The Impact Of Internet Banking System In Nigeria Banking Environment
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This work is dedicted to God almighty my study in school , his protection towards my family and friends and for granting me the enablement and materials needed throughout the writing of this project.
My most profound gratitude remains to God Almighty for his guidance, projection , sustenance , provision and prosperity despite all odds and plans of the enemy. I remain greatly indebted to my lecturers and my project supervisors, pastor N.O.N Kalu, who despite other commitments made time available to read through this work , without his encouragement and correctionsthsi would not been a success.
I am also indebted to Elder T.C NGWU, Head of department and my lecturer who have contributed in bringing me up academically and other wise.
My profoun gratitude also goes to my family especially my irreplaceable parents Mr. and mrs GODWIN C. IWUABA and my wonderful siblings Mr. Darlington K . Iwuaka, Mrs. Doris O. Igwegbe, Mr. Analyne C iwuara and Mr. Frankling. C Iwuaba for their support and encouragement both financially and spiritually. I pray that God will continue to bless you all grant all y our health desires.
This project work entitled “ Impact of Internet Banking System in Nigeria Banking Environment” with particular reference to Union Bank of Nigeria. The project is divided into five chapters.
The chapter one of the work covers areas such as the introduction , the background of the study, statement of the problem, significance of the study , purpose of the study , Research question and definition nof terms.
Chapter two contains or discusses the literature review and other functions of the topic under study . the chapter three contains the research design and methodology ,sources of data collection , population and sample size, methods of investigation, scope and limitation of the study.
The chapter four contains the presentation and analysis of data , Analysis of the data , and interpretation of result. The chapter four which is the last chapter of the work contains the summary of findings conclusions and recommendation.
Table Of Content
- Title page
- Approval page
- Table of contents
- 1.0 Introduction
- 1.1 background of study
- 1.2 statement of problems
- 1.3 objectives of Research
- 1.4 research Question
- 1.5 Statement of Hypothesis
- 1.6 Significance of study
- 1.7 Scope of the study
- 1.8 Limitation of the study
- 1.9 Definition of terms
- 2.0 Literature review
- 2.1 introduction
- 2.2 meaning of Internet Banking
- 2.3 origin of Internet Banking
- 2.4 meaning of Computer
- 2.5 Relevance of computer to internet banking
- 2.6 Internet banking service (internet banking products in Union bank)
- 2.7 Benefit of internet banking
- 2.8 Drawbacks of internet banking
- 3.0 Research Design and methodology
- 3.1 Introduction
- 3.2 Research design
- 3.3 Sources and method of Data collection
- 3.4 Population of sample size
- 3.5 Sampling techniques
- 3.6 Validity and reliability of Measuring instrument
- 3.7 Method of data analysis.
- 4.0 Presentation and analysis of data
- 4.11 Introduction
- 4.2 Presentation of Data
- 4.3 Analysis of data
- 4.4 Test of hypothesis
- 4.5 Interpretation of result (s)
- 5.0 Summary , Conclusion and recommendation
- 5.1 introduction
- 5.2 conclusion
- 5.3 recommendation
- 5.4 bibliography
this is the methodology chapter of the chapter, it briefly explains the background othe study statement of the problem, objectives of the study , research questions, statement of hypothesis , significance of the study , scpe of the study , limitation of the study and definition of term.s
1.1 Background Of The Study
In Nigeria , the banking industry witnessed lots of challenges due to increase in the awareness and utilization of banking service. The staff strength and branches of most Nigeria banks . in spite of this adjustment the banks cannot satisfy the demands. Some transactions were based on manual and physical present of their customers.
Modern banking system brough relief to the increased volume and complexity of banking operations and services delivery.
Experimentation with banking sytem and electronic fund transfer gradually become part of daily transaction as arrangement were made with banks using micro computer to pay some bill owned big department stores and companies, by this practices the internet becomes a service delivery mechanism of their customer has equally embraced it.
Meanwhile information technology through banking system is radically changing how banking is done all over the world and Nigeria is not an exception. The volume and speed of banking system which has created a lot of changes and business opportunities for banks, corporate banks and industries. Infact Nigeria is believed to be the largest internet user in West African with about 100,000 internet users as at year 2000.
It was estimated to have risen to 350,000.
However, the population size in Nigeria calls for accelerated sensitization on the need to embrace information technology as the prove of an enabling environment for its operation internet is inevitable for the success of any modern banking institution since it is a competitive tool as at creats room for customer services and reduce the cost of operations, promotes profitability growth and efficient portfolio management.
The emergence of a crop fo new generation banks coupled with computerization of the Nigeria banking system. Remarkably information technology is dynamic continuously coming up in new challenges for human capital development virtually every Nigerian banks claims to be having banking system and on line union bank of nigeria plc harbors large amount of information on line and of course the marketing distribution costs. Indeed banking system has brought a greater advantage for one bank over another depending on its application, Operation and service delivery.
1.2 Statement Of Problems
Banks since the inception of the use of internet banking system in the rate 1980s have not made their presence felt much. These are as the result of problems associated with the use of banking system includes the following
- Nigerians poor infrastructures
- Lack of security
- Lost of ownership and adoption
- Poor orientation (illiteracy )
1. Nigerians Poor Infrastructures:
The first major challenge for the future of banking system is Nigerians poor infrastructure word bank data indicates that nigeria there are only 6 computesrs and 4 mainline telephone lines per thousand people. Electricity supply is sporadic and inefficient. Most importantly, Nigeria has very low internet penetration, with less than one internet services provided for thousand people.
2. Lack Of Security :
The second challenge is the issue of security :Resent research carried out in Africa shows that companies consider the biggest obstacle of being used the internet for financial trasaction to the lack security. Many companies are concerned about the integrity of financial information that travels over the internet and would rather accept the inefficiencies and incontinences of a manual system that economy and that issue of trst in such that even cheques are not generally accepted as payment for goods and services rendered. Recently , the Nigeria market has witnessed the development of electronic purse products such as value and the smart pay cards designded to move the economy although it is hoped that hey will eventually help lessen the importance of cash in our society. It is therefore clear that in such an environment , most consumers will be skeptical that a click on computer screen will result in a completed financial transaction.
3. Cost Of Ownership And Adoption:
Internet banking is very expensive because entails the acquisiotn of computers, telecommunication gadgets. Banks spirit a lot on these products because of the exchange rate between the Naira and dollar.
4. Poor Orientation (Illiteracy)
So many people are still ignorant of services and benefits available to them that the use of banking system product. The benefits include that it is fast, safe and reliable.
1.3 Objectives Of Research
These researchers seek to achieve the following objectives
- To analyze the reasons for opening bank accont
- To find out the reasons for preferring internet banking service
- To understand the facilities mostly availably the respondents and the opinion about the services.
- To measure the satisfaction lkevel of the customer.
1.4 Research Questions
This study will try to answer the following research questions drawn from the study the research questions are as follows:
- How many financial product or services are computerized?
- Has the use of banking system helped to improve bank operation?
- Are banks fully or partially computerized?
- Has the performance of the bank being since introduction of banking sytem
- What financial services or prouct exist in the financial market?
- What finance services or product exist in the financial market?
1.5 Statement Of Hypothesis
- HI: Internet Banking increases banks profitability
- Ho: Internet Banking does not increase banks profitability
1.6 Significance Of The Study
It is helped that the findings are recommendation of the study will include :
- Improved customers services
- Reliability of transaction
- Redundancy of stroge
1. Improved Customers Services:
Internet banking system will enable banks provide new faster and better products, services for its customers.
2. Reliability Of Transactions :
Internet banking technology ensures safety of banks dealing with its customers. Under these circumstance, bans must developed features for their internet sites, which adequate address their customers concern and must educate their customers on the protecting that the internet sites provides.
Internet banking technology ensures safety of banks dealing with its customers, under these circumstances, banks must developed security feature for thir internet Site , which adequately address their customers concerns and must educate their customers.
4. Redundancy Of Storage:
Internet Banking systems help to reduce the use of files , which are archeive thereby reducing storage space, using of files could lead to loss of vtial information about banks customers though mutilation , easy and unauthorized access to files and misplacement of important documents. This can be presented through storage of information in diskette, hard disk and bank up of important information.
1.7 Scope Of The Study
The scope of this research work will be limited to the Nigeria Commercial banks, union banks plc as a case study.
1.8 Limitation Of Study
This research will be limited to Nigeria commercial banks , union bank plc as a case study.
1.9 Definition Of Terms
1. Internet Banking:
A quick and easy way to access your account through the internet.
The study and the use of electronic processes and equipment to store information of all kinds, including workds, numbers, pictures and abbreviatin for information technology .
Wide Area Network, a system in which computers in different places are connected , usually over a large area.
Local area network a system in which computer in different places are connected , usually over a large area.
5. ON LINE:
controlled by or connected to a computer or to the internet.
6. HYPER LINK:
A Place in electronic documents on computer data base or network.
is a world trade
Where accompany has information about itself on the web.
To open a computer file in order to get or add information .
10. Search Engine:
An act of looking for information in a computer database or network.
Computing a number of computing and other devices that are connected together so that equipment and information can be shared, the office network allows users to shre files and software and to use a central printer LAN.
A device for storing information on computer with a magnetic surface that records information received in electronic form.
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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
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.
Choosing A Good Project / Research Topic
Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.
Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.
There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?
If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.
Now what are the qualities of a good project topic?
- The materials for the project topic must be easily assessable.
- The project topic itself must be meaningful.
- The variables must be able to give a clear aim of the project topic.
What do I mean by variable?
Well I am deriving my point from the area of ; the variables here are those main words in the project topic.
Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.
Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.
I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.
What do I mean by your topic being assessable?
Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.
If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.