PRODUCT DEVELOPMENT IN NIGERIAN COMMERCIAL BANKS
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PRODUCT DEVELOPMENT IN NIGERIAN COMMERCIAL BANKS
INTRODUCTION TO CHAPTER ONE
1.1 THE BACKGROUND OF THE STUDY
This article is about product development in Nigerian commercial banks. Today, commercial banks and banks in general have a lot of rivalry and problems in the banking sector/market, hence commercial banks and banks in general don’t wait for consumers, but they look for customers because of the competition.
Nowadays, business is dynamic in nature, and the only business that is dynamic is banking. Because of the nature of business in today’s world, there are numerous problems that our company encounters, particularly in the banking sector.
To address these challenges, banks must develop their products to match their business, which can be accomplished by improving existing products or introducing new products into the banking industry. Each product has a life cycle, which is why banks must renew, improve, or invent new products in order to retain customers.
The purpose of this effort is to identify the products available in banks.
This task is to identify the products available in banks in order to determine how the product can be produced and the obstacles to product creation in banks.
Also, to understand how it would project the bank’s profit and satisfy their consumers, because the first thing they should keep in mind is their customers.
1.2 STATEMENT OF THE PROBLEM
Product development at a commercial bank is a continuous event that bankers must attend to in order to please consumers.
Commercial banks must address this issue in product development, making it difficult for banks to provide new products and even old ones lose patronage as a result of the problem. This issue also affects the profit of commercial banks and banks in general.
Customers’ most esteems don’t know more or at all about the bank’s new or old product, which causes the product not to be patronised by the customers and the banks to suffer as well.
Poor education affects the customers because it means that they are not deviational wise on the bank product, and some bank staff/banks don’t know how to equip their staff to help carry on the job of product development to their customers, resulting in profit being minimised.
Finally, due to the bank’s poor handling of the product by not puffing the product on the proper track, the product receives little attention from their clients, resulting in low profit for the bank.
1.3 AIM OF THE STUDY
The primary goal of this research is to explore into commercial banks and examine their entire product. The researcher hopes to learn how commercial banks/banks build their products, as well as to state other goals such as:
a. Determine whether the product developed meets the needs of the bank’s consumers.
b. To identify the challenges that banks face while producing new products for their businesses.
c. To learn how commercial banks divide their products into separate departments for optimal use and profit maximisation in the bank.
d. To uncover the problem ways of teaching the bank’s consumers on their product, who they most commonly use the product, and the benefits the customer will receive from the product.
e. Finally, to inform commercial banks of a solution or proposal that may assist them improve their customer bank relationships by satisfying their customers’ needs while also growing their own profit in the banking company for greater prospects.
1.4 THE SIGNIFICANCE OF THE STUDY
This study will help commercial bank/bank management understand where they are falling short and how to enhance customer satisfaction.
The bank’s management will ensure that their products are offered to their clients, which will assist the bank in exceeding their business expectations. Also, by doing so, the banks will be able to attract new customers while retaining existing ones, preventing them from competing with one another.
The commercial banks/banks will be able to see the extent of their competitors/competition in the business with the use of this modest task (research).
Discover the type of product that other bank officers offer to their consumers, as well as ways to improve their product and keep existing customers while gaining new ones.
Finally, the research will inform banks that a well-developed product will boost the profitability of the banking sector’s operation. It will also generate revenue for the banking industry.
This effort will be beneficial to all banks and the general public, particularly those who require greater knowledge development in the banking or educational sectors.
1.5 THE DEFINITION OF TERMS
The researcher would want to define some of the words that may be encountered in this work. This phrase is widely utilised in this work and may be noticed frequently in this work.
a. Product: This can be defined as bringing forth a new thing/result or something manufactured or produced.
a. Development: This can be defined as growth or expansion; it could also be standing up something.
c. F.B.N. : This abbreviation stands for First Bank of Nigeria.
c. U.B.N. : It stands for Union Bank of Nigeria.
P.L.C. stands for public limited company. This demonstrates that the firm has sold their share to the general public.
f. A/C: It stands for account, which might be a current or savings account that a bank maintains.
This is the most common term that will be used in this work, so it must be defined clearly for everyone to comprehend.
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