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AN APPRAISAL OF NEW
CONSUMER CREDIT PRODUCT IN THE NIGERIA COMMERCIAL BANKS
ABSTRACT
In this project research study (work)
is a very crucial study for the Nigerian Commercial Banks, this study was
actually motivated by the necessity of effects of development of new consumer
credit products in Nigeria commercial banks. To solve the research problem,
both primary and secondary data were collected. The research instrument
used in collecting data were interview and questionnaire, the respondents were bank
staff and some bank customers of the user of the product. The population and
population sample is 50 and 40. Also in organizing and presenting data
collected, tables, frequencies, charts and percentages were used. The
various hypothesis were tested using the chi-square. Data analysis and
interpretation gave the following findings:- The problems encounterable in the
process of product development have effects on the commercial banks. The
consumer credit products of commercial banks in Nigeria have not been
satisfying their customers’ needs. The education of customer on the usage of
products and their level of awareness has effect on the bank’s credit products
development. Based on the findings, the researcher recommends that: The
management of our commercial banks should try as much as possible to equip
their research and development department and for those that have not, they
should try to establish one. There should be increase in product
awareness mechanisms such as good adverts, seminars for bank customers on
product usage by the bank customers etc. These should be a good research before
embarking on a new product development. In conclusion of the whole matter, one
commercial banks customers credit products have not been satisfying their
customers’ needs but if improved at an appealing price will satisfy their
customers’ needs.
TABLE OF CONTENTS
CHAPTER
1: INTRODUCTION
Background of the Study
Statement of
Problem
Purpose of the
Study
Significance of the
Study
Scope, Limitations and Delimitations
Definition of
Terms
CHAPTER 2: REVIEW OF
RELATED LITERATURE
Definition of new Consumer Credit Products
Some of the Nigerian commercial banks
services (products)
Intercontinental bank products and
services and credit products
Problems of financial services
marketing of Nigerian
Commercial banks’ new consumer credit
products
Effect of the new consumer credit
products in Nigeria
Commercial banks
Ways of improving marketing banks
financial services (products)
Marketing mix As A Tool To Influence
Target Market On Consumer
Credit Products in
Banks
Pricing and product
cycle
Reasons for customers dissatisfaction
with Nigerian
Commercial
banks
CHAPTER
3: RESEARCH DESIGN AND METHODOLOGY
Research Design
Area of Study
Population
Sources of Data Collection
Secondary
Data
Sample and Sampling
Techniques
Method of Investigation: Method of Data
Presentation
Method of data
Analysis
CHAPTER 4: DATA
PRESENTATION AND ANALYSIS
Data Presentation
Analysis
Presentation
Test Hypothesis
CHAPTER
5: FINDING,
CONCLUSION AND RECOMMENDATION
Summary of
Findings
Recommendation
Conclusion
Bibliography
Appendix
- Letter of Introduction
Designed Interview Questionnaire
CHAPTER ONE
INTRODUCTION
Background of Study
As far back as 1892 when banking
started in Nigeria, the need for the development of new consumer credit
products was not much needed as few banks then were in operation. But as
of 1986 when the Structural Adjustment Programme (SAP) was introduced by the federal
government of Nigeria a new era characterized by deregulation of the banking
system took place. Worse still, deregulation gave room for the formation
and licensing of numerous new command and merchant banks. This however
brought what we call aggressive competition among the commercial banks, which
finally led to the introduction of new consumer credit products in the Nigeria
commercial banks.
This period brought a total
disappearance of armed char banking in Nigeria. As new banks sprang up,
heavy competition becomes the order of the day. This with commercial
banks and about 190-branch offices in 1960, there emerged no fewer than 124
commercial and merchant banks (with 2076 branches) as it the end of December,
1994 according to report released by the Central Bank of Nigeria.
As this new face of change took place,
the only way out is to map out strategies for new credit products in order to
retain customers satisfaction and their stay, the only way out is to introduce
new products changes in the market, a bank is enable to;
i.
Keep its old customers
ii.
Attract new customers
iii.
Lesson its risks
iv.
Be strong to face competition
v.
Building up and broaden its corporate image
vi.
Utilize some idle resources and waste material
vii.
Increase consumers selecting and satisfaction and
viii.
Increase its revenue base for consequent profitability and growth.
This research work is aimed at
identifying the consumer and its products available in Nigeria commercial
banks, how they could be developed, to know some of the task of marketing
management of new consumer credit product to the Nigeria commercial banks, to
find some of the bank marketing management philosophies/concepts that will help
conduct their new consumer credit products activities, taking intercontinental
bank Plc as a case of study.
Statement of Problem
Commercial banks in Nigeria have been
introducing new brand of consumer credit products to enhance effective banking
service. Each month that comes is followed by wonderful consumer credit
product in Nigeria commercial banks. Despite this, customers are not yet
satisfied with the credit products introduced in the financial market.
Also, many people (customers) don’t have knowledge of some of all these old
consumer credit product and still, new ones are been introduced, more still,
those that have the knowledge of such existing ones don’t patronize them.
What are the main reasons why people don’t pass such new credit products
despite all these innovations?
Purpose of the Study
This work titled “an appraisal of the
new consumer credit products in the Nigerian commercial banks: a case study of
intercontinental bank plc” has the purpose of critically and positively
assessing the impacts of the development of consumer credit products in the
Nigeria Commercial Banks, in order to properly fulfill this main purpose, this
paper has the following objectives they are as follows:
a.
To identify the difficulties encountered in the process of produced development
in commercial banks.
b.
To determine whether bank customers are really satisfied with the banks’
product or not and why? (Product quality).
c.
To find out the best ways to educate the customers on the use of the bank
credit products and the best way to create awareness of the existence of such
products.
d.
To identify the best way the banks consumers credit products market could be segmented
for a fruitful venture.
e.
To equally offer possible solution or suggestions addressable to such problems
and or make recommendations that may lead to better banks customer relationship.
Transforming the above objective in 1.2
into research questions we can have in the resource question are as follows:
a.
Have commercial bank credit products been satisfying their customer’s needs?
b.
Do the difficulties encountered in the process of products development have any
effect in Nigerian Commercial Banks?
c.
Do customer education on the usage and level of awareness has any effect on the
consumer credit products.
d.
Does improper market segmentation of the new consumer credit products have
effect to the marketability?
Significance of the
Study
Having seen that there is aggressive
competition among the Nigerian commercial banks, this research will help bank
managers and their staff to know that, they will only retain their customer
through the process of establishing unique consumer credit product more still,
the project is to let bankers know that it is not all products that is of good
interest to the customer also, the project will show the best way of making
bank credit products known to their customers moreover this project will
equally ex-ray the main reason behind non-patronage of bank new consumer
products in the financial market.
This project will equally show
non-quality of good banking services leads to bank failure and there fore seek
for means of avoiding it occurrence. Finally, this project serves as a
partial fulfillment for an award of National Diploma (ND) Certificate in
Banking and Finance.
Hypothesis
Formulation
A hypothesis is an intelligent guess,
the following are my research hypothesis based on my research topic which says
“An Appraisal of the new consumer credit products in the Nigerian commercial
banks” a case study of intercontinental bank plc.
The commercial banks
new credit products have not been satisfying their customer’s needs.
The commercial banks
new credit products have been satisfying their customer’s needs.
Definition
of Terms
Bank:
An organization or place that provides a financial service.
Deregulation:
The systematic dismantling of regulatory controls and operational guideline
which were considered to have hindered orderly
and systematic growth of banks in Nigeria.
Customer credit
products: This refers to any
service which the bank can offer to the customers for consumption.
Financial
services: These
refer to the various services rendered by the operators in the financial
markets.
SAP:
Making alternation of adjustment on how things have been before
Product
development: This is the conversion of the idea on
paper into physical product with need satisfying attributes.
Marketing
mix: This is one of the memories used by
marketing people to remind themselves of the marketing variables which they use
in implementing their marketing decisions.
Hypothesis:
A hypothesis is an intelligent guess of solution to the research problem.
Null Hypothesis:
It posits that “no difference” or relationship exist between two variables.
Alternative
Hypothesis:
It posits that difference or relationship exist between two variables.
Protocol:
A system of rule governing formal occasions.
Fund: A sum of money saved or made
available for a particular project, objective or purpose.
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