Banking in Nigeria is getting more competitive, this is because bank industries have started introducing various new products in their bank. As a result, there is tremendous increase in the number of banks which leads to competitive among them.
Recently, many of them has introduced new product into banking industry. Commercial banks new product can now be seen in various services offered by them to the general public as well as organization, government and industries.
This product are arranged to improve services of commercial bank and also to facilitate financial transactions for the fact that it link to opening of accounts and also result in the main function of commercial bank which is issuing of currency.
Moreover, commercial bank moved ahead in developing new products for the reason that they want to retain their stand in the industry. The banking industry has gone above or beyond acceptance of deposits and giving out loans to its customers. They has now introduced different new products into the industry.
1.1. BACKGROUND OF THE STUDY:
Over the years, it has been significant part of the financial institutions of modern society because of their structure and influence on an economy. Commercial banks through their basic roles of resources mobilization and allocation for efficient investment play a great role in economic development of any nation.
According to Nuolin, (2001), the stock in trade of commercial bank in Nigeria in the provision of financial savings lei over draft facilities, discounting bills of exchange. Purchasing and selling securities etc. to their customers.
There was a time when banks did not see the need for providing adequate services and encourage patronage. May be there was no need for such activities some years ago due to the fact that bankers were few and competition between banks is increasing the level of financial competition and sophistication of other banking needs by customers.
Olupitan (2002) pointed out that banking in Nigeria is fast becoming not only competitive but also sophisticated. The banking industry has gone beyond acceptance of deposit and loans giving to the customers.