ABSTRACT
As information technology is the modern trend in banking today it is
very imperative for bank to access it’s impact operational performance so as to
justify if the hunger capital invested on it is justifiable or not, analyse
their problems and proffer possible solutions. The objective of this study is
to identify how the introduction of information and communication technology
has influenced bank performance in terms of effectiveness, efficiency,
competitiveness, customers base and globalization of bank. The main research
instrument used one questionnaire and personal interview for staff of the
banks. In conclusion, the study revealed that information technology has
tremendously improved the growth of the bank and performance of the bank of
Guaranty Trust Bank. Information technology has lead to increase customers
satisfaction improved operational efficiency, reduce transaction time, gives
the banks competitive edge, reduced the running cost and ushered in swift
response in services delivery. The research recommended that government should
accurate actions that will create an enabling environment for growth in the
banking sector, lower tariff on information technology, tool and equipment
should be subsidize and also partner with multinational companies abroad to
supply equipment. All banks should utilize information communication technology
to render services, the regulatory agencies should upgrade their information
technology constantly to align with the rapidly developing private sector
banking pace, the government should be to encourage local information
technology forms and companies towards meeting up with the 21st
canting standard.
TABLE OF CONTENTS
Title page - - - - - - - - - - i
Declaration page - - - - - - - - - ii
Approval page - - - - - - - - - iii
Dedication - - - - - - - - - - iv
Acknowledgement - - - - - - - - - v
Abstract - - - - - - - - - - vi
Table of content - - - - - - - - - vi
CHAPTER ONE
INTRODUCTION
1.1
Background
of the study - - - - - - - 1
1.2
Statement
of the problem - - - - - - - 4
1.3
Objectives
of the study - - - - - - - 5
1.4
Significance
of the study - - - - - - - 6
1.5
Research
question - - - - - - - - 7
1.6
Scope
of the study - - - - - - - - 8
1.7
Limitation
of the study - - - - - - - 9
CHAPTER TWO
LITERATURE REVIEW
2.1 Introduction - - - - - - - - - 10
2.2 Concept
of Information and Communication Technology - - 10
2.3 The Concept of
ICT and a Perspective of Nigerian Banks - - 14
2.4 ICT and Nigerian
Banking Sector - - - - - 17
2.5 Information
technology and IT innovations in banking sector - 21
2.6 Impacts of ICT in
banking industry - - - - - 25
2.7
Globalisation, Information Technology and
Nigerian Commercial
Bank
- - - - - - - - - - 31
2.8
Benefits of applying Information Technology. - - - 33
2.9
Challenges facing the application of Information
Technology in
Nigerian banks.- - - - - - - - - 37
CHAPTER THREE
RESEARCH METHODOLOGY
3.1
Introduction - - - - - - - - - 42
3.2
Research
deign - - - - - - - - 42
3.3
Area
of study - - - - - - - - 42
3.4
Population
of study - - - - - - - 43
3.5
Sample
size and sampling technique - - - - - 43
3.6
Instrument
of data collection- - - - - - - 43
3.7
Validity
of instrument - - - - - - - 43
3.8
Reliability
of instrument - - - - - - - 44
3.9
Method
of data collection - - - - - - 44
3.10 Method of data analysis - - - - - - - 44
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1
Introduction - - - - - - - - - 47
4.2
Characteristics
of respondents - - - - - - 47
4.3
Data
presentation and analysis - - - - - - 50
4.4
Summary
discussion of findings - - - - - 57
4.5
Discussion
of Findings - - - - - - - 59
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1
Summary - - - - - - - - - 61
5.2
Conclusion - - - - - - - - - 62
5.3
Recommendation - - - - - - - - 65
Bibliography - - - - - - - - 67
Appendix
CHAPTER
ONE
INTRODUCTION
1.1 Background of the Study
Today’s business environment is very dynamic and undergoes rapid
changes as a result of technological innovation, increased awareness and
demands from customers. Business organizations, especially the banking industry
of the 21st century operates in a complex and competitive environment
characterized by these changing conditions and highly unpredictable economic climate.
in contemporary time the banking system has witnessed a lot of innovation and
development in the area of introduction Automated Teller Machine (ATM),
telephone banking, internet banking, branch networking, interbank fund transfer
and the most recent of all which is now a fad in the banking industry which is
the Cashless attention which tend to reduce the amount of money in circulation
in the economy.
Information and Communication Technology (ICT) is at the forefront
of these global changes. the question now arises ”what is information
communication technology”, information can be referred to as processed data or
output i.e. any development or action that is meant to be worked upon effects
decisions .Irechukwu (2010).
Communication can be said to be the means or methods of getting
information past from one location to another. i.e. a method through which relationship
are established, extended and maintained
through a predefined codes. Elizabeth N. et el(2009)
Technology is said to be the process of using state of the art
equipment
To perform operations efficiently and effectively Laudon and
Laudon, (2009).
Information communication technology (ICT) is acquisition,
processing, storing and dissemination of vocal, pictorial, textual and
numerical information by microeconomic base combination of computing and telecommunication
(Macmillan et al 2010).
Grossman G. and E Helpman 2009, ascert that information
communication technology (ICT) stresses the role of unified communication
technology and integration of communication (telephone lines and wireless signals)
computer middle ware as well as software, storage and visual system which
enable users to create ,access ,store, transmit and manipulate information. Laudon and Laudon, (2009).contend that
managers cannot ignore Information Systems because they play a vital role in
contemporary organization. They point out that the entire cash flow of most
fortune 500 companies is linked to Information System.
The application of information and communication technology
concepts, techniques, policies and implementation strategies to banking
services has become a subject of fundamental importance and concerns to all
banks and indeed a prerequisite for local and global competitiveness. ICT
directly affects how managers decide, how they plan and what products and
services are offered in the banking industry. It has continued to change the
way banks and their corporate relationships are organized worldwide and the
variety of innovative devices available to enhance the speed and quality of
service delivery.
Harold and Jeff (2008) contend that financial service providers should
modify their traditional operating practices to remain viable in the 2000s and
the decades that follow. They claim that the most significant shortcoming in
the banking industry today is a wide spread failure on the part of senior
management in banks to grasp the importance of technology and incorporate it
into their strategic plans accordingly. Woherem (2010) claimed that only banks
that overhaul the whole of their payment and delivery systems and apply ICT to
their operations are likely to survive and prosper in the future . He advices
banks to re-examine their service and delivery systems in order to properly
position them within the framework of the dictates of the dynamism of
information and communication technology. The banking industry in Nigeria has witnessed
tremendous changes linked with the developments in ICT over the years.
The quest for survival, global relevance, maintenance of existing
market share and sustainable development has made exploitation of the many
advantages of ICT through the use of automated devices imperative in the
industry. This study evaluates the response of Nigerian banks to this new trend
and examines the extent to which they have adopted innovative technologies in
their operations and the resultant effects.
1.2 Statement of the Problem
The
advent of information and communication technology on the performanceof the United
Bank For Africa among other sectors has brought about several noticeable
developments but at the same time, it brings about its attendant problems. There
is the problem of banks unable to strictly comply with the mission statement
/corporate mission. With information technology, some bank management does not adequately
plan to meet the services quality. For example, the required number of
customers to be attended to by a cashier within the daily working hours to guide against long queues is
neglected- this causes delay in service delivery time leading to long queues in
the banking hall.
Another problem is the high incidence of bank fraud
borne information technology. This fraud ranges
from ATM card fraud, internet banking fraud, email and text message fraud, fund transfer to untraceable offshore
accounts, among others.
1.3
Objectives
of the Study
1.
To identify how the introduction of
information and communication technology has influenced bank performances.
2.
To find out the reason why banks nowadays
have to abandon the former ways of operations to modern banking.
3.
To investigate into the extent of
effectiveness and efficiency in banking sectors after the introduction of information technology.
4.
To access how information technology helps
in the reduction of cost and benefit in increasing the revenue profit of the
bank.
5.
To access how information technology has
affected the customer base of the banks.
1.4 Significance of the study
The banking system is required as a catalyst for a
rapid macro-economic development of other sectors of the economy; hence, its
stability should be the priority of the government most especially during the
democratic dispensation. Going by the recent distress in banking industry in
Nigeria, the level of public confidence in the sector has dwindled and this has
led to the instability syndrome in the sector and as such the public assurance
and confidence on efficiency in the private sector in decaying.
The major cause of this syndrome can be attributed to
the problems inherited in the banks operational system. The quest for
globalization and commercialization has brought about innovations in
technology. The digital age and the potential threat posed by non-traditional
competition which necessitates innovation has made it inevitable for Nigerian
commercial banks to improve upon their operation as they face evolving
revolution are being confronted with increasingly sophisticated customer base
compelling them to offer today what
their customers would be expecting tomorrow. Banks have to deviate from just
being a profit making bank to a more conscious customer centered institution.
This research will enable banks to identify ways of
remaining competitive in the global and domestic financial industry. It also
helps prepare banks repositioning towards meeting the challenges imposed by
global banking.
Also, it is expected that the work will contribute to
the bank’s future projections on strategies to be used in attracting
depositor’s funds, reduce queues in the banking hall, the bank’s management
policies.
Finally the research work will also be a contribution
to knowledge in academic field and serve as a source of reference to
researchers who would carry out research on similar study in the future.
1.5 Research Questions
1.
How the introduction of information
technology does has influenced bank performances.
2.
To find out the reason why banks nowadays
have to abandon the former ways of operations to modern banking.
3.
To investigate into the extent of
effectiveness and efficiency in banking sectors after the introduction of information technology.
4.
To access how information technology helps
in the reduction of cost and benefit in increasing the revenue profit of the
bank.
5.
To access how information technology has
affected the customer base of the banks.
1.6 Scope of the study.
The
research work covers the impact of information and communication technology on
the operations of Nigerian banks in Nigeria. Specifically, the information in
this research work is limited to happenings in the UBA Plc, Kaduna. The period
of the study is to be focused on 2004-2010.
1.7 Limitation of the study.
The
major limitations of this research work are the constraints encountered in the
use of questionnaires for generating data information. Bank customers often
find the efficiency of the operational system of the bank in different ways or
perspectives; hence, it is not possible to determine the exact level of
differences between belief and practice in the banking operation.
The
bank staffers are not ready to give out information in any form particularly in
writing as it may be required in the case of questionnaires due to secrecy. To
get information or data from these groups of people, the researcher has to
exercise a lot of patience.
Due
to time and financial capability, the researcher was not able to cover all the
products of the bank that has been made possible through information technology
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