ABSTRACT
Some of the tropical issues
posing serious problems in both the private and sector are advances in
technology. The sector that has been most radically affected is the financial
sector. This information technology has become a critically business resource because
its absence could result in poor decision and ultimately business failure. In
this regard, the researcher intends to find out the impact of information
technology on the growth and development of banking industry in Nigeria. The
work paid attention to the concept of information technology, history of
information technology, evolution of Nigerian banking industry, banking
operations in Nigeria, application of information technology in Nigerian
banking industry, the role of information technology in Nigerian banking
industry, and the problems and challenges of information technology in Nigerian
banking industry. The study examined the performance of the big three (3)
commercial banks in Nigeria that adopts information technology in their banking
operations. The researcher concluded that the introduction of information
technology in Nigerian banking industry has immensely developed our banking
sector.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Information
to a modern organization is a resource that is parallel in importance to land,
labour and capital. It is a very vital and priceless resource. For centuries,
man has tried to collate, store, process and retrieve information, and most
importantly distribute or communicate it via the fastest means. It follows,
therefore that man has tried various ways and methods to record and disseminate
information in his attempt to proffer solutions to competing tasks over the
centuries. Information therefore, is data that have been processed into meaningful
and usable form, and it contains knowledge that reduces uncertainty in a
particular situation (Senn, 1999). A powerful force drives the world towards a
converging commonality, and that force is technology (Levitt, 1992). From the
beginning of the world technology has being one of the most essential and
important factors for the development of mankind (Coombs et al, 1987). During
the last two hundred years, technology
changes have often been related ‘to economic growth in the form of new types of
goods and services.
However,
information technology is a term which • generally covers the harnessing of
electronic technology for the information needs of businesses at all levels. It
Is a computer-based system as well as telecommunication technology for storage,
processing, and dissemination of information, (Princhard and Cole 1997). It is
no longer news that we are now in information age that is revolution and an
information superhighway on which every corporate entity and profession must
adopt if it is to survive in the 2 N century. The world of business and
governance in the information age is further complicated by such concept such
as democratization, competition, deregulation, privatization,
commercialization, liberalization, internalization and computerization. This
makes it impossible for an organization or country to survive and grow without
information technology.
Today’s
business environment is very dynamic and undergoes rapid changes as a result of
technological innovations, increased awareness and demands from customers.
Business organizations, especially the banking sector of the 21st century
operates in a complex and competitive environment characterized by these
changing conditions and highly unpredictable economic climate. Laudon and
laudon, (1991), contend that managers cannot ignore information technology it
because R plays a critical role in the advancement of contemporary
organization.
The
adoption of information technology concepts, techniques, policies and implementation
strategies to banking services has become a subject of fundamental importance
and concerns to all banks. This is owing to the fact that it is a prerequisite
for local and global competitiveness. Information technology has directly
influence the products and services that are offered in the banking industry.
It has continued to change the way banks and their corporate relationship are
organized worldwide and the variety of innovative devices available to enhance the speed
and quality of service delivery. The banking industry in Nigeria has witnessed
tremendous changes linked with the developments in information technology over
the years. The quest for survival, global relevance, maintenance of existing
market share and sustainable development has made exploitation of the many
advantages of information technology through the use of automated devices
imperative in the banking industry. It is against this backdrop that this study
seeks to examine the impact of information technology on the growth and
development of banking industry in Nigeria with particular reference to United
Bank for Africa plc, (UBA), First Bank of Nigeria plc (FBN), and Zenith Bank
Nigeria plc.
1.2 STATEMENT OF PROBLEM
The
Nigerian banking industry is characterized by high degree of inefficiency and
ineffectiveness. Banks in Nigeria render substandard and non-qualitative
services to their customers, and their delivery systems are antiquated and
poor. Many banks in Nigeria have failed and liquidated as fraud and related financial
crimes is being committed daily in our banks and financial institutions. This
is owing to the fact that our banks still depend on ledger card and branch
local network banking transactions when banking transactions is now do it
yourself affairs in the advanced countries through network and online service
provider.
Also,
accurate records are not maintained in most of our banks, and prompt and fair
attention is not granted to customers. All these lapses and deficiencies has
accounted for the underdevelopment that is being experienced in our banking
sector. And this has made it difficult for the Nigerian banking sec1or to
withstand global competition from other banks in developed nations. The problem
arises as to how information technology can be applb to banking operations in
order to develop and improve the Nigerian banking industry.....
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Item Type: Project Material | Attribute: 57 pages | Chapters: 1-5
Format: MS Word | Price: N3,000 | Delivery: Within 30Mins.
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