An Appraisal Of The Effects Of The Development Of New Consumer Credit In Nigerian Commercial Banks

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An Appraisal Of The Effects Of The Development Of New Consumer Credit In Nigerian Commercial Banks

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PROJECT TOPIC AND MATERIAL ON AN APPRAISAL OF THE EFFECTS OF THE DEVELOPMENT OF NEW CONSUMER CREDIT IN NIGERIAN COMMERCIAL BANKS

The Project File Details

  • Name: An Appraisal Of The Effects Of The Development Of New Consumer Credit In Nigerian Commercial Banks
  • Type: PDF and MS Word (DOC)
  • Size: [70 KB]
  • Length: [56] Pages

 

 

 

CHAPTER   ONE

1.O    INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Banking today is undergoing a radical transformation. The symptoms are obvious; new players, new channels are appearing daily. This transformation is taking place across all sectors of the banking industry.

The financial sector with special reference to banking in Nigeria has come under the searchlight in recent years not only because of its strategies role as mediator of funds between the surplus and the deficit units but also as a result of the problem militating the industry in terms of failure and eventual death(Bankruptcy).

It has become a thing of the past when bank manager fold their hands and roll in armed chairs in their offices waiting for customers to look for them. Commercial banks are faced with aggressive competition on everyday in their businesses.

Banking is a dynamic business and operates in a more dynamic society which bring challenges to be the banks door steps daily and these challenges to tackled, banks must develop consumer credit by either a way of introducing new ones or improving the existing ones. The impact of ill health in banking sector left nobody untouched ranging from the government, the regulatory authorities, the bankers as well as the general public. It is in this spirit that predicting the potential of failure in the sector becomes imperative if these actors/players are to be rightly guided in their decision making ventures.

Moreover, as banks grow their customers of different tastes and fashions grow and for these target customers, banks must consider the development of imperative to suit their customers taste.

This research work is aimed at identifying the customer credit available in commercial banks, how they could be developed, problems facing their development and the prospects of the satisfaction of the target customer taking Diamond Bank as a case study.

Therefore, new consumer credit development and quality should not be over emphasized.

1.2   STATEMENT OF THE PROBLEM

Commercial banks have been making relentless efforts towards the development of new consumer credit in Nigeria. Yet many of the credits services development have not been able to satisfy the needs of their target customers. As a result of this, these consumers credit do not receive adequate patronage and resources are wasted, this affects the bank profit negatively. However, there are many had nuts to crack in the development of consumer credit services, which makes it difficult for management to introduce new products even when the old ones lack patronage. This affects the rate at which commercial banks develop consumer credit and in generating income.

Again some of the target customers are not  aware  of the existence of some consumer credit  of the banks, which makes such services lack patronage, even when patronized, only a few people patronize them. Hence banks  efforts in their development become futile.

Furthermore, customers at the banks are not adequately educated on the banks consumer credit developed and some bank staffs are not properly equipped on the marketing of financial services, which  makes it possible for profitable opportunities to be grouped in the banks, such lack of education render banks efforts fruitless and resources used in developing such consumer services are wasted.

Finally, some management of banks find difficult to segment market for their services in that, the services receive little or no demand which at the end, render banks effort unprofitable.

1.3   OBJECTIVES OF THE STUDY

Specifically, this study intends to;

a. Identify the difficulties encountered in the process of consumer credit  development in commercial banks

b. Determine whether bank customers are really satisfied with the banks services or not, and why?

c. Find out the best ways to educate the  customers on the use of the banks credit and the best way to create awareness of the existence such consumer credit.

d. Identify the best way the banks consumer credit market could be segmented for a fruitful venture.

1.4   RESEARCH QUESTIONS

The research questions are as follows;

a. To what extent does the difficulties encountered in the process of consumer credit development affect commercial banks?

b. What is the extent of satisfaction of customers with  commercial bank consumer credit?

c. What are the effects of customers education on the usage and level of awareness  on the banks  consumer credit?

d. What are the effects of  improper market  segmentation of the new consumer credit on the marketability.

1.5    RESEARCH HYPOTHESIS

The research hypothesis being an intelligent guess on the research question could be obtained when the question are transformed as follows;-

1. Ho: The difficulties encountered in the process of consumer credit development have no effect on commercial bank services.

Hi: The difficulties encountered in the process of consumer credit development have effect on commercial banks services.

2. Ho: The commercial banks new credit have not satisfied customer needs.

Hi: The commercial banks consumer credit have satisfied customers needs.

3. Ho: The education of customers on the usage of new consumer credit and their level of awareness have no effect on the banks consumer credit development.                                                                                                                                                                        Hi: The education of customers on the usage of new credit and their level of awareness have effects on the banks consumer credit development.

4.  Ho: Improper  market segmentation of the consumer credit have no effects on its marketability.

Hi:  Improper market segmentation of the consumer credit  has effects on its marketability.

1.6   SCOPE OF THE STUDY

Due to some constraints, the researcher therefore limited the scope of the study to only Diamond Bank Limited.

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