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A critical appraisal of the role of Information and Communication Technology as an aid in developing Business Organisations

ABSTRACT

This research work was carried out to determine the Impact of Information and Communication Technology on Banking Industry and First Bank of Nigeria Plc. (Iganmu Branch) has been used for the purpose of this study. A survey of (200) Two Hundred respondent were used comprising all the middle and the top management of First Bank of Nigeria Plc. (Iganmu Branch).

Data were generated through primary and Secondary Sources. The Primary Data were collected through the Administration of Questionnaire from the respondent. The Secondary Data were generated from collection of different related Textbooks, Journals and the internet. The analysis of the questionnaire was done using simple percentage approach and the Karl Pearson Chi – Square Statistic to test the hypothesis.

The result of the study revealed that innovative technologies contribute to the survival of the banking industry. It is also shown that ICT products have effect on customer services. There is also difference in the banking sector with the use of ICT. The adoption of ICT has improved customer services, facilitated accurate records, provides for home and banki.ng services, ensures convenient business hour, prompt and fair attention and enhances faster services. From the findings it is concluded that information and communication technology improves banks image and leads to a wide, faster and more efficient market. It has also make work easier and more interesting, improves the competitive edge of banks, improves relationship with customers and assists in solving basic operational and planning problems.

TABLE OF CONTENTS

CHAPTER ONE

1.0      Introduction

1.1      Statement of the Problem

1.2      Objectives of the Study

1.3      Research Questions

1.4      Research Hypothesis

1.5      Research Methodology

1.6      Significance of the Study

1.7      Limitation of the Study

1.8      Scope of the study

1.9      Definition of Terms

1.10    Brief History of First Bank of Nigeria

References

CHAPTER TWO: LITERATURE REVIEW

2.0      Introduction

2.1      Definition of Information and communication Technology

2.2      The use of I C T in banking Industry

2.3      I C T product use in the banking Industry

2.4      Computer Generations

2.4.1   First Generation Computer

2.4.2   Second Generation Computer

2.4.3   Third Generation Computer

2.4.4   Fourth Generation Computer

2.4.5   Fifth Generation Computer

2.5      Definition of Computer

2.6      Types of Computer

2.6.1   Digital Computer

2.6.2   Analogue Computer

2.6.3   Hybrid Computer

2.7      Classification of Computer

2.7.1   A micro Computer

2.7.2   A Super Computer

2.7.3   A mini Computer

2.7.4   A mainframe Computer

2.8      Advantages of Computer

2.9      Disadvantages of Computer

2.10    Characteristics of Computer

2.11    The New trend in Computer

2.12    The Definition of Computer

2.12.1 Types of Computer Network

2.12.2 Local Area Network

2.12.3 Wide Area Network

2.12.4 Classification of Computer Network

2.12.5 The advantages of wide Area Network

2.13    The impact of ICT on Banking Industry

2.14    Products and services offered by the first Bank of Nig. Plc.

2.15    The First Bank farm settlement scheme

2.15.1 Guaranteed Fund Credit (GFC)

2.15.2 Multi-channels Agricultural finance scheme

2.15.3 First Bank Agricultural credit to schools (FACTS)

2.15.4 National Agro Dealer Scheme (NADS) – plus

2.15.5 GSM 102

2.15.6 Commercial Agriculture Credit Scheme

References

CHAPTER THREE: RESEARCH METHODOLOGY

3.0      Introduction

3.1      Restatement of Research Hypothesis

3.2      Research Method and Design

3.3      Sample size Determination

3.4      Data Collection Method

3.4.1   Primary Sources of Data

3.4.2   Secondary Sources of Data

3.5      Research Instruments

3.6      Validity and Reliability of Instrument

3.7      Data Collection Method

3.8      Method of Data Analysis

3.9      Limitations of the Methodology References

CHAPTER FOUR: PRESENTATION AND DATA ANALYSIS

4.1      Data Analysis and Interpretation

4.2      Analysis of Response Rate

4.3      Demographic Characteristics of Respondents

4.4      Age Distribution

4.5      Marital Status of Respondents

4.6      Distribution by Qualification

4.7      Working Experience of the Respondents

4.8      Opinion of Bank Employees toward ICT

4.9      Testing of Hypothesis

4.9.1   Innovative Technology Contribute to the survival Banking Industry

4.9.2   The difference in the efficiency of Nigeria Banking Industry before and after the adoption of Information and Communication Technology

4.9.3   Does Information and Communication Technology have effect on Customer Services

CHAPTER FIVE: SUMMARY, FINDING AND RECOMMENDATION

5.1      Summary of findings

5.2      Recommendation

5.3      Conclusion

5.4      Suggestion for future Studies

References

CHAPTER ONE

BACKGROUND OF THE STUDY

INTRODUCTION

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 conditions and highly changing conditions and highly unpredictable economic climate. Information and communication Technology is at the centre of this global change curve. Laudon and Laudon, (1991), contend that managers cannot ignore information systems because they play a crucial 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 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 (1995), contend that financial service providers should modify their traditional operating practices to remain viable in 1990s 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 (2000), 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 new millennium. 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 operation’s and the resultant effects.

Information Technology (IT) IS the automation of processes, controls, and information production using computers, Tele communications, software and ancillary equipment such as automated teller machine and debit cards (khalifa 2000). It is a term that generally covers the harnessing of electronic technology for information needs of a business as all levels. Irechukwu (2000) lists some banking services that have been revolutionized through the use of ICT as including account opening, customer account mandate, and transaction processing and recording. Information and communication technology has provided self-service (automated customer service machines) from where prospective customers can complete their account opening documents direct online. It assists customers to validate their account numbers and receive instruction on when and how to receive cheque books, credit and debit cards.

Several authors have conducted investigation on the impact of ICT on the banking sector of the Nigeria economy. Agboola et al (2002) discussed the dimensions in which automation in the banking industry manifest in Nigeria.

They include:

(i) Bankers Automated clearing services: This involves the use of Magnetic Ink character Reader (MICR) for cheque processing. It capable of encoding, reading and sorting cheques.

(ii) Automated payment systems: Devices used here include Automatic teller Machine (ATM), plastic cards and Electronic funds Transfer.

(iii) Automated Delivery channels: These include interactive television and the internet.

Agboola (2001) studied the impact of computer automation on the banking services in Lagos and discovered that Electronic Banking has tremendously improved the services of some banks to their customers in Lagos. The study was however restricted to the commercial nerve centre of Nigeria and concentrated on only six banks. He made a comparative analysis between the old and new generation banks and discovered variation in the rate of adoption of the automated devices.

Aragba-Akpore (1998) wrote on the application of information technology in Nigerian banks and pointed out that IT is becoming the backbone of banks’ devices regeneration in Nigeria. He cited the Diamond Integrated Banking Services (DIBS) of Diamond Bank Limited and Electronic Smart card Account (ESCA) of all states Bank Limited as efforts geared towards creating sophistication in the banking sector. Ovia (2000) discovered that banking in Nigeria has increasingly depended on the deployment of information technology and that the IT budget for banking is by far larger than that of any other industry in Nigeria. He contended that on-line system has facilitated internet banking in Nigeria as evidenced in some of them launching websites. He found also that banks now offer customers the flexibility of operating an account in any branch irrespective of which branch the account is domiciled.

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