THE PROSPECT OF COMPUTERIZATION IN THE BANKING INDUSTRY (A CASE STUDY OF UNITED BANK FOR AFRICAN PLC)
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THE PROSPECT OF
COMPUTERIZATION IN THE BANKING INDUSTRY
(A CASE STUDY OF
UNITED BANK FOR AFRICAN PLC)
ABSTRACT
The importance of banking industry to
every economy cannot be ignored. Bank is a place where all financial
transaction of an economy impinges on. On the other hand, the impact of
computers in alleviating some of the problems encountered by banks cannot be
over-emphasized. Computer is seen as the most needed tools of improving
banking transaction has not been well adopted by all banks in the Nigerian
economy. Some banks see it as a means of upgrading their chequering up,
transactions and keeping necessary data for customers for loans, advances and
other services. Banks, which have gone into computerization, have
observed that the positive prospect surpasses its negative prospects. This
research therefore aims at showing the actual contributions of computer to the
banking industry and the negative effects experienced by the banks that are yet
to go into computerization. However, in case of the prospects and problems
relating to computers, the researcher used both primary and secondary data and
other related literature on the study topic in addition to this research being
a case study, the researcher used a sample size drawn from UBA Plc in both
their accounts and computer departments. The recommendations and conclusions
were based on advising banks and other financial institutions to introduce the
use of computer in their transactions. A general summary showed whether its
contributions has actually led to the development in this industry and also
indicated that computers use increased the efficiency and effectiveness of
operations.
TABLE OF CONTENTS
CHAPTER 1:
INTRODUCTION
Background of the
study
Statement of problem
The objective of the
study
Scope of the
study
Research
questions
Significance of the
study
Definition of
terms
CHAPTER 2: REVIEW OF
LITERATURE
Introduction to organizational concepts
The evolution of
computer
The role of computer system in
Modern banking
operation
The structure of a computer system
Computerization of customers’ banking
in the Nigerian
banks
Computer and information system
Criteria for using
computers
The prospect of computerization in
banking
Customer services and computer
application in
The banking sector: the
computerized services
Misconceptions about
computer
Banking
operations
Obstructions to customers’ application
in Nigeria banks
CHAPTER 3: RESEARCH
METHODOLOGY
Research
Design
Area of
Study
Population
Sample and Sampling
Techniques
Research Instrument
Method of data
collection
Method of data
analysis
CHAPTER 4: DATA
PRESENTATION AND
ANALYSIS
How computerized do you consider
Your bank’s services to
be?
Are you computer
literate?
Hypothesis
Testing
CHAPTER 5:
DISCUSSION, IMPLICATION AND RECOMMENDATION
Summary of
Findings
Recommendations
Computer services
distinguished
Accountant and
computers
Conclusions
Reference
Appendix
Questionnaire
CHAPTER 1:
INTRODUCTION
Background of Study
The first wave of
agricultural revolution and the second wave of industrial revolution
developments in world all over, and now being superceded by a third
socio-economic wave, even though the industrial revolution is still in progress
in most part of the third world countries.
This new
socio-economic shift termed “third wave is the arrival of computer revolution”.
This means that
humanity faces a quantum leap forward as we engage in building a remarkable new
civilization from ground up.
Adegbony (2000:3) on
his emphasizes on computer revolution indicated that the first computer was
manufactured at the “Hakiard University in USA in the year 1944 by Charles
Babage computer is an advanced technological innovation, which ahs involved as
product of our modern day society. He heralded that it would make life
easy.
The above statement
not withstanding, the public still approach the course with apprehension and in
some cases develops absolute fears for the device. The reason being that
the computer came upon the world so quickly that it now affects our various
lives in so many ways. This coupled with the general lack of knowledge of
what computer is, has given rise to the wave of anti-computer feelings.
It is note that
Nigerian industries and businesses are growing bigger and more complex
everyday. Manual recording and filling system of financial transaction is
no longer coping with the rate of sophistication and competition in these
modern businesses.
Management needs
timely information for planning and it is only through computerized accounting
methods and control system that can give out the needed financial data
immediately at the close of the banking period.
Banks and other
private and commercial institutions are finding it increasingly difficult to
carry out its financial data speedily and accurately enough to satisfy their
numerous time conscious customers. The volume of service being offered by
banks have increased during the years and at the same time the number of people
asking for these services has also increased during the last decade.
It has been said that
horse riding was replaced by the motor vehicle just because the horse is
inefficient from economic point of view.
Also manual
operations involving the processing of information on two thousand salaried
people. The cost involved in this type of operation is numerous like
personnel costs, training cost, benefits, leave allowances, retirement costs
etc. Then comes the computer, which will not involve much cost. The
only cost might be training of personnel, while the work will be done in a
speedily time than manual operation.
Computer has more
than immense capacity of solving most of the tedious boredom problems facing
accounting system we have in government ministries, government parastata and
private business institutions. They store information and make the data
more available when needed. They operate with high speed, they are
accurate to the points of their activities, and they are reliable, automatic
and versatility. Banks therefore saw this as need to go into
computerization.
Nevertheless, the
advent of computer has some problems. These problems are training of
personnel and financial costs. They are very necessary before any bank
could go into computerization. Training of personnel is very necessary
for the effective running and operations of any computer. The human being
is the only thing that can operate a machine like computer, therefore without
an effective personnel, the computer cannot be very efficient.
Computer is an
intellectual tool, which contributes to output, by increasing effective
efficiency, and it is also a tool that is capable of performing pre-determined
tasks faster and more accurate.
Statement of Problems
·
The problems encountered are:
·
The problem of inadequate data and information storage by the banks.
·
The problem of time wastage during the course of the banking activities.
·
The problem encountered during installation of computerized system.
·
Problem encountered in training of personnel.
The Objective of the
Research
The purpose of this research is to
identify:
·
The prospect computerization has put forth on the banking industry.
·
Identify the uses to which computer would be put, into so as to maximize
efficiency on effectiveness of the bank operation.
·
The study would bring into account on over view of computer application to the
numerous services being rendered in our banks as an electronic storage
facility.
·
The study will also identify the various factors hindering the adoption of
computer in the business factors.
·
This study will bring to light the public misconception about computers and how
these misconceptions would be corrected.
Research Questions
·
Has computerization of UBA Plc fastened banking services?
·
To what extent has computerization increased the volume of deposits?
·
Has computerization increased or reduced the efficiency and effectiveness of
the bank?
·
Has computerization been of help to cost reduction in banking industries?
·
What of the workload of UBA Plc has computerization reduced it?
·
Is the performance of computer in banking industries move reliable to customers
than manual implementation being used before?
·
Is computerization of confidential and to point for customers in teams of
accounting than the crude system of then accounting?
·
Has there been recorded any profit increment in annual statement of account of
the banking industries since inception of computer?
Significance of the
Study
At the end of this
research, we will be able to appreciate the fact that this study will enable to
make use of the work in both their academic and research work.
It will also be made
clear that various banking industries to day need computers for effective
banking operations.
Definition of Terms
Computer
Chambers Universal
learners Dictionary, edited by Kire Patrick (2001, 130) defined computer as a
large electronic machine capable of storing large amounts of information and of
performing calculations”.
The Oxford Advanced learners dictionary 6th edition page 231 that
computer is an electronic machine that can store, organize and control other
machines”.
Also the American Heritage dictionary of English language defined it as “a
device that performs high speed mathematical and logical calculations or that
assembles, stores processes or prints information derived from coded data in
accordance with a pre-determined program.
This implies that although computer has no brain of its own to reason like
human beings, it performs complete mathematical problems as fast as possible
even faster than the human brain.
Computerize
It is a process whereby computers employed to carry out certain operations,
which might as well have done by man. Such operations are the collection
of data, the analyzing of the data and conversion of such information, which
could be used in banking and many other relevant fields.
Impact/Prospect
By Oxford Advanced Dictionary, it means storing impression or effect produced
in the mind of a spectator, reader etc.
Operationally, it means where some thing is being brought into operation or is
in use, the effect or result or which is that it has the whole operation.
Banking
Oxford Advanced Dictionary defines banking as the business of recurring money
from outside sources as deposits irrespective of payment of interest and
granting of money, loans and acceptance of codices or the purchase of bills and
cheques or the sales of securities for the account of others or the carrying in
of the obligation to acquire claims in respect of banks prior to their
maturity.
In operational context, persons,
groups, organizations, corporate body or government that do banking business as
defined above can be called a bank.
Hardware
This refers to the actual components that can make up an installation; it
comprises the external or the physical components of a computer.
Software
A general definition for all terms of programme instruction and supplementary
materials used by personnel to the computer its instructions.
Data
These are unprocessed items or raw information that make no meaning on its own
and are usually fed into the such as date, account opened, name and address,
accounting number, etc. In data processing systems Ubaka Aroh (1997, 4)
defined data as an observation that does not convey any meaning.
Input
The process of sending data or instructions into the computer.
Output
The presentation of the answer after the processing has been completed it can
be in the form of printed reports or printouts.
Offline
A computer system where the branch is not connected directly to the computer center
in such a situation, the branch will use diskettes for transmission before
report could be produced.
Online
A computer system the branch is limited electronically with computer, center.
Magnetic Tape
This is widely used method of recoding computer data by means of tape. It
has three important advantages, which are speed, compactness and readability.
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