The Role Of Computer In Financial Institutions (A Case Study Of Union Bank Of Nigeria Plc)
The study is made of five chapters.
Chapter one deals with the introduction and the definition of computer, statement of the ssssstudy. It will also deal briefly on the objective and the scope and the limitation of the study including research questions. The research work has objective if providing an insight into the usage of computer and the role it plays in financial institution.
Chapter two will deal with the evolution of computer which will give brief historical background of financial institution. How it provides the profits growth, wealth maximization, store information, counting money and make work faster in the institution and the overall performance in an institution e.t.c. and also to identify some of the basic problems which are likely to be associated with computerization in the financial institution and the danger of computer system.
Also talks about historical background of Union Bank of Nigeria, aims and objective of the Union bank of Nigeria and their roles.
Chapter three will highlight the procedure in the research work. The research is designed to examine the impact of computerization in the financial institutions.
Table of Contents
- Title page
- Table of contents
- 1.1 Background of the Study
- 1.2 Statements of the study
- 1.3 Objectives of the study
- 1.4 Significance of the study
- 1.5 Scope and Limitation of the study
- 1.6 Definition of related terms
- 2.1 The Evolution of Computer
- 2.2 Historical Background of Financial Institution
- 2.3 The role of Financial Institution
- 2.4 Types of Computer
- 2.4.1 Digital Computer
- 2.4.2 Analogue Computer
- 2.4.3 Hybrid Computer
- 2.4.4 Merit and demerit of Computer
- 2.5 The Danger of Computer system
- 2.6 Historical Background of Union Bank of Nigeria PLC
- 2.7 Aims and Objective of Union Bank of Nigeria PLC
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Research Instrument
- 3.4 Method of Data Collection
Data Analysis and Research Findings
- 4.1 Data Analysis and Research findings
- 4.2 Data Analysis
- 4.3 Findings
- 4.4 The Roles of Computer in Union Bank of Nigeria Plc
- 4.5 The Organizational Structure of Union Bank
Summary, Recommendation and Findings
- 5.1 Introduction
- 5.2 Summary
- 5.3 Recommendations
- 5.4 Conclusion
- Journals, Manuals and Periodicals
1.1 Background of the Study
Many offices in an organization play an important role in the day to day running of activities of the organization. And this is done in form of communication between management, employee and Clients in financial institutions.
In offices, plans are devised, instruction raised, information coordinated and result compiled, offices provided a focal point of activity for the public receiving and using communiqués, handling files and finances.
Computer is now mostly used in offices as one of the equipment in financial institutions. And this computer performs many functions apart from calculating function. It also performs different functions as data analysis, prediction, the identification of trend and even the creation of new approaches and ideas.
Computer is a machine with power to manipulate symbols which represent information such as names and numbers. And in that case, we can view that computer is a symbol Manipulation device (SMD). Computers are used worldwide to perform thousand of different jobs. It helps engineers in designing, e.g. bridges and also helps in Bank during Computation of Accounts.
Computer can store variety of information recorded by people and almost instantly recall it for use. They can calculate ten millions of things faster than the human brain and solve in seconds many problems that would take batteries of experts’ tears to complete.
1.2 Statement of the Study
Ajaegbu N.T. (1993) in his manual defined statement of the study (problem) as “a theoretical position of a speculation on the ways in which different factors or element of problems interest or relate one to other in the context of the problem being investigated”.
The major problems to businessman are the risk and uncertainty behind business. And in other to produce these uncertainties, modern financial institutions have found computer useful in day to day running of the business.
The question that is of most importance to observe is “How effective are computers used in financial to achieve their aims and objectives.”
This is the climax of the study. The researcher will in the light of this address the following major research questions.
- How effective are computer used in financial institutions?
- What are the limitations that institutions come across while using computer in the others?
- What risks are taken by computers users in all institutions?
- To what extent has Government Bank considered the service of computers more lucrative than those of human hand
- What problems (Social, Political and Economics) are created as a result of the increase in the use of computer in financial institutions?
1.3 Objectives of the Study
The objectives of this study are to:
- Present an overview of financial institution in terms of definition structure.
- Explain the relative importance of the major computer in financial institutions.
- Trace the temporal direction, the government have provided for financial institution’s development.
- Explain the problems inhibiting computer development in the financial institutions.
- Recommend suggestions to investment decision makers as to how the computer can effectively and efficiently contribute to the financial institution development.
1.4 Significance of the Study
Profit is the primary objective of any financial institution and the most important management function is data processing decision which seeks to improve the growth and overall performance of financial institutions. Yet in this dynamic and turbulent sea of this changing world, every organization or institutions therefore has to try to skin out the possible ways of survival.
The study will help the institutions to analyze the case-benefit of computer, highlighting their advantages and disadvantages and their repercussion to the general performance of financial institutions activities. Further, the study is significant in terms of improving potentials and real investors’ ability to appreciate the role played by valuations projects in the context of making sound computer investment decision thus facilitating sound statement.
1.5 Scope and Limitation of the Study
The study is on the Union Bank of Nigeria Plc, the research work includes the definition and the three basic parts of computer.
The study will also describe the roles played by computer in financial institutions (U.B.A., U.B.N.). The disadvantages of this study should be noted in relation to its findings. Firstly, respondents biases which arose from self-selection method adopted are in itself a limitation to the study and its findings. Respondents who did not react to the questions rose, created a vacuum and this too is a limitation.
Secondly, cost and time has a great impact on the study, adequate means were not available and time under consideration was short.
Thirdly, another bias emanates from the fact the financial institutions performance was set rated.
Indications of a significance scores by the institution considered might be due to the fact that they were self rated. Evaluation or scores given by person outside the institution might have yielded a different result.
Finally, the researcher had serious problem laying on related research already conducted. In spite of his institutions enumerated above, the study offers a means of increasing institutions profitability through evaluation of computerization projects in data processing before investment decisions are taken.
1.6 Definition of Related Terms
This is an electronic machine used for making calculations, recording, analyzing and storing basic facts fed into it. Another way of looking at the forgoing is that a computer is an electronic devise that accepts and process data and makes result available in a desired format.
Longdon T. (1980) defines computer as an electronic device that has the ability to accept data, internally store and automatically execute a programme of instructions, perform mathematical, logical and manipulate operation on data and report the result.
Ta’avan P. (1990), in his book, defined computer as a device capable of accepting data, and legal sequences of the processing instruction on the data and finally supplying the result of the processing, either recorded on appropriate magnetic medium.
It clear from the above that the computer is a machine with great ability in information handling before we consider how a computer system operates, we will look at it’s make up and essential components that will help us understand how it works and will eliminate some of the mystery. There are three basic parts in a computer system:
The Central Processing Unit – C.P.U.:
This is the heart of the computer. It consist the memory, arithmetic and logic and control units.
A means of putting information into the system. It enables the user to transmit programme and data into the computer for processing e.g. punch card, keyboard, magnetic ink character recognition (MICR), and Optical character Recognition (OCR) etc.
A means of getting information out of the system. The result of processed data from the computer memory can be displayed in several ways. E.g. Printer, Visual display Unit (V.D.U.), Graph Plotters.
Simply said, computer can be taken to mean an electronic or a calculating device that is capable of accepting data stored internally and automatically execute completed programmes of instructions on data and report the result quickly and reliably.
This refers to the basic raw or processed facts about the activities of a business, such facts include hours worked by individuals, materials used on a particular job, the number of items delivered or returned.
It is the process of collecting all items of data together to produce meaningful and understandable information.
This is the units which fetches instruction from the main storage (memory) interprets them and issues the necessary signals to the components making up the system. It directs all hardware operations necessary in obeying instructions.
Main Storage or Memory Unit:
It holds data and instructions which are currently being obeyed and also holds information awaiting output. The instructions or programs being held by this unit dictate the actions to be taken on the data. The main storage is a very fast storage device; the most common types are Random Access Memory (RAM) and Read only memory (ROM)
Arithmetic and Logic Unit:
The unit carries out the necessary arithmetic operations on data while the logic unit makes reference and comprises data.
Summary, Conclusions and Recommendation
This chapter presents a summary of the entire study at the end of the exercise; conclusion, recommendation and suggestion for the further research are advanced.
The questionnaire for the study were designed and presented in two sections.
SECTION A: Question were or efficient, effective implementation and installation of computer in financial institutions.
SECTION B: Question was for the general performance of the financial activities. As a guide to investigation above, some research question and hypothesis were formulated and tested. Percentage (%) were used to analyse the following findings were obtained.
- It was found that computerization of financial institution activities has great impact on its general performance and its management. Example as seen in chapter four this exercise is believed to help a lot in the improvement of management policy and information system.
- Also, computerization helps to store information, to make decision, and hence increase in the overall income of the financial institution.
- Further, there has been little or no problem encountered due to computer usage in the organization. It has improved the relationship between staff and management.
The result of hypothesis 1 as obtained in chapter four indicates that computer is good to rely on. This implies that computer play a vital role in financial institution.
HYPOTHESIS 11: Result summarizes the positive impact of computerization on management policy, and shows that if financial institution activities are fully computerized the management of the organization will be smooth with little or no negative effect.
HYPOTHEIS 111: This result indicates that computerization help in storage, planning, decision making. This result in the general improvement of the financial institution.
In view of the result of this project and the problems affecting the use of computer, the researcher finds it necessary to state the following recommendations.
- FEASIBILITY STUDY: Before considering investment in computer, feasibility study should be undertaken, there is need for a change is established, and alternative solutions are outlined with detailed cost and benefit analysis. The aim is to find out who does the work, in what manner, where and what time.
- DEFINE OBJECTIVE: The objective of the financial institution should be defined. The objective of the assignment must be clearly established by management and must include any constraint with regards to the installation of computer. The need for carrying out this assignment will be investigate the need for the best method of purchasing hardware and software and to see whether they are easily imported or manufactured locally.
- SYSTEM DESIGN: It is a creative are of devising in part or in full, new method of processing data. The system design phase of a system project required the analysis design the following programmer’s files structure and provide for system security and back up procedures. Decides on which hardware and software to buy and to present the design for management’s approval. It is important to note here that good system design always hold good results.
- SYSTEM ANALYSIS: Another important consideration in computer investment is analysis. The aim is to make sure that every aspect is critically examined and that feasible alternative is virtually provided. The analysis is to stage between feasibility study and design. Detailed functional requirement specified.
- IMPLEMENTATION: This stage involves the co-ordinations and controlling of the step necessary to ensure the agreed design become operational system are teased (“people” and computer procedures) run news system paralleled with old ones to ensure errors correction.
- STAFF TRAINNING DEVELOPMENT: The operation of a large computer required several categories of staff. This includes computer operators, programmers, system designer’s analysis, maintenance engineers etc. This has to be taken care of before the installation of a computer also development facilities should be considered.
- MAINTENANCE AND REVIEW: From time to time, the requirements of the organization will and the system will have to be examined to see if it can cope with the changes maintenance consists of two main activities.
a. Changes to correct in the system
b. Changes to give the system additional facilities or to conform to government or organization regulation.
- INSTALLATION COST: Cost is very important in all financial institution ventures and computer installation is not left out before, installation and its alternative facilities, if the alternative facilities are available and cheaper. Computerization should be forgone. The easy availability of hardware and software and their cost should be taken note of this is because the installation of computer involves huge scale and running cost.
- UNEMPLOYMENT: Unemployment sometimes result from great reliance on the use of computer, organization should give incentive to people to do jobs which can easily be done manually. The organization should also send some of its staff abroad to do cornice and research o how to maintain computer their package and how to apply the machine in the organizational operation. This will go a long way to alleviate service problem and unemployment caused by computerization.
- To ensure constant and adequate power supply in computerization the organization should make a provision for high power stand by generator. The lack of appropriate and reliable telecommunication needed for linkage in the sharing computer can be remedied by the provision of a private communication or telephone communication.
As is has been explained above the main purpose of this research was to find out whether or not computerization is a role to financial institution. This was done with particular reference to Union Bank Plc. Ilorin, Kwara State.
It has been determine that computerization is good to rely on and has an impact its activities, help in information storage for decision making.
The success of computerization in financial institution (banks) depends on the maturity, dedication, honesty of people with fair, no errors and no fraudulent manipulative minds. In decision making, responsibilities lie with the computer experts, to see that public is informed both of the real good potential techniques and possible changer. It is worthwhile to note that it drains the coronary’s foreign exchange reserve due to importation of the machine spare parts, hardware and software, engineers and technicians. Unemployment and crimes, which are of concern to the public can be successfully, cancelled the huge success will be achieved in the computer.
Finally, investigation is advising that before any financial institution can introduce computer method in its operation, it should carry on a serious feasibility study. This will help in determining the cost and benefit of computerization and whether or not it is necessary.
5.4 Areas for Further Research
The need for computer user to seriously be involved in research is predicated on the assumption that if they do not poses research skills, they would be fated to become none discerning or unquestioning consumers of other research.
The following areas are outline by the researcher for further research.
- Computerization in Education
- Computer and Health
- Computer fraud and security in computer
- Computer-Aided design
- Computer as an aid of management information
- Computer managed instructions.
- Control of computer system in a financial institution
- The importance of computer in developing country
- The effect of computer in Auditing of organization accounts.
The Role Of Computer In Financial Institutions (A Case Study Of Union Bank Of Nigeria Plc)
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