APPRAISAL OF THE EFFECT OF ELECTRONIC PAYMENT SYSTEM ON CUSTOMER SATISFACTION IN NIGERIA BANKING SYSTEM.


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APPRAISAL OF THE EFFECT OF ELECTRONIC PAYMENT SYSTEM ON CUSTOMER SATISFACTION IN NIGERIA BANKING SYSTEM. A STUDY OF ACCESS BANK PLC, CALABAR  

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 bank 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 center of this global change.  Amedu (2005) asserts that banks over 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 the current Banking system in Nigeria.

Electronic banking is known as e-banking, virtual banking, or 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 a 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 the electronic banking system began when the first Automated Teller Machine was instated in the 1970s. ATM machines allowed deposits to be made from 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 systems 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 risks. 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 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 satisfaction. The customers have more choices in choosing their banks because the new age of 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), telebanking, internet banking, etc. New technological capabilities are now being effectively used to create value and to better manage customer relationships in Nigeria's banking system. (Raji, 2010).

1.2 Objectives of the study

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

To evaluate the effects of the electronic payment systems on bank customers. To assess the impact of the electronic payment system on the bank’s service delivery.

iii. To examine the effect of electronic payments on the competitive advantage of the bank.

To ascertain the effect of the electronic payment systems on increase in the market size of the banks.

1.3  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 banks? Does the electronic payment system enhance the customer satisfaction of the banks?     

1.4  Scope of the study

In terms of coverage, this study will focus on the effect of the electronic payment systems 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.

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APPRAISAL OF THE EFFECT OF ELECTRONIC PAYMENT SYSTEM ON CUSTOMER SATISFACTION IN NIGERIA BANKING SYSTEM.


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