ABSTRACT
This research studies performance evaluation of new product development in the banking industry from 2005 – 2012. In this research work, the researcher chooses four of the products and measures the extents to which they have been able to satisfy the customers. The products selected are, smart card, international money transfer, and educational scheme and integrated banking network transaction. Data for his research were collected through questionnaires and intervenes by banks customers and the review of existing literature on the topic using systematic random procedure and descriptive method of research. The data so collected were analyzed using the simple percentage and formulated square (X2) method. Some of the findings, the performance can be measured in terms of accessibility, speed, time lines, simplicity and reliability. Customers who patronize the new products are major those who want money transfer both locally and internationally. Customer’s device high level of satisfaction from the new products. Inadequate infrastructural level in our banking industry and high cost of installing them contributed to the problem of the products. Based on the findings, the following were recommended banks should come together and established a common data communication satellite to minimize constant problems. A parallel organization that was supplying electricity in competition with PHCN should be allowed to evolved so that an efficient supply electricity can be ensured. Finally, since this study alone cannot be exhaustive of this vital subject, it is recommended for further studies
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The banking industry in Nigeria which started as far back as 1862, 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 find the means of making financial intermediation easy, in the recent time between 2005 – 2010, a lot of techniques are used by bankers to facilitate customers service and customers satisfaction which has led to the introduction of the new products developed in the banking industry. These products developed in the banking industry. These new products developed in the banking industry today revolve around electronics banking and information technology.
As a result of this, the researcher seeks to study the performance and evaluation of the new products developed in the banking industries between (2005-2010)
1.2 STATEMENT OF THE PROBLEM
This research is designed to find out the performance and evaluation of the new products developed in the banking industry between 2005- 2010. Therefore the statement of the problem in the research work remains thus to what extent has the product in banking industry today been able to meet customer’s satisfaction. In looking at the statement of the problem, one need to bear in mind that some customers needs that are peculiar to their own circumstances while some come for reasons that could be general. The ability of this new product in the banking industry is to meet customers’ needs and facilitate their satisfaction to determine their efficiency.
1.3 OBJECTIVE OF THE STUDY
In the view of the problems identified this study will achieve the following objectives:
1. To identify the delivery strategies of the new products and service in our banks.
2. To find out if the new products develop by banks is convenient to customers.
3. To find out if these new products developed by banks satisfies customers needs
4. To evaluate if fund transfer is one of the performance of the new products developed by banks
5.      To find out if inadequate infrastructure level is among the problems of the new products in the banking industry.
