Thesis Abstract

Operating Banking Account Problems and Solutions Abstract
The banking sector plays a crucial role in the economy by providing financial services to individuals, businesses, and governments. One of the fundamental services offered by banks is the provision of accounts for customers to perform various financial transactions. However, operating banking accounts can sometimes present challenges to customers due to a variety of problems that may arise. This research project aims to identify common problems faced by customers when operating banking accounts and propose effective solutions to address these issues. The study will utilize a mixed-methods approach, combining both quantitative and qualitative research methods to gather comprehensive data on the challenges faced by customers when managing their banking accounts. Quantitative surveys will be used to collect data on the frequency and types of problems encountered by customers, while qualitative interviews will provide in-depth insights into the underlying causes of these issues. The research will focus on a diverse sample of banking customers to ensure a broad understanding of the problems experienced across different demographics. Several common problems are anticipated to be identified during the research, including issues related to account security, transaction errors, fees and charges, account access, and customer service quality. These problems can lead to customer dissatisfaction, financial losses, and a lack of trust in the banking institution. By understanding the root causes of these problems, banks can implement targeted solutions to enhance the overall banking experience for customers. The proposed solutions will aim to address the identified problems effectively and improve customer satisfaction and loyalty. Potential solutions may include enhancing account security measures, streamlining transaction processes, providing clearer fee structures, improving customer service training, and implementing user-friendly digital banking platforms. These solutions will be developed based on the research findings and tailored to meet the specific needs and preferences of banking customers. Overall, this research project seeks to contribute valuable insights into the challenges faced by customers when operating banking accounts and offer practical solutions to enhance the banking experience. By addressing these problems proactively, banks can strengthen customer relationships, foster trust and loyalty, and ultimately improve the overall efficiency and effectiveness of their banking services.

Thesis Overview

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

...

1.2 STATEMENT OF PROBLEM AND PURPOSE OF THE STUDY

Several problems are encounter by individual while operating bank account this project will study these problems and proffer solution to checkmate them.

It includes such practices as fraudulent activities and mismanagement by bank officials, poor, liquidity and unavailability of adequate credits to describing customers.

1.3  RATIONALE OF THE STUDY

People have often been expressing their dissatisfaction over the hindrance they encounter while operating bank account. Such as time wastage, inefficiency and unreliability high interest rate etc. on a personal experience I had encounter a situation where the requirement for opening an account where too numerous and irrelevant. However bank also have their own problem they encounter in meeting up the demand for the service they promise to render to their customer due to a number of reason such as poor liquidity, bad debt, capitalization reserve etc. in this regard, it interested me to look at these problems encounter by both parties (banks and customer). The cause and how they can be reduce or eradicated.

1.4   SIGNIFICANCE OF THE STUDY

The study in this project will benefit the bank and customer, because it will proffer solution to the problems banks and their customer encountering in operation. Some of these include poor liquidity in operating the customers account, and loan issued to their customer which often turn to bad debt, that is debt that bank cannot recover from their customer.

1.5   DEFINITION OF TERMS

Operating bank account: Is the services offered by bank to the customer

Overdraft: It is when the bank allowed the customer to over withdraw more than what he have in account.

Dormant account:It is account that has not been operated by the customer for a considerable length of time ranging from three month to two years depending on the policy of the bank where the account is kept.

Loan:Is a financial facility granted by a bank which is intended to be applied for financing of a specific purpose?

Current account:Is a running or active account on which cheques or orders to pay are drawn with out notice to which credit are paid.

Saving account:Is one which earns interest on monthly basis

Fixed deposit account:Is one which provide that the amount of such deposit is payable on certain data or at the expiration of a specified period of time.