ABSTRACT
The major purpose of this research work is based on the impact of
improved information technology in the Nigerian banking system. Since banks are
trying to use improved technology to enhance their products and services
delivery, the study will carry out enthusiastic review of available/existing
related issues in which the mean, nature and impact with suggested
recommendations will be included, in order to drive an overview of the subject
matter under consideration.
The research will also discover several important problems of
e-banking and the perception of the public and its impact.
The recommendations offered by the research as
solution to the observed problem are also included.
TABLE OF CONTENTS
CHAPTER ONE
1.1 INTRODUCTION/ BACKGROUND
1.2 STATEMENT
OF RESEARCH PROBLEM
1.3 PURPOSE
OF THE STUDY
1.4 SIGNIFICANCE OF THE STUDY
1.5 SCOPE AND LIMITATION OF THE STUDY
1.6 RESEARCH
QUESTIONS
1.7 RESEARCH
HYPOTHESIS
CHAPTER
TWO
LITERATURE REVIEW
2.0. HISTORICAL BACKGROUND
2.1 TECHNOLOGY
AND TRENDS IN BANKING SERVICES
2.2 ELECTRONIC BANKING AND THE COMMON BANKING PRODUCTS
2.3 TELEPHONE
AND PC BANKING PRODUCTS
2.4 THE
CARD SYSTEM
2.5 THE AUTOMATED TELLER MACHINE (ATM)
2.6 CHEQUEING
2.7 CHECK
AND BANK TRANSFERS
2.8 PAYMENT AND SETTLEMENT SYSTEMS USED IN ELECTRONIC BANKING
2.9 BANKING SECTOR RESFORMS IN NIGERIA
CHAPTER THREE
3.0 RESEARCH METHODOLOGY
3.1
RESEARCH DESIGN
3.2
RESEARCH POPULATION
3.3
SAMPLE SIZE AND SAMPLING TECHNIQUES
3.4
INSTRUMENT FOR DATA COLLECTION
3.5
METHOD OF DATA ANALYSIS
3.6
ADMINISTRATION
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
4.1
INTRODUCTION
4.2
ANALYSIS OF RESULT REPRESENTED
4.3
ANALYSIS FROM THE QUESTIONNAIRE
4.5
IMPACT OF E-BANKING ON SOME SPECIFIC BANKING
OPERATIONS
4.6
RELEVANCE/ACCEPTANCE OF E-BANKING ON BANKING
OPERATIONS
4.7
PROBLEMS FACING ELECTRONIC BANKING SYSTEMS
4.8
CUSTOMERS PERCEPTION AND ACCEPTANCE OF E-BANKING
4.8 TESTING
OF HYPOTHESIS
CHAPTER FIVE
5.0 SUMMARY, RECOMMENDATION AND CONCLUSION
5.1 SUMMARY
5.2 RECOMMENDATION
5.3 CONCLUSION
REFERENCES
APPENDIX
CHAPTER ONE
1.1 INTRODUCTION/ BACKGROUND
Recently, banks’ services have shifted from
the old situation and lender of money to the high technology as intensive
competition has thrown so many banks of the line.
In many
countries, the financial system in general and the banking sector in
particular, are passing through a period of serious and substantial structural
changes. All these are made possible under the combined impact of internal
competition, constant changes in statutory regulation, new information trading
and delivery technology, global competition pressures, fast evolving strategic
objectives of banks and their existing and potential customers.
It is imperative
that all banks all over the world are currently facing formidable challenges
and thus losing some of their past monopolized and comparative advantages,
which hitherto had consolidated their position in the financial system. The
delivery channels include telephone, personal computers, and electronic system
like automated teller machine (ATM), first introduced in Nigeria by Societe
Generale Bank with the popularity of PC’s easy access to the internet and World
Wide Web (WWW), internet is increasingly used by banks as a channel of
delivering their products and services to customers.
DEFINITION OF TERMS
Some of the
terminologies used in this research work are defined below:
TRADITIONAL BANKING
Traditional banking
is the banking system which makes use of tally numbers and when you have to
spend almost the whole day in the bank to withdraw money.
During the era
of traditional banking one has to travel long distance to access account
balances and you move around with high volume of cash since banks then were not
online.
Between 1982 and
1986, there was an unprecedented boom in the banking industry hence, many
non-banking financial institutions and finance houses surfaced as a result of
government deregulation policy. In line with this the managing director/chief
executive of FSB International bank plc observed that since 1986 government has
licensed more new banks than at any period in the nation’s financial history.
Between 1982 and
1992, a total of 79 new commercial and merchant banks, with about 1068 branches
open for business. Thus at the end of 1992, the total number of bank branches
increased from 1323 in 1985 to 2391 at the end of 1992. Sequel to the high
level of competition that acme in the wake of rapid expansion in the industry,
many banks introduced automation in order to attract customers and to service
the high competition. It became glaring that with automation the old generation
banks were given stiff competition even though some customers still kept to
their services (the journal of banking and finance, 1998).
CURRENT TRENDS IN BANKING
Gradually, banks
started introducing new technologies into their services; hence the old method
of transaction has become obsolete. Babatunde Roger, the managing director of
Gulf Bank in a news magazine once declared that the banking industry in the
world is electronic driven now. That if you want to stay abreast of latest
development and give the best of service, you have to invest in technology. The
whole world is embracing the internet and ideally this is where the future is.
ELECTRONIC BANKING
In mid-1990, the
world was literally introduced to several new words that begin with an “e”
followed by a “hyphen”. The “e”- prefix which is the shortening of the word electronic,
has spread to many areas of human enterprise as they emerge on the internet.
Today, the “e”-
prefix appears to be embedded in almost all conventional key words, from
e-stamp to e-mail and from tallying to e-banking. The process of electronic banking
involves digitalized signature and passport into the computer for easier
verification, alongside the automated operations.
DEFINITION:
Electronic
banking is a computer program that ensures that services rendered to customers
are exciting and efficient and hence allows for enhancement of productivity in
the banking industry in this electronic age.
FEATURES OF
ELECTRONIC BANKING
HOME BANKING:
This is simply
banking through the computer or PC. It allows banking operations right from the
individual personal computer without necessarily going to the bank. A customer
can check his/her account; receive cleared checks and interest rate on deposits
as well as transfer funds among accounts just with the personal computer and
the telephone line.
CREDIT CARDS:
Electronic banking has equally led to the
use of credit cards rather than carrying cash all around, thus reducing the
risk of transferring cash from one place to another.
ELECTRONIC FUNDS
TRANSFER:
With the
internet around, funds are transferred here and there, all over the world in
matter of seconds. Some Nigerian Banks have capitalized on this feature and it
is helping them to remain afloat. This system has been domesticated locally
enabling cash transfer from one city to another. The importance of customers
confidence cannot be overemphasizes in modern banking. Modern day bankers are
quite different in their outlook, sharper, well educated, well trained,
superbly equipped, frank and possess more authority that enable them take
decision faster and communicate with their customer without wasting time.
However, some
customers are still reserved about transacting business with modern bankers as
they are too smart and fast and as such can be dubious. The old customers are
mostly used to the old system bankers and prefer to use them than risking their
investment into transaction with modern banks.
This
apprehension by customers is not helped by the series of the so called “Wonder
Banks” who have offered marvelous rates for deposits from customers thereby
finding it difficult to pay back when depositors demand for their money. Such
wonder banks where eventually thrown out of business.
1.2 STATEMENT OF RESEARCH PROBLEM
Given the
dynamic nature of banking system in Nigeria, this study tends to
acknowledge the impact of improved information technology on the quality of
banking system with a view to proving the new system being better or otherwise
to the old.
1.3 PURPOSE OF THE STUDY
The study
intends to find out the impact of electronic banking against traditional
banking on banking operations in Nigeria.
To determine
customer patronage in e-banking system in Nigeria.
1.4 SIGNIFICANCE OF THE STUDY
This study will contribute to knowledge in
various ways. It will provide answers to factor militating against the implementation
of e-banking in Nigeria.
It will also
prove beyond reasonable doubt that success and growth are associated with
implementation of e-banking.
1.5 SCOPE AND LIMITATION OF THE STUDY
The scope of the
research will be centered on the period of introduction of information
technology in banking system and its effect on banks generally.
The limiting
factor will be the time given by the institutions authority for the study which
would not allow for an in-depth coverage of all the variables, in line with the
topic and collection of such variables. Also management strategies of banks are
strictly confidential.
1.6 RESEARCH QUESTIONS
The following
research questions are posed for the study and answers will provide a guide for
the progress of the study.
1.
What is
e-banking?
2.
How do bankers
perceive e-banking technology?
3.
What are the
problems militating against e-banking technology?
4.
What is the
relevance of e-banking to the Nigerian banking industry?
5.
What do
customers feel about e-banking?
1.7 RESEARCH HYPOTHESIS
The understated
hypothesis will be tested in the study:
H0 -
There is a relationship between electronic banking and improved service delivery in the Nigerian banking system.
H1 -
There is no relationship between electronic banking and improved service delivery in the Nigerian banking system.
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