ABSTRACT
This study is intended to evaluate the impact of information technology in the banking industry. Information technology includes any communication devices such as telephone i.e cellular phone television computer and network hardware and software satellite system and so on as well as video conferencing and distance learning. Information technology such as on line banking and relationship marketing are increasingly important. In the banking industry they use information technology channels to interest with their financial services provider and this interaction affects the relationship quality between the customers and the financial services providers. Any banking industry that did not exhibition an information technology gap have more positive perceptions with their financial services provides. Information technology which deal with the roles and impact it plays on the banking industry has improved the economy. The objectives of the study includes to find out the major cause of information technology in the banking industry do find out whether the information technology is efficient or not to recommend solution based on the findings and to know whether it perform belong expectation. Methodology used in collecting data include only primary and secondary sources of data. From the data collected the researcher will find out whether the information technology has improved the services renders or not the researcher will also worked on the problem of information technology and solution to the problem. Finally she will show how information technology has improved their services in the banking industry.
TABLE OF CONTENT
1.0 Introduction
2.0 Literature review
3.1 Research design
5.1 Summary of finding
References
Appendices
CHAPTER ONE
Banking services in Nigeria dates as far back as 1892 when the African banking co-operation was established. In 1894 the banks were amalgamated by British bank of west Africa. Latter it was established in Nigeria. It is this same British bank of west Africa (B.B.W.A) that has grown in dimension and dynamism changing its organizational name relatively to such sources of change and following government directives. It grown the British bank for Africa to Standard Bank of Nigeria (S.B.N) and currently now is known and called the First Bank of Nigeria (F.B.N) PLC
One is tempted to think sometimes that the new name of the bank symbolized the chronological position it occupies in the banking industry in Nigeria.
First Bank is the bank that came before all other banks and it is one of the banks in Nigeria that have introduced the use of information technology into its bank.
This study is an attempt to study the significance of information technology in the banking industry and particularly its effect on the performance of banks.
Essentially the problem evident in this research stems from the fact that the use of information technology was expected to reduce the length of time spent by customers before being served in the bank. But the fact is that customers still spend a lot of time in the banking hall despite the use of information technology like computer.
The quality of the banks account records accuracy completeness and validity of information available form the bank and internal control system of most of the banks are in complete disarray.
Summarily banking services seem not to have changed for better despite the use of all information technology system in the banking industry some facilities online system are not practiced at all in most Nigeria banks. Other services practiced on developed countries banks like cash dispensing services automatic tellers video home banking data base online system of computing and micro computers are found in banks at USA Europe Japan etc. in order to keep with sophistication of their customers.
It is necessary to state the primary objectives of the research having stated the problems in information technology and economic objectives that they are expected in the banking industry.
They are as follows
The researcher study is limited to the first bank of Nigeria Plc Okpara Avenue branch were actual information technology of some banking services has been introduced.
The research would be carried out through case study which will be more realistic than a survey. A survey was however found out to encompass the whole banking industry in Nigeria but a case study would be more realistic one for the purpose of the work.
This also limits the work to first bank of Nigeria Plc. Although the research tries as much as possible to get the general view on the information technology in banking industry but this work laid emphasis on the significance of information technology on the banking industry which was the purpose of the work.
Since information technologies have been found to play a major role in increasing the efficiency of banking services in the various industries or firms including banking industry the research into the significance of information technology in the banking industry becomes important.
This is necessary because it would give very good understanding of what information technology is all about and their contribution to increases efficiency in our banking system.
One of the most promising significance of this study is that several banks today are using neural network programs to detect credit fraud. Also it is being used by some leading investment bank to track stock price pattern and predict their movements. Information technology in banking sector has made it possible for home banking smart phones with screen built in moderns and programmable micro-processors to enable the customers access a verity of financial services from home.
Information technology in banking industry has made possible for the use of electronic funds transfer at point of sales with pay-now-buy-later and credit cards had “buy-now-pay-later.
Electronic funds transfer at point of sale (EFPOS) Signify buy-now-pay-now” and even without cash transaction if the user present her automated tellers machine card when she buyers goods and electronic funds transfer at point of sale system will immediately debts her bank account.
Through the use of smart card the processor type smart cards with in built integrated circuit or micro-chips offers a wide range of transaction opportunities in the banking industry with the helps of information technology.
Information technology in banking sector has help through electronic data interchange (EDI) this is typically denotes paperless financial transactions across the location. Electronic data interchange (EDI) is fast becoming the standard for inter-company transaction. Electronic data interchange (EDI) is an example of the almost complete automation of an e-commerce supply chain process. Electronic data inerter change (EDI) is still a popular data transmission format among major trading partners primary to automate repetitive transactions
Electronic fund transfer these are major from of electronic commerce system in banking and relating industries electronic funds transfer system use a variety of information technology to capture
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