The Effects Of Information Technology In Nigeria Banking Industry (A Case Study Of United Bank Of Africa UBA Plc)
Table of Content
- Title page
- Table of content
- 1.1 Background of the study
- 1.2 Statement of the problem
- 1.3 Objective of the study
- 1.4 Scope and Limitation of the study
- 1.5 Significance of the study
- 1.6 Research methodology
- 1.7 Statement of hypothesis
- 1.8 Organisation and plan of the study
- 2.1 Evolution of computer technology
- 2.2 Brief review of banking theory
- 2.3 Areas of information technology Development by bank.
- 2.4 Effect of information technology on bank service
- 2.5 Benefit of information technology
- 2.6 Service provided through information Technology
- 2.7 Adverse effect of information technology
Research Methodology and Case Study
- 3.1 Introduction
- 3.2 Brief history of UBA Plc
- 3.3 Method and source of collecting data
- 3.4 Some application of I.T. on bank services
- 3.5 Stages of IT in UBA Plc
- 3.6 Limitation of I.T.
Data Presentation and Analysis
- 4.1 Introduction
- 4.2 Presentation
- 4.3 Analysis of Bank Management Staff and Customer
- 4.4 Testing of hypothesis
- 4.5 Generalization
- 4.6 Policy issue and application
Summary, Conclusion and recommendation
- 5.1 Summary
- 5.2 Conclusion
- 5.3 Recommendation
- Appendix I
- Appendix II
- Appendix III
1.1 Background of the Study
Banking:- in his book “Law of Banking” Dr. Heber Hart tries to define a bank as a company carrying on the businesses of receiving monies and collecting drafts for customers subject to obligation of honoring cheques drawn upon them from time to time by customers to the extent of the amount available on their current account.
The competitive mature of the banking industries and with the numerous customers over the years has brought about the role and the introduction of information technology in coping with the urgency needs to satisfy the needs of bankers in carrying out their daily activities in satisfying their numerous customers.
The introduction of the information technology has saved many banking industries in the area of organization and information of the banking activities in terms of man power accounting procedures are more easily accessible quality. In data selection and processing modeling and packaging of their services, forecasting and other banking services.
The emergency and rapid expansion of information technology in the banking industry has brought to the door of the people all over the world good banking services. Information which has become vital factor in decision making has serious implication on how business is done world-wide. Some of the objectives of every business organization are to satisfy customers needs with quality services or production also maximize profit.
The fact is reflected in the mission statement of the UBA Plc which goes thus “our mission is to provide first class services to air customer delivery by well trained and highly motivated people aided by the best technology generating superior return to shareholders, whole positively importing the community served” (UBA PLC Olatogun 2001). In Nigeria banking services revolves around such activities like handling of cash, keeping of account, collection of cheques and lending of money through loans and advances, provision of international trade among others. All this massive application of information technology improved information technology enables services rendering by banks to be relatively efficient and cost effective than the use of labour intensive banking.
1.2 Statement of Research Problem
The statement of the problem of this research work is that
- What do you understand by information technology?
- Is there any relationship between information technology and services delivery ability in Nigeria banks?
- What are the challenges and problems faced by banks in pursuit for the technological excellence?
- What are the effect of full utilization information technology in delivery of banking services in Nigeria.
- What are the services produced through IT.
1.3 Objective or Purpose of Study
The main objective of the study are:
- To offer understanding of the information technology.
- To explore the relationship between information technology and services delivery ability in Nigeria banks.
- To identify the relationship between information technology and services delivery ability in Nigeria banks.
- To identify the problems encountered by banks in pursuit for the technical excellence like poor technical knowledge, erratic power supply etc.
- To analyze the effect of full utilization of information technology in the delivery of banking services in Nigeria banks.
- To highlight services provided by information technology
1.4 Scope and Limitation
This research would be confirmed only to the role of information technology in efficient services delivery in the banking sector or industry with special emphasis in the United Bank of Africa Plc (UBA).
This is also expected to trace the history of computerization in the United Bank of Africa from 1976 to 2009. It will also discuss the evolution of computers and the information technology and efficient services delivery in banking industry with relevance to UBA Plc.
The scope and limited of the study includes financial constraints in the course of the study.
The constraints include low response of banks staff, transportation, cost, inadequate information supply from the respondents.
Despite the above point the research will make everything possible that these limitations never have any prevailing effects in the reliability of the study.
1.5 Significance of the Study
At present, the business environment especially the banking industry competitive which make a need examination the factor that are responsible for making some banks more effective than others due to some state advantage of information technology.
- To government, it keeps the records of workers up to date.
- To banks, it makes the industry to be responsible to the modern economic development through efficient financial market based and sustainable accounting structure become, necessary.
- To the customers, reduce the long hours of waiting in the banking hall.
- To the company, it prevent or minimize the rate of fraud, coupled with the need for effective planning, policy formulation, for casting, data manipulation and processing to be updated.
1.6 Research Methodology of the Study
Critically examine and evaluate the role of information technology (IT) in banks services delivery a primary data and secondary data will be used.
The primary data shall be generated through the use of questionnaire and interview.
The quantitative techniques to be used are chi-square, percentage and descriptive analysis. And this is due to the nature of the data that has been generated.
While the secondary data includes the use of textbooks, magazines, financial report, journals, new papers and so on.
1.7 Statement of Hypothesis
The general hypothesis is hereby stated for the purpose of this study.
- Ho: Information technology has no impact on the services provided in the banking industry.
- Hi: Information technology has an impact on the services provided in the banking industry.
1.8 Organization and Plan of Study
The structure of this research work has been divided into five chapters.
- Chapter one, this chapter will include introduction that in the general background to the study and other variable associated will be highlighted.
- Chapter two, literature review of the study breakdown into subheading like history and evolution of the chapter.
- Chapter three, research methodology which are primary and secondary data and other subheadings.
- Chapter four, this chapter contains data presentation, data specification etc.
- Chapter five, this chapter deals with summary of findings, summary and conclusion.
5.0 Summary, Conclusion and Recommendations
It is observed in this study that innovations in information technology are greatly introducing new ways of functioning and thinking in our personal organization as well as professional lives.
Therefore the spreading nature of information technology applications is influencing the kinds of banking products introduced by Nigeria market in the same manner as in other part of the world.
Despite banks general appreciation of the benefit of information technology the major reasons why same have reduced to embark on wholesale automatic are resistance to charges inadequate manpower, lack of fund poor telecommunication poor infrastructure and epileptic power supply of (PHCN).
Information technology in Nigeria banking sector has improved management efficiency increased customer base and deposit mobilization.
To sum up information technology in Nigeria banking sector is a sward with double edge and must be carried with caution (zinging 2007).
The appeal of information technology is very strong and it is highly needed in order to improve the quality of service of the banking sector in Nigeria though large segment of the banking sector in Nigeria in still on the fringe of high technological revolution information technology in Nigeria banking sector is a conventional break though because it has succeeded to sum extent in transferring the manual operative banking sector to a form of computerized banking service (Sanda 2001)
Useful recommendation based on funding of the research are deemed necessary having under gone a though study of the industry and impact of information technology on the banking success. The economic benefits of using computerized system in the banking industry were exhaustively emanated in the literature review.
- Due to high cost of installing information technology system we would like to recommend that banks that can not do it down can pull resource together by forming a consortium, to acquire some of the IT facilities e.g. VSAT (Very Small Aperture Terminal) or lease form banks that do have it. A typical example of this scenario is UBA’s United Telesys Ltd which serves Hallmark bank.
- We would also recommend that maintenance culture and management of the IT system or better still should employ experts in computer programming.
- Despite the advantage and benefit that it offers it is not totally devoid of some detects fraud can likely occur more seriously in financial industry since large amount of fraud may be easier to perpetrate electronically than with manual operation and this explain why UBA Plc decide to employ the service of various IT firm to train and retrain their staff on how best to use IT in banking to avoid various IT security codes beaten by fraudsters (UBA Annual Report 2000).
- To overcome the problem of power telecommunication inadequate man-power banks should go to control with information technology firm to hire their staff to manage and work hard they should also employ more hand so as to enhance efficiency and to achieve the overall objectives of the bank.
- In addition the future prospects of the banking sector as a whole should adopts the best and latest technology lies on the fact IT can make Nigeria banking sector very and more reliable. A stand by generator can be acquired by banks in term of shortage in power supply and that advancement of the sector or greater height with is guaranteed (Adeyemi 2000).
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