ASSESSMENT OF NEW PRODUCT DEVELOPMENT AND CUSTOMERS SATISFACTIONIN WEMA BANK PLC (A CASE STUDY OF WEMA BANK PLC, ONDO STATEZONE)

Abstract

The study assessed the performances of new product development and customer satisfaction in banking industry with reference to Wema Bank Plc, Akure Zone. Two set of questionnaires were randomly distributed. One set was administered on 50 employees of Wema Bank Plc while second set was administered on 100 new customers of the bank. The data was analyzed using descriptive and inferential statistic. Result of the analysis showed that majority of the employees(92%) of the bank revealed that moment/easy life account are the most sought product of the bank at present and this is confirmed by the majority of the new customers(34%)of the bank who agreed that they are presently enjoying moment/easy life account. It was further revealed that majority of the Customers (63%) agreed that poor service delivery of the new product is the major challenge they are facing towards effective usage of the products. Result of the regression analysis (0.63) showed that introduction of new product has significantly increased the performances of the bank. This was also tested with the use of chi-square at 0.05 significant level which showed that null hypothesis should be rejected while alternative hypothesis should be accepted. i.e. Xt > Xc (40.75>9.49) indicating a significant relationship between new product development and performances of the bank. The chi-square statistic at 0.05 significant level revealed that null hypothesis should be rejected while alternative hypothesis should be accepted .i.e. Xc > Xt (25.52>7.85) which indicates that there is a significant relationship between customers’ satisfaction of new product and continued patronage. The study concluded with the recommendation that bank should constantly analyze her environment to enable her identify new market opportunities so as to continuously launch new quality products to meet changing needs and expectation of their customers.