Appraisal Of The Effect Of Electronic Payment System On Customer Satisfaction In Nigeria Banking System: A Study Of Access Bank Plc, Calabar

Project and Seminar Topics with material for Banking and Finance

Appraisal Of The Effect Of Electronic Payment System On Customer Satisfaction In Nigeria Banking System: A Study Of Access Bank Plc, Calabar


Abstract


The banking industry of the 21st century operates in a complex and competitive environment characterized by these changing conditions and highly unpredictable economic climate, thus, information and communication technology (ICT) is at the centre of this global change. The main objective of this research is to appraise the effect of electronic banking system on customer satisfaction in Nigeria banking system. The study was carried out using questionnaires administered to the selected bank officials and their available customers. The results show that, electronic payment system has helped the banks in Nigeria to increase their overall performance, increase in customer satisfaction level, effective delivery of banking services, increased customer base and competitive advantage of the banks. It was also discovered that there a lot of risk associated with the use of electronic payment instrument but Nigerian banking industry has grown beyond what people think, in such a way that there is tight security against those risk that inherent in the usage of electronic instruments. Therefore, any bank that fails to adopt or embrace the system, will have to struggle to survive or will be faced out from the system because of the consequences of tight competition and de-marketing. It is also recommended that, seminars could be carried out to bring the awareness of the electronic banking to people in the rural area and illiterate customers who find it difficult to make use of their ATMs for transaction and also let them know the advantages that accrues from using electronic banking instruments that was mentioned above.


Chapter One


Introduction

1.1. Descriptive Background of the Study

Today’s business environment is extremely dynamic in nature. It has experienced rapid changes as a result of technological improvements, increased awareness and demands for banks services. The Banking industry of the 21st century operates in a complex and competitive environment characterized by these changing conditions and highly unpredictable economic climate, thus, information and communication technology (ICT) is at the centre of this global change. Amedu (2005) asserts that banks over the time have been using electronic and telecommunication networks for delivering a wide range of value added products and services. Therefore, information systems could not be ignored because they play a critical role in current Banking system in Nigeria.

Electronic banking is known as e-banking, virtual banking or an online Banking, it is a service that allows customers to access their bank information, conduct financial transactions, make deposits, withdrawals and pay bills through the internet without having physical visit to their banks. It provides the convenience of accessing banking facilities from the comfort of their home/offices. (Awamleh & Fernandez, 2005).

The concept of electronic banking system began when the first Automated Teller Machine were instated in the 1970s. An ATM machines allowed deposits to be made from the remote locations a convenience for customers who otherwise would have had to withdraw cash personally from their bank. The advantages offered by ATM Machines quickly split over to encompass other areas of bank services, computerizing manual system for greater efficiency and time savings. The concept behind ATM machines gave rise to smart cards, intranets and internet banking, electronic funds transfer {EFT}, NIBSS (Nigerian interbank settlements system), POS {Point of Sales Service.}, Access mobile, and other electronic devices (Ahasanul, 2010).

The growth in the application and acceptance of internet-driven technologies means that delivering an enhanced service is more achievable than ever before, however it is also more complex and fraught with potential costs and risk. The internet introduces customers to a new perception of business time as always available and demanding an urgent and rapid response. The serves as a challenge for managers who must to reconcile their business and their own personal perceptions of time with the perceived reality of internet time, as the internet has decisively shifted the balance of power to the customer.

Presently, banks in Nigeria are adding value to their services for customer’s satisfaction. The customers have more choices in choosing their banks because the new age IT (Information Technology) is bringing about sweeping changes in the banking industry, forcing them to reengineer many of their basic processes and systems. Few of the technology-driven electronic banking services being offered are viz. Automated teller machines ATM, Electronic Clearing Service (ECS), electronic funds transfer (EFT), tele-banking, internet banking etc. New technological capabilities are now being effectively used to create value and to better manage customer relationship in Nigeria banking system. (Raji, 2010).


1.2 Objectives of the Study

The main objective of this research is to appraise the effect of electronic payment system on customer satisfaction in Nigeria banking system. Specifically, the study will examine the following objectives:-

  1. To evaluate the effects of electronic payment system on banks customers.
  2. To assess the impact of electronic payment system on the bank’s service delivery.
  3. To examine the effect of electronic payments on competitive advantage of the bank.
  4. To ascertain the effect of electronic payment system on increase in market size of the banks.

1.3 Research Questions

The following research questions were developed in order to guide the study:

  1. Does the electronic payment system enhance service delivery in the banking system?
  2. Does the electronic payment system increase the market size of the banks?
  3. Does the electronic payment system enhance the competitive advantage of the bank’s?
  4. Does the electronic payment system enhance customer satisfaction of the banks?

1.4 Scope of the Study

In terms of coverage, this study will focus on the effect of electronic payment system on customer satisfaction in Access bank Plc. This means that issues relating to electronic banking will be explained. In view of the technicalities involved, it would be unrealistic to assume that all necessary facts have been gathered in the process of the study.


Chapter Five


Summary, Conclusion and Recommendation

5.1 Summary of Findings

The study examines the appraisal of electronic banking system in the Nigeria financial system so as know the impact of the electronic devices on the banks performance and the satisfaction derived by customers from using it. However, from the results of questionnaires administered for both customers and Banker’s, it shows that, Electronic payment system serves as the mover of business and has helped banks to achieve healthy competitive advantage. It is believed that, with the trends of positive results in the usage of electronic payment system, Nigeria Banks will be able to compete favorably with their counterpart’s in the global market.


5.2 Conclusion

Nigerian banks have embraced innovative banking technologies and electronic -banking services in recent years and this served as one of the core strategies for the future development of Nigeria Banking, therefore, any banks that fails to adopt or embrace the system, will have to struggle to survive or will be faced out from the system because, most of the banks customers are literate young ones who are friendly with internet or anything information technology, and this set of people formed the highest base of bank customers, without them, bank will be ready to face the consequences of tight competition and de-marketing. For banks to survive, it is necessary to belong and struggle for its market share with different strategies and policies that will be customer friendly.


5.3 Recommendations

Based on the above findings, the following recommendations were made:

  1. Banks are required to ensure that challenges of electronic banking system are solved totally or bring down to minimum. The problem of erratic power supply should be worked on so that customers that wish to use bank ATM can do so without fear of the being been debited or customer cards being trapped. Inverters should be put in place to serve this purpose 24hours.
  2. Customers are the main reasons why banks are going concern, therefore, this customer should be protected from the internet hackers, tight security should be put in place to ensure that customers information are not easily available to information hackers.
  3. Bank staff should be trained on how to provide satisfactory services to customers. Customer should be treated with courtesy and empathy, staff should be ready to help and provide solution to all customer problems because they are the reasons why banks are in business and due to huge amount of charges received from bank customers, and they should be treated as a king.
  4. It is also recommended that, seminars could be carried out to bring the awareness of electronic banking to people in the rural area and illiterate’s customers who find it difficult to make use of their ATMs for transaction and also let them know the advantages that accrues from using electronic banking instruments that was mentioned above.

Project Material Download

5,000 5000

The Complete Material Will Be Sent to You in Just 2 Steps

Quick & Simple…


Step One Purchase

Make Payment (Through Transfer) of ₦5,000 to Any of the Account Below

Access Bank PlcAcc No: 0811003731
Samphina Academy
Current Account
Zenith BankAcc No: 1225513212
Samphina Academy
Current Account

Or CLICK HERE To Pay With Debit Card


FOR STUDENTS OUTSIDE NIGERIA
CLICK HERE To Purchase Material ($15)
FOR GHANIAN STUDENTS
Make Payment of 120 GHS to 0553978005 | Douglas Cloud Osabutey | MTN MoMo

Step Two Purchase

Send the Following Details on WhatsApp ( 08143831497) After Payment

  1. Payment Details

  2. TOPIC: Appraisal Of The Effect Of Electronic Payment System On Customer Satisfaction In Nigeria Banking System: A Study Of Access Bank Plc, Calabar

The Complete Material Will Be Sent To You On WhatsApp After Receiving Your Details
T & C Apply


  Contact Our Help Desk


Need a Different Topic? Perform a Quick Search



List of Related Works

Click on Any Topic to Preview the Content

samphina.academy

Samphina Academy

Samphina Academy is an Online Educational Resource Center that is aimed at providing students with quality information and materials to aid them in succeeding in their academic pursuit.