Project Abstract

Operating banking accounts efficiently is crucial for both individuals and businesses in today's digital age. However, various problems can arise that hinder the smooth functioning of these accounts, leading to frustration and financial losses. This research project aims to explore the common issues faced by account holders when operating their banking accounts and propose practical solutions to address these challenges. The research will investigate a range of problems that customers encounter when managing their accounts, including issues with online banking platforms, transaction errors, account security concerns, and difficulties in accessing funds. By conducting surveys and interviews with account holders, as well as analyzing data from banking institutions, this study will identify the most prevalent problems and their underlying causes. One of the key challenges often faced by account holders is the complexity of online banking platforms. Many customers struggle to navigate these systems, leading to errors in transactions, bill payments, and fund transfers. Security concerns also arise due to phishing scams, identity theft, and unauthorized access to accounts. These issues not only compromise the safety of funds but also erode trust in banking institutions. Transaction errors, such as double charges, incorrect amounts debited or credited, and delays in processing payments, can cause significant inconvenience and financial strain for customers. Additionally, difficulties in accessing funds, whether due to ATM malfunctions, card deactivations, or account freezes, can disrupt daily financial activities and lead to frustration. To address these problems, this research project will propose solutions aimed at improving the overall banking experience for account holders. These solutions may include enhancing the user-friendliness of online banking platforms, implementing stronger security measures, streamlining transaction processes, and providing better customer support services. By collaborating with banking institutions and technology experts, these solutions can be tailored to meet the specific needs of customers and enhance the efficiency and security of banking operations. Overall, this research project seeks to shed light on the challenges faced by account holders when operating their banking accounts and offer viable solutions to mitigate these problems. By addressing these issues, both customers and banking institutions can benefit from a more secure, efficient, and user-friendly banking experience.

Project Overview

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

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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.