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THE CONTRIBUTION OF INFORMATION TECHNOLOGY
IN THE OPERATIONS OF BANKS IN NIGERIA
CHAPTER ONE
1.1 INTRODUCTION: BACKGROUND TO THE STUDY
Information
technology has already become the nervous system of banks the world wide. Banks
all over the world realized that only those that overhaul the whole of their
payment and services delivery systems and operations are likely to survive and
prosper in this global world of technology. This is due to the pressure of
globalization, consideration, deregulation and rapidly changing technology. In
order to properly place themselves in favourably positions to be reckoned with in the new
country, banks are making use of information technology (IT).
They
realized that the banking industry requires more of electronic manipulation and
shuffling of bits based money and other banking transaction instead of paper.
In order words, paper-based transactions. Whether a bank would be successful or
not, depends on the total to which it is investing in IT and using IT in an
innovative manner. The reason for this is the
fact that in the future, banking
transactions would be conducted in a cyber space.
1.2 STATEMENT
OF THE PROBLEM
Generally,
the banking industry in Nigeria
has witnessed an unprecedented growth in the past decade. Banks have expanded
their branch networks at a very rapid rate and there are now far more
employees, larger customers and staff databases, more robust computer system
and generally high level of automation and computerization. In view of the
expansions, the followings are enumerate by the
researcher as the problems associated to the banks: -
a.
Lack of integrated computer data base in the Nigerian
banks.
b.
Failure of banks to share ideas about new break though
in IT world, they rather use it as a competitive advantage.
c.
Incessant downtimes experienced by most banks
d.
Too much reliance on external consultants for the
maintenance of the systems and operations
1.3 OBJECTIVE
OF THE STUDY
This
work is aimed at analyzing THE CONTRIBUTIONS OF INFORMATION TECHNOLOGY IN THE
OPERATIONS OF BANKS IN NIGERIA to compete favorably with the counterparts across the world.
The
research would serves as frontier of knowledge to the bank staff, customers,
investors and management about future of banks in relations to the new
information techniques which facilitates the applications of banks products and
services.
1.4 THE SCOPE OF THE STUDY
This research work
focuses on the problems and prospects of IT in the banking sub-sector of the
economy. With particular reference to First Bank of Nigeria Plc.
1.5 SIGNIFICANCE OF THE STUDY
The
banking industry as an industry that touches the life of everybody, if not as
an employee, then as one that benefits from its services. On the other hands,
IT refers to the new technology of gathering, storing, manipulating and
transferring information.
This
study will be of use to the followings: -
It
shall enable banks management to know the variants of IT available that would
increase the efficiency of online real time banking operations.
Similarly,
the research shall be of importance to bank staff, is it will add to their
knowledge and experience about the prospect of applying new IT for to increase
their productivity.
It
shall also be of importance to the existing and prospective shareholders by
enabling them to know how well the bank
is doing before investing their wealth in it.
Lastly,
the research shall provide frontier for further research on the re-engineering
of the industry with the and of IT.
1.6 STATEMENT
OF HYPOTHESIS
Hypothesis I
H1: Application of IT is
responsible for increase in productivity of FBN Plc.
Ho: Application of IT is not
responsible for increase in productivity of FBN Plc
Hypothesis II
H1: Application of IT
affects the profitability of the Bank
Ho: Application of IT does
not affects the profitability of the Bank
Hypothesis III
H1: Information Technology
application improve customers satisfaction of the Bank.
Ho: Information Technology
application does not improve customers satisfaction of the Bank.
1.7 PLAN
OF THE STUDY
This project work is divided into
five chapters.
Chapter
one deals with background to the study,
statement of the problems, objective of the
study, significance of the study,
scope of the study and definition of terms.
Chapter
two is dedicated to literature review. It covers the legislations of banks,
origin of bank in Nigeria,
problem of IT in Nigerian bank and prospects of IT in the future of banks in Nigeria.
Chapter
three deals with the research methodology, it discusses sources of data, method
of data collections research methods, techniques of data analysis and justification of the method
use.
Chapter
four looks into the history of first bank of Nigeria Plc. the chapter further
presents, analyses and interprets data collected for the study.
Chapter
five covers summary, conclusion, recommendation, limitation of the study and
areas for further study.
1.8 DEFINITIONS OF TERMS
- Information technology: Is the
study or use of electronic process for storing
information and making it
available.
- Information: it consists of data that
have been retrieved, processed, interpreted
and understood by the end user.
- Internet: Is a computer system
that allows millions of computer users around the world to exchange
information.
- Automated teller machines (ATM: These
are electronic terminals that allow banking almost anytime, to withdraw cash,
make deposits or transfer cash/funds between accounts, of payment of utility
bill and purchase of recharge cards.
- Smart
of Cards: small sized pieces of plastic devices (measuring 85.6m x 53.98 x
0.76mm) with embedded integrated circuit and used as payment instruments for
numerous financial schemes.
- E-Banking:
Refers to trading electronically over electronic network through the network.
- Networking: A communication between
individual computer systems which otherwise maintain a degree of autonomy.
- Online banking: This allows the access
of the bank’s web, it gives room for transfers from one account to another and access the states of customers
accounts from their door step.
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