COMPUTERIZATION AND THE GROWTH OF BANKING SECTOR (2000-2019) EVIDENCE FROM NIGERIA
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COMPUTERIZATION AND THE GROWTH OF BANKING SECTOR (2000-2019) EVIDENCE FROM NIGERIA
ABSTRACT
The banking sector is being drastically changed by the introduction of information technology (IT). This paper describes how IT has affected Nigeria’s banking sector.
Customers at five major Nigerian banks were polled through questionnaire to determine how much they believed IT had an impact on banking services. The study’s findings unmistakably show that IT has made a significant contribution to the expansion of Nigeria’s banking sector.
CHAPITER 1
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The computer is a product of modern technology, which applies science to the collection, storage, processing, and transmission of business information via electronic media.
The computer, which includes all transaction processing systems, management information systems, other business support systems, etc., is the most widely used application tool. A key factor in the development of numerous organisations is the computer.
The Hollerith punched card of 1880, the Georg Alken calculator, and Charles Babbage’s difference engine marked the beginning of the technological evolution of the computer.
A tool or equipment that can accept facts (data) and figures in a prescribed form, apply prescribed processes to the data, and then give the results of the operations in a predefined format as meaningful information is known as a computer.
Depending on the type or make of their functions, there are also several types of information. The computer’s technological revolution complements or, on the other hand, replaces 10 elements, including paper, notes taken privately, charts, reports, calculators, and letters.
Technology is a potent force that pushes the world towards a convergent commonality (Levitt, 1992). Technology has been one of the most crucial and significant aspects for the advancement of humanity since the dawn of the human era (Coombs et al., 1987).
Over the past 200 years, technological advancements have frequently contributed to economic expansion in the form of new products and services.
More than 200 years ago, Smith (1776) made the first mention of technical advancements in the form of new machines as one of the three key factors influencing income growth.
The current handling of information by electronic means, including its access, storage, processing, transmission, or transfer, and delivery, is known as information technology (IT) (Ige 1995).
According to research, IT influences financial institutions by streamlining inquiries, reducing wait times, and enhancing service delivery (Alu, 2002).
The demands of contemporary society are also met by IT, including those related to communication networks inside organisations, library services, education, and the delivery of healthcare.
Phone, facsimile, wireless radiophone, very small aperture terminal satellite (VSAT), telegraphy, and computer systems are some of the telecommunication and information technologies that are now being employed in Nigeria’s banking sector (Ugwu, 1999).
In Nigeria, some banks have installed LANs (Local Area Networks) in the majority of their branches, but none of the banks have introduced home banking software, according to Alu (2002).
A consistent method of organising, recording, summarising, and reporting financial transactions is referred to as an accounting system.
Computerization is the process of installing computers as a component of an automated operation.
With the rise in economic activity and complexity over the past ten years, banking in Nigeria has experienced impressive expansion. This growth is mostly attributable to the computerization of banks, which has boosted the scale and variety of banking services.
STATEMENT OF THE PROBLEM
Despite the benefits of computers to the banking industry and businesses in general, several issues remain unresolved, and the usage of computers themselves has given rise to new ones. Examples of these issues include;
the keeping of accounting records on a computer.
The loss of labourers in the accounting division, which has union implications, as well as the issue of low turnover (number of operations) and profitability in banks, are additional issues.
1.3 OBJECTIVES OF THE STUDY
The study’s primary goal is to examine the effects of computerization and the expansion of the banking industry in Nigeria between 2000 and 2019. The following are the specific goals of this study:
To understand how IT impacts customer services
In order to assess the promptness and effectiveness of services
To assess the impact of IT on consumer behaviour
To ascertain how clients perceive the simplicity of banking transactions
To investigate how IT has affected how cashiers and customers interact
1.4 RESEARCH QUESTIONS
Some questions might be asked to help the researcher acquire the data needed to accomplish the aforementioned goals, and they are as follows:
What impact does IT have on customer service?
What are the services’ promptness and effectiveness?
What impact does IT have on customer behaviour?
What do clients think about how simple banking transactions are?
What impact does IT have on how cashiers and consumers interact?
1.6 SIGNIFICANCE OF THE STUDY.
The majority of banks have expansion and continuity as one of their goals, and such goals are best achieved by good management and a computerised accounting system.
As a result, banks have been able to increase their competitiveness while lowering the risks associated with their daily activities.
Therefore, the management of banks, computers, and other corporate organisations employing computerised accounting systems will greatly benefit or benefit from this research effort. Therefore, their management system can incorporate the theories and concepts provided there.
The following methods that this research will help to improve effectiveness are as follows:
decision-making that is quick and accurate thanks to a computerised accounting system.
Delivery and service quality improvements.
The profits of the banks will increase.
First off, the project will be extremely beneficial to a broad audience in the academic setting as it relates to accountancy, banking, and finance courses as well as executive development programmes, management seminars, and supervisory workshops held in colleges and universities.
1.7 SCOPE AND LIMITATIONS OF THE STUDY
The study’s focus is only on how computerised accounting systems have impacted the development of banking companies including Diamond Bank Plc, Eco Bank Plc, and First Bank Plc.
1.8 DEFINITION OF TERMS
A method that allowed for the retracing of data processing in order to add, charge for, or remove records from a file is known as an audit trial.
BLOCKING is the practise of storing many terms in a single record.
A COMPLIER is a programming tool used by a company to translate an automated language programme into machine language.
A computer system known as an expert system embodies some of the specialised knowledge and expertise of an expert. It allows a non-expert to perform in the field to some extent on par with experts.
Ppliation packages are computer applications created to carry out specific tasks for people or organisations with relevant or corresponding demands.
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