The Impact Of Information And Communication Technology On Modern Banking Operations In Nigeria

The Impact Of Information And Communication Technology On Modern Banking Operations In Nigeria

Abstract

Information and communication Technology( ICT) has come a crucial element in every house hold, profitable development and every areas of mortal bid it’s also seen as the backbone of knowledge base economics in terms of operations, quality delivery of services and productivity of services. thus, taking advantage on Information and Communication Technologies( ICT) is an adding challenge for developing countries. There’s now growing substantiation that knowledge drive invention is a decision factor in the competiveness of nations, diligence, associations and enterprises. Organizations like the banking sector have served mainly frome-banking, which is one among ICT operations for strengthening the competitiveness. This study presents the current trend in the operation of ICT in banking diligence in Nigeria and gives an sapience into how quality banking has been enhance via ICT. This study examined the impact of Information and Communication Technology on ultramodern banking operation in some named UBA in Delta State Nigeria, in terms of spaced of banking operation, and effectiveness services delivery, workers performance. The check exploration design was used in this study, it indeed the use of a tone designed data from named UBA Plc staff through simple arbitrary sampleling styles. The population of the study comprised all staff of UBA Plc. While the sample size was fifty( 50) repliers aimlessly named from ten( 10) intentionally named fanned with in Delta State. It was also recommended that the bank should lump on further effective training for the workers, in other to enhance their performances.

Preface

The elaboration ofE-banking dates back to 1986 when the banking sector in Nigeria was deregulated( stamolilis, 2001). The result of this deregulation brought far- reaching metamorphosis through robotization and bettered bank service delivery. Competition with new products came keen within the system while client complication posed a challenge for them, hence the reengineering of processing ways of business conditioning encourage the robotization of fiscal services especially among new generation of marketable and trafficker banks.

In effect, the emergence of a crop of new generation banks following the liberalization of the bank licensing motivated the preface of high technology in the Nigeria banking system.

These new banks discovered that the evolving technology at the global position could be applied to lesser advantage in the Nigerian Financial Landscape(L.O. Ugwu Etal 2000). That indeed paid off for some of them as guests, who naturally would have set up it nearly insolvable to leave the banks they were formerly familiar with for a new bone that way yet to find bases, snappily noticed the difference in the available products and service delivery systems of the two orders of banks( old and new generation). The client without vacillation decided to pay for the redundant values that would satisfy theextra-personalize product services and the attendant substantiated marketing.

Information and communication technology has come global tool for banking assiduity to reach global requests. The use of information and communication technology in banks has come a global miracle and every bank must be ICT compliance in other to survive in global competitive terrain. The preface of information and communication technology has change primer and traditional forms of doing business and it’s being replaced by the sophisticated technology that’s grounded on robotization and connection of computer and other electronic bias. For case tally books, paper tab, published accoutrements and business passages are being replaced with online billing and payments, elaborate website with product information and real- time zones( Ojokuku and Sajuyigbe, 2012). Ovia( 2001) said that the banking assiduity has moved into an period of menu- drivenultra-robust technical software programme called banking operation and these operations can carry out nearly all banking functions counting heavily on information collection, storehouse, transfer and processing. Woherem and Adeogri( 2000) claimed that only banks that over have the total of their payment and delivery systems and apply information communication technology( ICT) to their operations are likely to survive and prosper in the new renaissance. He advices banks to rethink their service and delivery systems in order to duly place them within the frame of the dictates of the energy of information and communication technology. Abubakar and Rasmarini( 2012) observed that information and communication technology has come the heart of banking sector, which is the heart of every robust frugality. The advancement in technology has played and important part in perfecting services delivery norms in the banking assiduity. In its simplest form, Automated Teller machines( ATMs) and deposit machines now allows consumer carry out banking sale beyond banking hours. With online banking individualities can check their account balances and make payments without having to go to the bank hall. This is gradationally creating a cashless society where consumers no longer have to pay for all their purchases with hard cash( Josiah and Nancy, 2012).

The bank reforms in Nigeria are pursued with a view to make the sector realize its objects in advancing the frugality( CBN 2006) as cited in Osabuohien,( 2008). It’s anticipated that the impact of these reforms will be enhanced with the use of information and communication technology( ICT) because it’ll produce some form of competitive advantage and bettered banking services through delicacy and effectiveness in their sale.

Statement Of Problem

Businesses need to continuously find better and fast ways to acclimatize to the competitive request place in order to contend in moment’s high technology and fast pace terrain. Learning associations give a frame that encourages chancing better and fast ways to acclimatize in moment’s high technology and fast paced world by

Looking at the whole pants, a methodical perspective.

ii. Detecting and correcting crimes.

iii. perfecting conduct through knowledge, and

iv. Developing the broad chops of their work force.

These days ’ computers and information processing are far and wide. Computers impact what opinions made, when opinions are made, what information is available at the point of decision and who’s asked todecide. Computers and information processing affect how work is organized and how workers feel about work. Information and computer is pervasive. The essential element of operation is information processing and therefore information technology systems are anticipated to heavily impact operation and business operation and as such the main trust of this exploration work is to probe the extent of this influence with special focus on ultramodern banking operations in Nigeria.

Ideal Of The Study

The general purpose of this study is to examine the impact of information and communication on ultramodern day’s banking in Nigeria.

Specifically, the study aims to

estimate the impact of information and communication technology on the operation of ultramodern days banking in Nigeria.

ii. Examine the effect of information communication technology on bank- client relationship.

iii. Identify walls to effective information and communication technology system within a fiscal institution.

Exploration Questions

This exploration work shall be guided by the following exploration questions;

Does information communication technology contribute to the effectiveness banks and bank- guests relationship in Nigeria.

ii. How does information communication technology impact on bank- client relationship?

iii. What are the walls to the relinquishment of information communication technology?