Effective Information Communication Technology As A Tool For Efficient Banking Operations (A Case Study Of Fidelity Bank Plc And Intercontinental Bank Plc, 2004-2008)

Project and Seminar material for Banking and Finance

Project and Seminar material for Banking and Finance


Abstract


This research is on effective information and Communication Technology as a tool for Efficient Banking Operations. A critical assessment of Fidelity Bank PLC and intercontinental Bank PLC.

The first chapter deal on the introduction, definition of information and communication Technology as a development of information technology, biotechnology and maternal technology and how essential communication is an organization. The objective of the study and statement of problems etc.

The second chapter dealt with the Literature review, which consist the concept of information communication technology in commercial Banks, sources of information technology, nature of information in different level of management etc.

Chapter three anchored on Research Methodology, Research Design, Sources of Data Collection, Population of Study etc

while chapter four treated presentation and analysis of data and test of hypothesis.

Chapter five centered on Summary, Conclusion and Recommendations.


Table Of Content


Preliminary Page(s)

  • Title page
  • Certification
  • Dedication
  • Acknowledgement
  • Abstract
  • Table of content

Chapter One

1.0 Introduction

  • 1.1 General overview of the study
  • 1.2 Statement of the study problem
  • 1.3 Objectives of the study
  • 1.4 Scope of the study
  • 1.5 Statement of hypothesis
  • 1.6 Significance of the study
  • 1.7 Limitations of the study
  • 1.8 Definition of terms

Chapter Two

1.0 Literature Review

  • 1.1 Introduction
  • 1.2 The concept of information communication
  • 1.3 Information and communication technology in commercial banks
  • 1.4 Barriers to effective communication Technology in commercial banks
  • 1.5 Effective information and communication technology as a tool for efficient information communication
  • 1.6 The need for effective information communication technology for commercial banks
  • 1.7 Types of information communication technology.
  • 1.8 Channels information and communication technology
  • 1.9 Sources of information for commercial banks
  • 1.10 Nature of information in different level of management
  • 1.11 Effective and efficient use of information and communication technology in banks

Chapter Three

2.0 Research Methodology

  • 2.1 Introduction
  • 2.2 Research design
  • 2.3 Sources of data collection
  • 2.4 Method of data collection
  • 2.5 Sampling design
  • 2.6 Population of study
  • 2.7 Procedure for processing and analyzing data.

Chapter Four

3.0 Presentation and Analyses of Data

  • 3.1 Presentation of data
  • 3.2 Analyzing of data
  • 3.3 Test of hypothesis

Chapter Five

4.0 Summary, Conclusion and Recommendation

  • 4.1 Summary
  • 4.2 Conclusion
  • 4.3 Recommendation
  • Bibliography
  • Appendix

Chapter One


1.0 Introduction

1.1 General Over View Of The Study

Arunma Otech (2008) stated that the last century has witnessed an unprecedented acceleration in the pace of technology development new technologies; including information Technology, Biotechnology, Materials technology, and Nanotechnology are pervasive and have become important engines of growth, social and political changes.

The applications of knowledge and innovation are widely recognized as the drivers of these new technologies and have played a crucial role in the creation of wealth and the rise in the quality of life in both developed and developing countries.

Akinlolu (2005) also state that people in organization typically spend over 75%of their time in an interpersonal situation.

Thus it is no surprise to fin that at the root of a large number of organizational problems is poor information and communication technology. Effective communication is an essential component of organizational success whether it is at the interpersonal, inter-group, organizational or external level. Today’s business environment is very dynamic and undergoes rapid changes as a result of technology innovation, increased awareness and demand from customers.

Business organizations, especially the banking industry of the 21st century operates in a complex and competitive environment characterized by these changing conditions and highly unpredictable economic climate. Therefore the application of information and communication technology concepts, techniques, policies and implementation strategies to banking services has become a subject of fundamental importance and concerns to all banks and indeed a prerequisite for local and global competitiveness.

Information and communication technology directly affects how managers decide, how they plan and what products and services are offered in the banking industry. It has continued to change the way banks and their corporate relationships are organized world wide and the variety of innovation devices available to enhance the speed and quality of services delivered.


1.2 Statement Of Problem

For there to be a valid research work, the following problems were stated

  1. Information and communication technology are not effective.
  2. Ineffective information and communication technology hinders efficient banking operations.
  3. Ineffective communication technology has resulted to loss of customers/deposit.

1.3 Objective Of The Study

This research work seeks to achieve the following objectives.

  1. To measure the effectiveness communication technology in the operations of commercial banks.
  2. To evaluate the response of Nigerian to this new trend.
  3. To ascertain the resultant effects of effective communication technology in commercial banks
  4. To examine the extent to which they have adopted innovative technologies in their operations.

1.4 Scope Of The Study

For the purpose of solving these problems, this research will center itself to the effectiveness of information and communication technology in commercial banks.

Also this study will widen itself to accommodate and addresses the complex problem and repercussion surrounding effective communication technology in Nigerian commercial banks.

Emphasis is on Fidelity Bank PLC and Intercontinental Bank PLC.


1.5 Statement Of Hypothesis

  1. H1: Effective information and communication technology is a tool for efficient banking operations.
  2. H2: There is significant impact of effective information and communication technology in the baking operations.

1.6 Significance Of The Study

This study will provide the following significance such as:

  1. The research work is in partial fulfillment for the requirement for the award of National Higher Diploma (HND) in department of banking and finance.
  2. It will benefit those that will make use of this research work especially student who may find pleasure in delving into a similar research in future.
  3. To prescribe measures that could be adopted for effective communication technology.
  4. The research work will recommend solution on how information will be passed through the top level management as well as their numerous customers.

1.7 Limitations Of The Study

In this study, the cause of carrying out this research encounters a lot of difficulties and was constrained in many areas among which are:

Deficiency Of Data From Banks;

In these sense that not all the requested data were given. In many cases information given by the banks and the ones from “Net” (internet) were not simplified that is (i.e.) they are very difficult to understand.

Time Constraint:

In the aspect of theoretical and practical work was shut. Besides this was carried out concurrently with other academic assignment

Financial Constraint:

The research was constraint by cavity of materials and traveling and other expenses. Since the firms head office is situated at town. However I tried to master as much financial resources as possible which help to some extent in carrying out the work.


1.8 Definition Of Terms

For the purpose of this research work the following terms means:

Information And Communication Technology:

This is the automation of processes, controls and information production using computers, telecommunication, software and ancillary equipment such as ATM Debit card.

Communication:

Basically, communication is social interaction that is actualized through the exchange of messages and their ascribed meanings.

Information:

It consist of facts providing knowledge relating to a specific event which may be used as a basis for making a decision to modify a course of action that would otherwise not be implemented.


Chapter Five


5.0 Summary, Conclusion And Recommendations

5.1 Summary

This research work examines how effective information and communication Technology has contributed to the efficient banking operations of commercial banks. Effective information communication is when certain elements such as what to communicate, the ability8 to communicate the necessary information and data, willingness to communicate and the structure and nature of the organization are present.

On other hand Technology in it aspect is the facilities needed to carry banking operations efficiently likely ATM, Credit Card, Debit Card etc. meanwhile, there is need for effective information and communication Technology because effective communication in any organization is inevitable for the proper actualization of organizational goal, without effective information Communication Technology employees will not know how and where to source information from.

Also, there are some difficulties that faces information and Communication Technology thereby making it ineffective, they are the use of ambiguous words, noise, use of technical words Habitual critism and assumption in terms of communication. In terms of technology fake machines and when there is o proper network for those machines to work.

Furthermore, communication in organization involves getting a message or idea from a sender to receiver in acceptable and accurate forms and for effectiveness, there is need for Feedback. Feedback tends to ensure and strengthen the fact that the message was understood by the receivers, otherwise it is no communicated.

Communication therefore serves as a vital link in the allocation, utilization combination of all organization resources geared towards the attainment of set goals. The result from the two hypothesis revealed that effective Information and Communication Technology is really a tool for efficient Banking Operations and also increases bank profitability.

This effectiveness comes in form of transparency in carrying out her operations. Also the result proved that customers and bank have benefited a lot, as it reduces delay in banking operations, provides quick service delivery to customers. And to the, bank more customers, increase in deposit /patronage.


5.2 Conclusion

Effective Information and Communication Technology is an essential component of organizational success whether it is at the inter-personals, inter-group, organizational or external levels. Information communication must take the nature of a dynamic process as to sustain organizations to remain open system, thereby enabling organizations to interact and exchanges inputs information, resources, with other environment (Internal and external), in order to become adaptive and innovative. Again, Reinhart (2005) in his statement, says that for there to be effective information communication the parties involve should speak more clearly and listen more closely to each other. That is to say that effective information communication should promote common understanding between both staffs and customers to the Communication process. It was also shown from the analysis of data that ineffectiveness of one system will harm pare the effectiveness of information flow.


5.3 Recommendations

On the basis of the findings in this study, transparency is needed and should exist among the system before there will be effective information communication. The absence of the following will make Information and Communication Technology to be effective.

1. Untimelyness and Inaccuracy:

Information should be timely and accurate. This is because, if a wrong information is given very late, there will be no time to effect change, thereby making communication ineffective.

2. Use of Technical Words:

The use of technical words should be discouraged, especially among the system, technical words makes information communication to be non-transparent.

3. Use of Technology Machines:

Proper machines should be provided in other to keep accurate records of customers account. At times windrower made upon a customers might be credited in his or her account without the machine paying the customers especially ATM. This can bring ineffectiveness of communication through transactions.

4. Use of Ambiguous Word:

The uses of simple words are preferred to the use of vocabularies, as it may constitute ineffective communication. Information Communication is said to be effective when it gets to the receiver, and he or she understood it and give feedback.


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