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THE CONTRIBUTION OF INFORMATION TECHNOLOGY IN THE OPERATIONS OF BANKS IN
NIGERIA
CHAPTER ONE
1.1 BACKGROUND TO THE STUDY
Information technology has already
become the nervous system of banks the world wide. Banks all over the world
realized that only those that overhaul the whole of their payment and services
delivery systems and operations are likely to survive and prosper in this
global world of technology. This is due to the pressure of globalization,
consideration, deregulation and rapidly changing technology. In order to
properly place themselves in favourably
positions to be reckoned with in the new country, banks are making use
of information technology (IT).
They realized that the banking
industry requires more of electronic manipulation and shuffling of bits based
money and other banking transaction instead of paper. In order words,
paper-based transactions. Whether a bank would be successful or not, depends on
the total to which it is investing in IT and using IT in an innovative manner.
The reason for this is the fact that in
the future, banking transactions would
be conducted in a cyber space.
1.2 STATEMENT OF THE PROBLEM
Generally, the banking industry in
Nigeria has witnessed an unprecedented growth in the past decade. Banks have
expanded their branch networks at a very rapid rate and there are now far more
employees, larger customers and staff databases, more robust computer system
and generally high level of automation and computerization. In view of the
expansions, the followings are enumerate by the
researcher as the problems associated to the banks: -
a.
Lack
of integrated computer data base in the Nigerian banks.
b.
Failure
of banks to share ideas about new break though in IT world, they rather use it
as a competitive advantage.
c.
Incessant
downtimes experienced by most banks
d.
Too
much reliance on external consultants for the maintenance of the systems and
operations
1.3 OBJECTIVE OF THE STUDY
This work is aimed at analyzing THE
CONTRIBUTIONS OF INFORMATION TECHNOLOGY IN THE OPERATIONS OF BANKS IN NIGERIA
to compete favorably with the counterparts
across the world.
The research would serves as frontier
of knowledge to the bank staff, customers, investors and management about
future of banks in relations to the new information techniques which
facilitates the applications of banks products and services.
1.4 THE SCOPE OF THE STUDY
This research work focuses on the
problems and prospects of IT in the banking sub-sector of the economy. With
particular reference to First Bank of Nigeria Plc.
1.5 SIGNIFICANCE OF THE STUDY
The banking industry as an industry
that touches the life of everybody, if not as an employee, then as one that
benefits from its services. On the other hands, IT refers to the new technology
of gathering, storing, manipulating and transferring information.
This study will be of use to the
followings: -
It shall enable banks management to
know the variants of IT available that would increase the efficiency of online
real time banking operations.
Similarly, the research shall be of
importance to bank staff, is it will add to their knowledge and experience
about the prospect of applying new IT for to increase their productivity.
It shall also be of importance to the
existing and prospective shareholders by enabling them to know how well the bank is doing before investing their
wealth in it.
Lastly, the research shall provide
frontier for further research on the re-engineering of the industry with the
and of IT.
1.6 STATEMENT OF HYPOTHESIS
Hypothesis I
H1:
Application of IT is responsible for increase in productivity of FBN Plc.
Ho:
Application of IT is not responsible for increase in productivity of FBN Plc
Hypothesis II
H1:
Application of IT affects the profitability of the Bank
Ho:
Application of IT does not affects the profitability of the Bank
Hypothesis III
H1:
Information Technology application improve customers satisfaction of the Bank.
Ho:
Information Technology application does not improve customers satisfaction of
the Bank.
1.7 PLAN OF THE STUDY
This
project work is divided into five chapters.
Chapter one deals with background to the study, statement of the
problems, objective of the study,
significance of the study, scope of the
study and definition of terms.
Chapter two is dedicated to
literature review. It covers the legislations of banks, origin of bank in
Nigeria, problem of IT in Nigerian bank and prospects of IT in the future
of banks in Nigeria.
Chapter three deals with the research
methodology, it discusses sources of data, method of data collections research
methods, techniques of data analysis and
justification of the method use.
Chapter four looks into the history
of first bank of Nigeria Plc. the chapter further presents, analyses and
interprets data collected for the study.
Chapter five covers summary,
conclusion, recommendation, limitation of the study and areas for further
study.
1.8 DEFINITIONS OF TERMS
- Information
technology: Is the
study or use of electronic process for storing
information and making it
available.
- Information:
it consists of data that have been retrieved, processed, interpreted and understood by the end user.
- Internet:
Is a computer system
that allows millions of computer users around the world to exchange
information.
- Automated
teller machines (ATM: These are electronic terminals that allow banking almost
anytime, to withdraw cash, make deposits or transfer cash/funds between
accounts, of payment of utility bill and purchase of recharge cards.
- Smart of Cards: small sized pieces of
plastic devices (measuring 85.6m x 53.98 x 0.76mm) with embedded integrated
circuit and used as payment instruments for numerous financial schemes.
- E-Banking: Refers to trading
electronically over electronic network through the network.
- Networking:
A communication between individual computer systems which otherwise maintain a
degree of autonomy.
- Online
banking: This allows the access of the bank’s web, it gives room for
transfers from one account to another
and access the states of customers accounts from their door step.
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