This project work is concerned with the use of the internet in banking operations, a case study of Union Bank of Nigeria PLC, Enugu.
The internet in its ever evolving state, is becoming a serious method of business communication and data transfer world wide. As such banks and other financial institutions are beginning to use the internet as new vehicle for doing business.
The internet allows banks to offer both new services and level of convenience for existing services and allowing the consumers and customer to internet from any computer capable of making appropriate connections.
The technological developments have made most banks and other financial institutions to be more responsive to change and it is imperative to adopt the latest technology in order to maintain operational efficiency as a means of warding off competitive threat, to increase speed of transaction, improvement of customers convenience by reducing barriers to entry into payment systems and retail banking.
The greatest innovation that has taken place in the twentieth century is in the realm of information Technology. This is currently made possible by the introduction of the digital computers. Which has been observed in the field of communication to be increasingly inseparable from communications. This linkages often referred to as convergence is driven by Technology and amplified by business trends the technology and business. Faster growth in network systems that use communication links to connect subsidiary system (nodes) which may send, receives, direct and redirect information to , fro, send and receiver.
Taking of the internet a couple of years ago would have sound like a fairytale but today the internet is pervasive in almost every field of human endeavour changing the fundamentals of how we conduct national as well as international businesses. Few years of its existence, the internet has shown that it can deliver the long sought after goal of electronic commerce.
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