIFICANCE OF THE STUDY

The end product or otherwise the findings of this research work will be useful to different categories of people and organization namely: students of banking and finance, and related fields. Other researchers, corporate organization (especially financial institution) the government, and the society at large.

These benefits shall be itemized in the following order:

  • It will provide information on the various activities involved in the development of new products for operators of financial institution and intending investors.
  • It will also pose a challenge to other research who may be interested to research more in this area.
  • It will help students of banking and finance to have an understanding of new product development and innovation in the banking system
  • It will be useful to the society at large, since it is dealing on an industry upon which a nation economy is predicated.
  • It may also help the government in the formulation of some of its financial policies, especially as it concerns new. Product development.
  • It will provide useful to the banks in that it will provide useful tips on factors affecting the success and failure s of new product.
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1.5   RESEARCH QUESTIONS

In the light of the body background, the following questions are posed:

  1. Are different new product development practices and activities associated with high levels of bank performance?
  2. Is there any relationship between new product development and bank performance?
  • What are the causes of failure in new product introduced by bank into the market?
  1. How has technology contributed to new product development?
  2. What marketing strategy should be adopted for products?
  3. How has innovation impacted on bank performance?
  • To what extent has electronic banking contributed to banking services?

1.6 THE SCOPE OF THE STUDY

The scope of this study is so chosen to allow for a through investigation. It is combined to establishing the relationship between new product development and bank performance and whether such performance is /are [positive or negative to the banks.

The choice of the banking Indus try for this study lies in the crucial role this sector (industry) plays in the economic life of any nation.

————- this is an incomplete article ———– it’s a product of a high quality project researched work.

Project topic:THE IMPACT OF NEW PRODUCT DEVELOPMENT IN NIGERIA’S BANKING SYSTEM.(A CASE STUDY OF UNITY BANK PLC, ONITSHA)

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