ABSTRACT
This research was carried out to examine “electronic
banking and the challenges of Nigeria business environment using first bank of
Nigeria plc, Auchi as a case study. A general introduction was made and some
aims and objectives of the study were stated. Issue also examined were
background of the organization understudy. Literature relevant to the study was
examined and some relevant terms were discussed. Also consider the instruction
used in the collection of data on this research work, in conduction this
research, information were both primary and secondary source of information.
Textbook, journals, and other publication relating to the topic were consulted.
The research hypothesis was tested. It was therefore recommended that
management staff should be trained and enlightened on the electronic banking
and this will go a long way to eradicate ignorance on the part of some management
staff on the values of banking and this enhance effective and efficient
business environment, which will eventually lead to the achievement of
organizational goals.
TABLE
OF CONTENTS
Title page
Certification --- --- --- --- --- ---- --- --- --- i
Dedication --- --- --- --- --- ---- --- --- --- ii
Acknowledgement --- --- --- --- --- ---- --- iii
Table of Contents --- --- --- --- --- ---- --- --- v
Abstract --- --- --- --- --- ---- --- --- --- viii
CHAPTER ONE: INTRODUCTION
1.1
Background to the Study --- --- --- --- --- --- 1
1.2
Statement of the Problem --- --- --- --- --- --- 2
1.3
Research Questions --- --- --- --- --- --- --- 3
1.4
Objective of the Study--- --- --- --- ---- --- --- --- 4
1.5
Statement of Hypotheses --- --- --- --- ---- --- --- 5
1.6
Scope of the Study--- --- --- --- ---- --- --- --- 5
1.7
Signifiances of the Study--- --- --- --- ---- --- --- 5
1.8
Operational Definition of Terms --- --- --- --- ---- --- 6
CHAPTER TWO: LITERATURE
REVIEW
2.1 Banking --- --- --- --- --- --- --- --- --- --- 7
2.2 Electronic Banking --- --- --- --- --- --- --- 10
2.3 Current Banking Situation in Nigeria --- --- --- --- --- 12
2.4 Government Polices --- --- --- --- --- --- --- --- 16
2.5 E-Readiness --- --- --- --- --- --- --- --- --- 17
2.6 Electronic Banking and the Common Banking
Products --- --- 18
2.7 Threat of Cyber Crimes on the Nigeria
Banking --- --- --- 22
2.8 Electronic Banking Profitability and
Efficiency --- --- --- 24
2.9 Bank Customer Relationship --- --- --- --- --- --- 24
2.10 Operation of Financial Institution --- --- --- --- --- --- 25
CHAPTER THREE: RESEARCH
METHOD
3.1 Research Design --- --- --- --- ---- --- --- --- 26
3.2 Population of the Study --- --- --- --- ---- --- --- 26
3.3 Sample/Sampling Techniques --- --- --- --- --- --- 26
3.4 Sources of Data --- --- --- --- --- --- --- --- 27
3.5 Method of Data Analysis --- --- --- --- --- --- --- 27
CHAPTER
FOUR: DATA PRESENTATION ANALYSIS AND
INTERPRETATION
4.1 Data Presentation --- --- --- --- --- --- --- --- 28
4.2 Data Analysis --- --- --- --- --- --- --- --- --- 31
4.3 Test
of Hypotheses --- --- --- --- --- --- --- --- 36
CHAPTER
FIVE: SUMMARY CONCLUSION AND RECOMMENDATIONS
5.1
Summary --- --- --- --- --- --- --- --- --- 39
5.2 Conclusion --- --- --- --- --- --- --- --- ---
40
5.3 Recommendations --- --- --- --- --- --- --- --- 40
References
Appendix
CHAPTER
ONE
INTRODUCTION
1.1 Background to the Study
Modern banks now realized that only those
that over haul their payment service delivery and operations are likely to
survive and prosper in the 21st century (Opara 2010). This was due
to pressure of globalization, consolidation, privatization deregulation, and
rapidly changing technology in order to properly place themselves in favourable
positions for completions and to be one of those corporations to be run with in
the new century. Banks are making use of internet to execute mobile banking,
this developed from bringing personal computers (PCs) together to form local
and wide Area Network (LAN and WAN) through clients/server technology.
Many banks have installed modern computer
inter-connectivity backbone that would enable them achieve communication of
data and multimedia over internet, intranets and extranet. They also realized
that they have to achieve not only management staff wide computer literacy but
what could be called information literacy i.e knowing how to locate, analyze,
store and use information. All staff and managers in a modern bank need to be
able to search and gather data from several types of sources, analyze them,
select relevant ones and organized them in such a manner to allow them make
decisions based on the organized data.
Banks of the future realizes that the
banking of tomorrow requires more of electronic manipulation and shuffling of
bits-based money and other banking transactions instead of paper. In order
words, paper based transaction e.g the internet. Whether a back would be
successfully or not depends on the extent to which it is investing and using it
in an innovation manner. This area has been tip to more competitive ground for
banks that are operating in the post-consolidation era.
1.2 Statement of the Problem
Electronic banking is a driving force that
is changing the landscape of the banking industry fundamentally towards a more
competitive industry. Electronic banking has blurred the boundaries between
different financial institutions, enable new financial and services by making
existing financial services available in different packages. (Agbada 2008).
However, the influence of electronic banking go far beyond this. Besides, the
existing business environment also
posses some challenges to the smooth operations of electronic banking in
Nigeria. Some of the operational challenges include epileptic power supply,
dominance of cash transaction in the economy, low level of awareness among
Nigerians etc (Agbada, 2008).
The development in electronic banking
together with other financial innovation, are constantly bringing new
challenges to finance theory and challenging people’s understanding of the
financial system. It is not surprising that in the application of electronic
banking in Nigeria, the financial institution have to face its problems.
Communication over the internet are insecure and often congested. The financial
institutions would also have to contend with other internet challenges
including security, quality of service and some aberrations in electronic
finance (Guardian Newspaper, 2001).
1.3 Research Questions
The study would
provide answers to the following questions.
1
Does Electronic Banking contribute to the
efficiency and reliability of banks and banking?
2
Does Electronic Banking improves bank
customer’s relationship and retains them to their respective banks?
3
To what extent would Electronic Banking
improve the fortune of banks?
4
What are the results of frequent changes
and up-grading of information technology equipments on the banks profitability?
5
Should all Banks in Nigeria ventures into
electronic banking services rather than continuing with traditional banking?
1.4 Objectives of the Study
Some of the objectives which this research
work aims to achieve are as follows:
1. To
evaluate the prospects of electronic banking in Nigeria banking industry and
financial institutions.
2. To
evaluate the impact of electronic banking on operation of financial
institutions in the country.
3. To
examine the effect of electronic on banking-customer relationship.
4. To
seek to examine the challenges facing the implementation of electronic banking
in Nigeria.
5. To
examine the general international experience on the study.
1.5 Statement of Hypotheses
(1)
There are no challenges of electronic banking system in Nigeria.
(2)
Electronic banking does not enhance bank profitability and efficiency.
1.6 Scope of the Study
In pursuance of the objectives of the
study, attention shall be focused on electronic banking among other electronic
commerce implementation. In other to conduct an empirical investigation into
the adoption of electronic banking in Nigeria, this study shall examine the
nature of electronic banking operations in First Bank of Nigeria PLC.
1.7 Significance of the Study
The study is significance because it would
help to enlighten operation in the banking sector and other concerned
individuals and organization in the adoption of electronic banking. The
research shall basically identify the technical and operational challenges
facing electronic banking in Nigeria business environment and suggests ways by
which they could be tackled.
1.8 Operational Definition of Terms
Electronic
Banking: Electronic banking can be defined as the process of
performing various business activities for product and services in which two
parties interact with each other by electronic means instead of interacting or
having physical contact.
Banking: Banking can be defined as
the business activity of accepting and safeguarding money owned by other
individuals and entities and them lending out this money in order to earn a
profit.
Business:
Business also known as an
enterprise or a firm, is an organization involved in the trade of goods,
services or both to consumer in order to earn a living.
Business
Environment: Business
environment can be defined as the different forces or surrounding that affect
business operations. Such forces include customers, competitors, supplier,
distributors, regulations, demographic, government, social and cultural factors
e.t.c
Challenges:
Challenges
can be refers to as something that need a lot of skills, energy and
determination to deal with or achieve especially something you have never done
before and will enjoy doing.
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