The Impact Of Information And Communication Technology An The Operational Efficiency Of The Nigeria Banking Industry

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The Impact Of Information And Communication Technology An The Operational Efficiency Of The Nigeria Banking Industry


Chapter One


Introduction

1.1 Background of the Study

A powerful force drives the world towards a company commodity and that force is technology (Levitt 1992) from the beginning of the human era, technology has been one of the most essential and most important factors for the development of mankind (Idoms et al., 1987). During the last two decades, technology changes have often been related to economic growth in the form of new types of goods and services. Smith (1976) first wrote about technical changes in the form of new machines as one of the three important causes of increasing incomes more than two decades ago.

It is now generally accepted that, days of traditional banking operations are gone and that the future lies on the information and communication Technology (ICT) based credit assessment systems and services. There is no doubt that the effects of technology based credit assessment system, technology driven product development and computerized human resources management system, financial planning and monitoring systems have completely altered the terrain for competition in the banking industry globally. Information has increasingly become the life of blood of an organization and the management of enterprises through information and communication Technology (ICT) has become an important strategy in any banking institution.

The greatest innovation that has taken place in the last two decades, information and communication technology is the introduction of computer and advances in information and technology, which have transformed the global economic and have particularly put the banking sector on accelerated pace development. The information revolution was led to the convergence of the computing and telecommunication network, covering the world through cable and satellite information super highways. Global networks have dismantled rational boundaries and barriers and aerated a global village where one can access information from any part of the world by the mere touch of mouse.

The banking industry today appears to be truly improving with the technology and aiding globalization and integration of the world’s financial markets, there has bee quantum jump in the expectations of customers for newer product and alternative delivery pressure today about what customers are expecting in the future.

Information and communication technology (ICT) can therefore be defined as the modern handling of information by electronic means of communication Ige (1995) information and communication technology has become helpful by allowing companies to gain access to their bank statement on personal computer and also individual on their mobile phones.

1.1.1 Development of Information and Communication Technology in Nigeria Banking Sector.

Development in a country can be measured in terms of its overall social, economic and political development. But no matter how developed the country is, it cannot be self sufficient, there is an everyday urge to improve in the social relationship and economic development.

In Nigeria, during the pre-colonial era, there was always anointer nation which starts mostly from trading activities which enables for country to exchange what it has for what it requires trading was carried out among the various tribes that made up the present Nigeria nation through the primitive methods of trade by barter system which is the exchange of goals services.

However, as society grew more complex, these methods of exchange become insufficient coins and paper notes where introduced and these made it easy for any amount of goods and services to be acquired at the exchange of such coins and paper notes.

The use of information technology is widespread from the most developed countries through the developing countries to the least developed countries, although the extent of overall use is directly related to the level of development. Deposit-money banks since they are highly information intensive, have invested in information has become a necessarily for financial institutions keep on trying to come out with new services/products with are information technology based (Pritam, 2002).


1.2 Statement of the Problems.

The complexity of modern day banking necessitates the use of information and communication technology. Therefore, the mobility of banks to fully adopt information and communication technology is the major research problems.

Although, most banks in Nigeria claim to have been computerized their operations, it’s mostly in the area of quotation of simple clerical procedures of personal payroll and little of these operation are felt. By the customers.
Information and communication Technology are vital to banking operations while the non-application of like technology in the banking brings about inefficiency. Hence, this research work is aimed at addressing the impact of information and communication technology on the operational efficiency of the Nigeria banking sector. To make this work more significant, the following questions are to be addressed.

  1. What makes up information and communication technology
  2. To what extent has bank applied information and communication technology
  3. What are the obstacles faced by banks in the application of information.

1.3 Research Questions.

Specifically, the study is necessitated by the languisher wacting time at the counter which is as a result of the manual operation prevalent in the banking and how the impact of ICT has helped in operational efficiency of Nigerian Banking sector.

The following issues would therefore critically examined

  1. To what extent has the introduction of ICT as helped in achieving efficient service delivery?
  2. To what extent do the banks going acquiring this knowledge.
  3. What are the problems faced by management in trying to implement the electronic banking system which is aided by ICT?

1.4 Objective of the Study

ICT has become anxious if bank do not have means of delivering their services on line and real time across their branches within the country abroad.

The objectives are:

  1. To know whether information technology has contributed to the profitability and efficient of banks in Nigeria.
  2. To find out whether information technology system has increase customers satisfaction.
  3. To know how ICT has helped banks produce high cost of operation.
  4. To know how the application of ICT to the managing operations of the bank have been augmented.
  5. To ascertain whether or not the level of ICT used in Nigerian banking sector can make it complete favourably in the global financial market.
  6. To identify and provide solution to the problems being on countered by banks in their use of information and communication technology.
  7. To ascertain whether or not the level of ICT used in Nigerian banking sector can make it complete favourably in the global financial market.
  8. To identify and provide solution to the problems being encountered by banks in their use of information and communication technology.
  9. How information and communication technology has helped banks to reduce high cost of operations.
  10. How the application of information communication to the managing operations of bank have been augmented.

1.5 Research Hypothesis

In order to proffer solution to the research problems identified and to achieve the goal of this study, the following hypothesis shall be tested with the use of statistical tools.

  • H0- is the null hypothesis
  • Hi- is the alternative hypothesis
  1. Ho: information and communication technology has not brought about efficiency to the operations of the Nigerian Banking Industry.
    Hi: ICT has brought efficiency to the operations of the Nigerian banking industry.
  2. Ho: Implementation of ICT is risky, fraud- prone and it’s shorts coming overweight benefit
    Hi: Implementation of ICT is not risky and fraud- prone but does not out weight it’s short comings.

1.6 Significance of the Study.

This study attempts to fill the existing gap in the literature of information and communication technology in the Nigerian banking sector.

Significance is that, it serves as the basic of creation awareness on the application and impact of information and communication technology.


1.7 Scope of the Study.

The Nigerian banking industry covers the role of information and communication technology, placed on the banking operations of Nigeria, Deposit money banks with special reference to union bank of Nigeria plc. The period of the study is between 2014-2015.

This basic day to day operation of Union bank of Nigeria plc forms the core of this study while the appraisals of the effectiveness of its operation on the Nigerian economy are examined. The study considered the various ICT products and services in relation to how they increase efficiency in banking services.


1.8 Definition Of Terms.

1. Automated Teller Machine (ATM):

A machine usually in a wall outside the bank, from which you take money out of your bank account, using a special card.

2. Computer:

An electronic device that accept data as an inpute, process it and produce information as an output as a result of step by step of instructions (Woherem 2007).

3. Data:

These are raw fact sent into the computer for processing eg. Teller, it helps in decision making or information in an electronic form that can be stored and processed by a computer.

4. Information Technology:

Information technology is hard are, software and communication required for information system development and operations.

5. Nigeria Automated Cleaning System (NACS):

A system for the electronic funds transfer between banks of Nigeria.

6. Smart Card:

A smart plastic card with a electronic part that records and share information.

7. Telegraph:

This is a method of sending and receiving messages by electrical or radio signals.


1.9 Plan of the Study.

This study in terms of coverage, it is divided into five chapters. Introduction review, research methodology, data presentation and analysis, summary, conclusion and recommendation.

  • Chapter one involve introduction, which include background of this study, statement of the problem, research questions, objectives of the study, research hypothesis, significance of the study, definition of terms and plan of the study.
  • Chapter two comprises of a five examination of the subject matter via literature review. This shed light on the work of different authors and researchers in related fields, review of journals and articles that are related and relevant to the work included.
  • Chapter three, methodology explains the use of analysis which examine the data obtained from the investigation of the study.
  • Chapter four shows the data analysis and presentation, analysis of questionnaire, analysis of personal data of respondents, and analysis according to research question testing of hypothesis.
  • Chapter five, the main findings of the study are discussed in addition, recommendation are also made.

Chapter Five


Summary, Conclusion and Recommendation.

5.1 Introduction

This chapter summarizes the result of the work, draws conclusion upon the result tested through the hypothesis and makes appropriate recommendation. The limitations faced during the work of this research were also highlighted and suggestions for potential researches were made as well. It is also clear that, form the analysis that efficiency delivery of services via the introduction of information and communication technology (ICT) is highly imperative. Banking services is built around people that is

Therefore, the bank and its staff should aware of the importance of customer to their existence. Their actions should all be directed at satisfying the customers and also for their survival in a competitive environment.

For now, the introduction of information and communication technology (ICT) into banking operation remains the only solution to the personal congestion often seen at the bank counters.


5.2 Summary of Findings

This research work has critically examined the roles mostly makes use of ICT in the Nigeria Banking Industry, being the sector that mostly makes use of ICT as a result of the deregulation and its consequent increase competition among the bank as well as between banks and other financial institution, increase volume of services, customers, sophistication and globalization of financial services.


5.3 Conclusion

Based on the study, carried out in chapter two and three of this research, one may conclude that ICT has played, it’s playing and will continue to play a perfect role in the banking industry if banks can continue to re-engineer their operations based on the changing need of time. This is been use, a time is coming when people will be able to carryout all their banking activities with computers.

However, the adoption of ICT has not been without some problems. Banks are been confronted with a lot of problems and beside, findings in chapter four revealed that, in spite of the benefit derived from adoption of ICT, it is still risky and fraud-prone.


5.4 Recommendations

In line with problems and the risk involved in the adoption of ICT, the following suggestions may be of assistance.

  1. The need to build a better and more optional infrastructure that will serve as a backbone for communication within the bank.
  2. Banks should come together to collaborate in sourcing for new and common technologies such as VSAT (very small Aperture Terminal).
  3. The government should improve on the project of telecommunication infrastructure.
  4. The need to proffessionate ICT department to computer department to enable them develops some of their system in house and trains their ICT personal.
Limitation

The limitations encountered on this research work are as follows.

  1. Delay in data collection: The researcher could not be attended to on time by the concerned officers of the bank due to the fact that they were always too busy.
  2. Non-availability of certain information: This is because of the secretive nature of banking business as some piece of information were considered as top-secrets and as a result, were not made available to the researcher.

The Impact Of Information And Communication Technology An The Operational Efficiency Of The Nigeria Banking Industry


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The Impact Of Information And Communication Technology An The Operational Efficiency Of The Nigeria Banking Industry


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