ABSTRACT
Innovations in banks have been the
antidote the mess that befalls banks in Nigeria due to fraud. Many people lost
confidence in banks and started reverting to the old systems of holding money
in assets, which draws us back to the Stone Age. Hence with the emergence of
innovations that shift attention from the bank to the customer, patronage has
greatly increased, and many banks are busy evolving one system or the other to
satisfy their customers across the globe.
This study has looked into such
innovations. Questionnaires are distributed to bankers of the cadre of:
Managers, supervisors and clerks.
Oral interview as well as direct
observations helped in collating data. These formed the primary data while
secondary data comprised the written views of people that are relevant to the
topic under study.
After the analysis of data, it was
discovered that innovations help banks in ensuring patronage and customer
satisfaction. Hypotheses were analyzed using simply proportion statistic.
Amongst others, it is recommended therefore, that banks should:
i.
Embrace
further every data, of information technology which would help in ensuring
patronage.
ii.
Recruit
computer literate personnel only.
iii.
Innovate
on value cards to further ensure constant customer satisfaction and
convenience.
iv.
Interbank
relations should be computerized.
CHAPTER ONE
INTRODUCTION
1.0 INTRODUCTION
Comparatively
recent phenomena in innovations are the banking profession in Nigeria. It is a
development of the electronic banking that really has taken the attention of
the country banking industry. It processes data by the strategic combination of
most recent employers. It aims at increasing the pace of data, processing which
has being the problem of Nigeria's banking sector since the inception of the
country. Each sector of the bank involved in on-line banking is deeply
connected to the complex computer network such that the account number of any
customer appears on the computer of any branch. This is meant to facilitate
depositing and withdrawing.
A
customer can draw a cheque on any branch of the same bank any here in the
country being connected by computer network. As he approaches the bank, his
particulars anywhere appear through the connection of computers so that he
cashes his money to go about his business. Because he can do this anytime, it
is called on-line real-time banking. Due to the extensive nature of customer
connection, any bank which practices on-line real-time banking has the ability
to combine commercial and merchant banking as is obtainable in most part of the
advanced Western World. Nigeria is still new to the system expect with the new
generation banks, some of which we have chosen for a closer study of the work:
Diamond Bank and Zenith Bank
DEVELOPMENT OF ON-LINE BANKING
Apart
from the enhancement of internal operations, control and management, the modern
information revolution has contributed in interactions with the environment in
two broad ways. This is aside potential areas for future development which will
be realized in no distant future. The two areas are funds transfer and
telephone banking.
FUNDS TRANSFERS:
i.
Domestic
Funds Transfer
ii.
International
Funds Transfer
iii.
Domestic
Funds Transfers:
The
bank could fashion out means of inter-city transfers. The mode of service makes
it convenient for "cash friendly" customers like traders to move
large sums from one area to another. Also with the high rate of armed robbery,
it is the most convenient service for suck customer.
For
companies, particularly oil companies and pharmaceutical companies, such
facilities would make it convenient for them to pool funds from their various
up-country locations.
Some banks have gone a bit further by introducing "fund cards"
like the Credit and debit cards. These are effective marketing techniques to
satisfy customer needs.
INTERNATIONAL FUNDS TRANSFER
Under this service, the bank could offer:
i.
An
integrated on-line real banking system which enables it to effect customer
payment instructions of various parts of the world within 24 hours.
ii.
In
addition to (i) the bank would offer competitive market rates of interest
payable from the value dates and in line with those obtainable offshore to the
currency of deposit.
iii.
Effective
application of hard currency deposits towards the funding of customers'
documentary credit books, journals, equipment, raw materials, etc.
iv.
Immediate
conversion and credit of naira value to customers.
TELEPHONE BANKING
Telephone
banking operations going on in the industry showed that Nigeria is rising to
the challenges of today's global financial services industry by operating in an
environment of extraordinary information liquidity. Goaded by the quest to
decongest their banking ha11 and provide more precise, and timely financial
information to customers without their physical......
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Item Type: Postgraduate Material | Attribute: 55 pages | Chapters: 1-5
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