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THE EFFECT OF ELECTRONIC PAYMENT ON CUSTOMER SATISFACTION IN
NIGERIA BANKING SYSTEM
CHAPTER ONE
INTRODUCTION
1.1. 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 Statement of the
problem
In Nigeria, customers of banks seek for safety of their funds
and increased returns on their investment. Customers demand efficient, fast and
convenient services. Many customers today want banks that offer them services
that will meet their particular needs and support their business goals. For
instance, a business man wants to travel without carrying cash for security
reasons. The central bank of Nigeria has emphasized the need for banks to
provide more efficient services to their intending and potentials customers.
Therefore, the introduction of electronic banking system in the Nigerian
financial industry is expected to play an important role in the delivery of
efficient and effective services. Unfortunately, most Nigerian banks are still
lagging behind in adopting and equipping themselves with the current and
sophisticated electronic devices as a results of non availability of financial,
management and human resources, which would have given them more competitive
advantages and attract more customers to themselves. One is therefore inclined
to wonder what could be responsible for the non adoption of the present banking
gadgets. Is it that the present employees of the banks cannot make use of these
advance gadgets? Or are the gadgets too costly to be acquired by the banks?
These are the questions which this project intends to seek appropriate
solution.
1.3 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:-
To evaluate the effects of electronic payment system on banks
customers.
To assess the impact of electronic payment system on the
bank’s service delivery.
iii. To examine the effect of electronic payments on
competitive advantage of the bank.
iv. To ascertain the effect of electronic payment system on
increase in market size of the banks.
1.4 Research questions
The following research
questions were developed in order to guide the study:
Does the electronic payment system enhance service delivery
in the banking system?
Does the electronic payment system increase the market size
of the banks?
Does the electronic payment system enhance the competitive
advantage of the bank’s?
Does the electronic payment system enhance customer
satisfaction of the banks?
1.5 Research
hypotheses
The following hypotheses were formulated
H01: There is no relationship between electronic payment
system and banks service delivery in Nigeria banking sector
H02: There is no relationship between electronic payments
system and customer satisfaction in
Nigeria banking sector.
1.6 Significance of
the study
This study will be of immense benefit to the intending and
present customers of the banks as it will open their eyes to the great
advantages of the usage of electronic banking and also to the bank, as the
introduction and selling of this product will bring about increase in the bank
customers base, increase in deposit and as tools for favorable competitions in
the industry. The research is equally significant because it would provide
answers to factors militating against the implementation of electronic banking
in the financial industry as a whole and also valuable tool for students,
academician, institutions and individuals that wants to know more about
electronic banking system.
1.7 Assumptions of the
study
The assumptions
that will guide the procedure for the study include;
i. Electronic
banking was assumed to be important means of enhancing customer satisfaction
ii. That the
elements that will make up the case study corporate with the researcher by
filling and returning the questionnaires that will be administered.
iii. That the
respondents that will be selected for the study have adequate knowledge and
information about manpower planning process.
iv. That the
information that will be supplied by the respondents will be assumed to remain
constant through the period of the study.
1.8 Scope and
limitations 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. Information is
limited to those accesses and made available by the respondents and also have
gathered from end users. More so, since
financial industries have many forms, the study will only be limited to access
bank plc of Nigeria. Some of the constraints are:-
Time constraints
The researcher finds it difficult to go round all the bank
branches due to limited time availability, as a result of this, the data were
only collected from few banks randomly.
Inadequate data
Electronic banking is
a recent developed system in which not all banks have embraced, those that have
embraced it were able to give their information to the researcher and those
that have not fully embraced it were unable to give accurate data to
researcher.
Lack of funds
Due to the nature of this work, researcher find it difficult
to raise the funds needed to carry out the research appropriately, as a result
of this, few banks branches were selected based on the available finance to
enable researcher get the needed information.
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