Commercial Banking In This Millennium (A Critical Appraisal Of Its Development In The World Of Technology) (A Case Study Of Selected Commercial Bank Owerri, First Bank Of Nigeria Plc, Diamond Bank, Wema Bank And Union Bank All In Owerri)

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Project and Seminar Topics with material for Banking and Finance

Project and Seminar Topics with material for Banking and Finance\


This project is dedicated to God Almighty, The omnipotent, Omnipresent and Omniscience who showers his blessings upon me through this project work. And to my lovely parents Mr. & Mrs. E.O. Ajaero for their efforts via prayers through out my academic pursuit.


It is impossible to accomplish an academic work of this kind without incurring some intellectual indebtedness in recognition of this; I thank the Almighty God who is the owner and giver of knowledge for keeping me alive to see my graduation day.

However, I am particularly indebted to my project supervisor, Mr. Kanu N.O.N., HND, PGD, MBA, ACIR) and family for his care, advice, motivation, instruction and guidance during the write up of this project. I thank you very much sir.

I am also indebted to my HOD Mr. J.U Osubor, Chief A.A. Ojiuko, the immediate past Dean of school of business and management technology, Mr. T.C. Ngwu, Mr. N. D. Uzoka, Mrs. F.A Anyanwu who is the immediate past Head of Department of Banking and Finance; Mr. C. V. Njoku, Mr. S.C. Nsofor, the present Dean school of Business and Management Technology and other lectures in the department of Banking and Finance who because of space their names cannot be mentioned.

My special thanks goes to my parents Mr. & Mrs. Everest Ajaero for their financial and moral support without them I wouldn’t have achieves this level of my academic status. To my beloved sisters and brother. Miss Ajaero Onyinyechi, Ajaero Akudo, Ajaero Kasarachi, Ajaero Chigozie, Ajaero providence for their moral and financial support.

My special thanks goes to my roommate Miss Nwogu Oluchi and my bosom friend Mr. Dike Christopher Chinedu for their understanding during the cause of writing this work.

To my cousins support Mr. Ajaero Joseph and to my friends who contributed in one way or the other in writing this project, among whom are Oby Orakwe, Nnadi Ijeoma and all my course mates whom their names cannot accommodated in this space Nwamadi Mary C. for her caring.

I must not fail to thank the staff of First Bank of Nigeria Plc, Owerri Branch, Union Bank Plc, Owerri Branch, Diamond Bank Plc Owerri Branch, and Wema Bank Plc Owerri branch for their information rendered during the course of interview the Banks whose names are numerous to mention.

Finally, irrespective of the inputs of all these people mentioned in this work, the responsibilities for errors exceptions or omissions are entirety mine.


This study consists of an analysis of the level and impact of computerization and other technological and scientific wizardry in the banking industry in this millennium. The purpose of this work was to carry out a systematic assessment of the level of changes as regards development in the area of technology in the commercial banking industry and of course to determine whether technologies and advancement in the banking industry has been an ideal venture with regards to productivity, efficiency and development and subsequently make recommendation and suggestions to the authorities concerned based on the findings of this work were:

  1. Technology has a significant impact on commercial bank productivity and efficiency in this millennium.
  2. Technology improvement in the banking sector enhances the profit position of the commercial banks in this millennium also suggestion for further studies were made.

The research was embarked on because over the years the baking services especially in development countries like Nigeria, have been operated, resulted inefficiency, fraud and attendant loss of time of customer.

Table Of Contents

  • Page
  • Title page i
  • Dedication ii
  • Certification page iii
  • Acknowledgement iv
  • Abstract v
  • Table of Contents

Chapter One

  • 1.0 Introduction
  • 1.1 General Over View of the Study 1-3
  • 1.2 Statement of Problem 4
  • 1.3 Objective of the study 5
  • 1.4 Scope of the study 5-6
  • 1.5 Statement of Hypothesis 6
  • 1.6 Significance of the study 6-7
  • 1.7 Limitation of the study 7-8
  • 1.8 Definition of Terms 8-12

Chapter Two

  • 2.0 Literature Review
  • 2.1 The Concept of Commercial Banking 13-16
  • 2.2 The Concept & Implication of Industrial Technology 16-26
  • 2.3 The Comparison of the Level of Technology in the Nigeria Commercial Banking 26-29
  • 2.4 The Financial Products and Technology in Commercial Banks – FBN 29-41
  • 2.5 The Impact of Technology in the First Bank of Nigeria. 41-48
  • 2.6 The Future Prospect of Commercial Banking in the World of Technology . 48-67

Chapter Three

  • 3.0 Research Methodology 68
  • 3.1 Research Design 68
  • 3.2 Area of Coverage 68-69
  • 3.3 Sources of Data Collection 69
  • 3.4 Method of Data Collection 69-70
  • 3.5 Sample Techniques 70-71
  • 3.6 Questionnaire Survey 71-72
  • 3.7 Data Analysis Techniques 72-74

Chapter Four

  • 4.0 Presentation And Analysis Of Data 75
  • 4.1 Presentation of Data 75-85
  • 4.2 Test of Hypothesis 85
  • 4.2.1 Test of Hypothesis 1 85-88

Chapter Five

  • 5.0 Summary, Conclusion And Recommendations 89
  • 5.1 Summary of Findings 89
  • 5.2 Conclusion 90
  • 5.3 Recommendations 91
  • Bibliography 92

Chapter One

1.0 Introduction

1.1 General Overview Of The Study

Commercial banks are largest operators in the money market. The first commercial banks, the African Banking Corporation started operation in Lagos in 1892. It is today known as the First Bank Limited. The 30s and 40s witnessed the mushrooming of mainly undercapitalized and mismanaged indigenous banks which collapsed as suddenly the emerged. The collapse of the led to the promulgation of the banking ordinance of 1952, which was the first ever attempt to put down the conditions under which a bank can operate.

These banks carried on banking operations until 1920, when the banking of British West Africa became known as the first bank of Nigeria. This bank has this remained the first commercial bank though as the remained the first commercial bank though as the years rolled by more commercial banks have been on the increase with branches scattered all over the federation. The role of commercial banking can be linked to oil that lubricate the economy and cannot be over emphasized “indeed, the commercial banking can be linked to the oil lubricate the wheel of the economy which would have brought to a hall the entire industrial set up”. (The Nigeria enterprise banking in Nigeria march 1983).

This banking industry offers a lot of services such as the mobilization of funds, creation of credit and over all development over the years in the areas of technology in the quest of satisfying their customers. “Banking is all about competition all other competition, the ultimate aim is to win whatsoever is at stake for banks the center of attraction are people and institution. All the banks big and smaller locked in a fierce battle to win and keep their patronage through the various changes and development in the level of technology. Building and sustaining patronage takes great effort and years of consistency so for a Bank to maintain a wining streak. It must definitely have a competitive edge (Business concord Dec. 14 – 19 1998).

First bank of Nigeria plc, one of the national biggest banking group has over century concerning most laurel in its sectors in today’s banking where competition is increasingly becoming intense. Banks require more than money, men, material and machine with the explanation of what this millennium and the compliance, of the computer system this millennium, most banks have complied to this and are poised to take banking into greater heights. However, there are many changes which have taken place in the banking in the area of digital banking, electronics fund transfer, credit cards, interest banking and other technological advancements. This study will cover these technologies and the banks associated with it.

With the level of technology and the banks compliance of this millennium there are future expectations from banks which they are expected to provide this also the study will uncover.

However, technology has brought about revolution in the banking industry the business of banking is to becoming more of information management. It has been enabling banks to crystallize their visions while the industry is growing rapidly much in this millennium with sophisticated level of technologies and advancement. Thus, Banks that have complied with the computer compliance programme will be sure to improve on their banking in this millennium even as they introduce more of these technologies which have ended the old banking system such as loss of money through theft, and lossing Transmit, long queues at banks, and outdated machines for inputting information. All these are gone since the introduction of new technologies by this millennium, banking will be a new innovation and taking to greater height.

1.2 Statement Of Problem

Over the years, the banking services have been manually operated even when electrically operated resulted in inefficiency, fraud and attendant loss of time of customers. Associated problem in the banking industry was loss of money by theft and loss either on Transmit or being stolen when they are carried about. The employment of inexperienced and dedicated to work are also the problems faced in the commercial banking industry over the years which banking in this millennium is poised readdress in the years ahead.

Poor level of development in the nation and the consequent infrastructural limitation in the areas of telecommunication and postal services hence relay inadequate information for proper financial analysis. Inadequate information and interaction among the financial institutions are also among the problems which the level of technology in this millennium is out to address.

However, with the banks complying to their system as meeting up with this millennium, the above problems are what it is aimed at advancement by improving the banking facilities and services to customers and the much eroded banking practice and letters of the profession.

1.3 Objectives Of The Study

The purpose of the study are as follows:

  1. 1. Carry out systematic assessment in the area of changes as regards development in the area of technology of the present and the past in the banking industry.
  2. 2. Make comparison of efficieny with the level of technology of the present and the past in the banking industry.
  3. 3. Determine whether technologies and advancement in the banking industry has been an ideal venture with regards to productivity, efficiency and development.
  4. 4. Know the impression and expectation of customers in this millennium.
  5. 5. Make the recommendation and suggestion to the authorities concerned based on the finding of this work.

1.4 Scope Of The Study

In the regard, scope of the study arose when commercial banks under review is widely scattered in various states of the federation as branches and poised difficulties in reaching all the offices and examine the necessary data needed.
Therefore, this study under examination was limited to the following banks:

  1. 1. Diamond Bank of Nigeria plc Owerri.
  2. 2. First Bank of Nigeria plc, Owerri.
  3. 3. Wema Bank of Nigeria plc Owerri.
  4. 4. Union Bank of Nigeria plc, Owerri.

1.5 Statement Of Hypothesis

  1. 1. Technological improvement in the banking sector has a significant impact on commercial banks productivity and efficiency in this millennium.
  2. 2. The use of modern technology in the banking sector enhances the profit position of the commercial banks in this millennium.
  3. 3. The cost of providing technological advancement in commercial bank is greater than the benefit derived from it.

1.6 Significance Of The Study

This study is significance because of the following:

  1. 1. It is essentially an empirical inquiry into the the impact of commercial banking and its technological development in this millennium.
  2. 2. To make people understand and know that commercial banking and its technological development has been very operational for the banks.
  3. 3. This study will be of great help to customers bankers even students in management science and others for enhancement of their knowledge in the area of banking in Nigeria.
  4. 4. For people to know that in this study various technologies which have been introduced in the banking industry enhance the profit position, improving the level of bank services, increase the level of profitability of the banks and customers satisfaction all these can be seen in the area of domestic fund transfer and international fund transfer system.
  5. 5. The study will be of great important to the bankers by reducing cost because the work would have been done by many people is eliminated through this technological changes.
  6. 6. Finally, future researchers who may be writing on the same area may find this work useful for reference purposes.

1.7 Limitation Of The Study

This project is aimed at identifying the level of development of commercial banking in the world of technology in the millennium with particular references to first bank of Nigeria plc. However, limitation factor cannot be ruled out. The number of factors among them includes.

1. Financial Constraints:

The researchers cannot attain the desired scope and depth as a result of financial handicap lack of money and high cost of materials militated against the project work.

2. Time Constraint:

The research was constrained by the time limit.

3. Transportation:

Beside, The high cost of transport prevented the researcher from visiting all the branches all over the world to gather the needed primary and secondary data.

1.8 Definition Of Terms

1. Automated Teller Machine:

This is a facility with first bank to read tellers and cards. It is a read accessory technology. It allows cash withdrawal anytime.

2. Bank Master:

This is a banking software which has been upgraded to the year 2000 compliance version. This is a software of the computer of C.B.N to meet up with the challenges of this millennium.

3. Customer Self Service Window:

This is a technology which enables customer to access the accounts and obtain balance from their computers and cards.

4. Computer:

This is an automatic electronic device which is capable of receiving inputs, automatically process them and produce output which are made available to the ultimate users of information.

5. Electronic Smart Card Account:

This is a technology available to all state trust bank then. This card contains electronic cash which can be used as substitute for bank note, thereby erasing the problems of cash handling and its attendant risk in their entirely.

6. Electronic Fund Transfer:

This is a technology which enables customers to transact business from locations other than where the maintain accounts such as first bank western union money transfer.

7. Internet:

The internet is a computer network made up of thousand of networks worldwide which enables any computer anywhere in the world to be linked to it.

8. Money Gram:

This is UBA’s fast and safe, reliable way of sending and receiving money across the globe.

9. Operation Quick Services:

This is a technology which ensures that customers are attended to within 5 to 10 minutes made possible by the development of seniors officers to cages equipped with state of art computer terminals. It is quite peculiar with union bank.

10. Millennium Bug:

This is a term which refers to the changes in the computer system a compliance to meet up the changes in the digit code of the computer in this millennium. It is called the millennium Bomb.

11. Master Card:

It is like a credit card used for buying of transaction both locally and internationally. It is peculiar with first bank of Nigeria plc.

12. Q – Management:

This is facility available in first bank to identify and signal and ideal cashier.

13. Mail Transfer:

This is an order to pay contained in a letter sent by a banker to his agent in a foreign country.

14. Demand Deposit:

This is an account held with any deposit taking institution (bank) where any or all the money is repayable on demand internet is not earned here.

15. Kitting:

A situation where a customer usually has two or more accounts at two or more different banks or branches, he draws a cheques on his account in bank A, knowing fully well that there are no funds in that accounts, and deposits cheques into his accounts with bank B.

16. Voucher:

This is a receipt or official declaration printed or written to prove that accounts are correct or that money has been paid into ones account. There are some vouchers like travelers voucher, workers voucher.

17. Over Night Loan:

This is bank reserves that are loaned from banks with excess reserve to banks with insufficient reserves. One bank borrows money and pays the overnight interest rate to another bank in order to obtain the lending banks excess reserves to hold one day deposits.

18. Drafts:

it is a means whereby a debtor settles his indebtedness with the assistance of his banker.

19. Bank Lending:

This is the transfer of resources of the bank to the various economic units of the economy through loans, overdrafts, discounting of trade bills.

20. Internet Banking:

This is modern electronic device that make it possible for an account holder to have access to his account in respective of the branch.

21. Telegram Transfer:

This involved the deposit of money within a bank for transfer to a named person in a foreign country.

22. Cheque:

This is an unconditioned order in writing drawn on a banker by the drawer, requiring the bank to pay on demand a sum certain in money to or order of a specified person or to a banker, and which does not order any act to be done in addition to the payment of money.

23. Internal Audit:

This is the mechanism that is set in motion an organization to oversee the activities of internal control, to check and defect errors, irregularities or fraud. It is an independent appraisal of the activity within the organization on the review of operation as services to the management.

24. Money Laundering:

This is the act of concealing or hiding the source of illegally gotten money from the bank by converting cash into untraceable transactions in banks.

25. Cashiering Fraud:

This is fraud committed by cashiers. Example inappropriate record of customers money.

I bet you, the complete material is fully loaded. This is just an excerpt. The Material is in MS-Word Format which you can easily edit and is comprehensive for a complete research work for this topic

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How to nail it on the head during your project defence

You are through with writing that project. Now what?

You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.

  • How am I going to start?
  • I hope I will do well enough to get an A.

You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.

I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.

Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.

Watch Your Body Language And Keep It Confident:

Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.

Dress In Your Most Comfortable And Impressive:

Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.

Speak With Authority:

Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.

Use, Your Gestures:

I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.

Have A Good Opening And Closing Line:

Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.

Make Sure You Know Your Work:

Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.

Prepare For The Questions:

Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.

These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.

The structure of a good project work

Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.

A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are

1. Introduction

The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.

Below are the contents in chapter one of an undergraduate research project which includes;

  • Background of the study,
  • Statement of the problem,
  • Objectives or aims of the study,
  • The research questions,
  • Research hypothesis,
  • Significance of the study,
  • Scope of the study,
  • Limitations of the study and
  • Operational definition of terms.

2. Literature review

Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.

3. Research Methodology

This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected.  This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.

4. Results & Discussion

This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question.  Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported.  In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.

5. Summary, Conclusions And Recommendations

This section summarizes the findings of the study in an easy to understand manner.  It also explains the practical implications of those findings, and points to recommended directions for future research in that area.


This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.



Samuel Obiora Blessed is the CEO and founder of Samphina Academy ( a.k.a Nigeria Students Media, the youngest engineering graduate of Federal Polytechnic Nekede in 2017 and the engine brain behind this great platform. He is the man behind the scene, filled with many potentials, a musician as well as a pro developer with the interest of Nigerian students at heart.

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