EFFECT OF COMPUTERIZATION ON EFFICIENT BANKING SERVICES IN NIGERIA
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EFFECT OF COMPUTERIZATION ON EFFICIENT BANKING SERVICES IN NIGERIA
EFFECT OF COMPUTERIZATION ON EFFECTIVE BANKING SERVICES IN NIGERIA
The goal of this study project effort was to determine and evaluate the effect of computerising financial services and their efficiency on banking services in Nigeria. The impact of computerising financial services on the behavioural aspects of management information systems is investigated.
Aggression On the other hand, other operational challenges include system maintenance, personal problems in the book-keeping department, and maintaining book-keeping machines. Expanding operating volume; must accommodate increased volume while maintaining or reducing costs. Unsatisfactory output; report inaccuracies and statement delays in work processing.
Changes in needs or in the system. The study includes both a library research and an empirical study. Additional information was gathered from journals, bullions, textbooks, and newspapers, among other sources. It was evident to me from what I discovered that computerising banking services has a significant positive impact on Nigerian banking services.
It enhances the speed and accuracy of services to consumers by providing better information for commercial loan management. It also provides critical data input for advanced financial information systems.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Because of the nature of their operation, such as the money market or foreign exchange, the requirement for information is high and important in the banking sector. Banks must react fast to changes in interest rates and volatile variables in their operations, but in manufacturing, mistakes may be corrected and losses minimised.
Millions of naira may be irreversibly lost in the banking industry as a result of poor decision-making based on increased information. Computers are widely used by Nigerian banks in all three management operations, management control, and strategies. Banks’ most crucial activity is leading.
The need for change as to effective use of computer lending office arose as a result of banks experiencing growing competition from officers lenders, funds available are thus increased move costly time and savings with the result that the average cost of funds will be relatively higher, loans are becoming more complex, and there is also a great concern for the profitability of the customer’s total bank relationship rather than profit derived from the use of specific service.
The transformation process can be viewed as a management process that must be effective in order to assure the feasibility of working on the given inputs to generate not only the service, but also a suitable return for the shareholder and the general public.
STATEMENT OF THE PROBLEM
For many years, Nigerian banks have employed computers for financial planning. Every phase in planning requires information, whether it is objective definition and target choice, forecasting, calculating planning gaps define restrictions and means.
The use of a computer leads to the effective use of information, such as problem awareness, problem analysis, and alternative selection, influence the selection of the most appropriate options, and allow feedback on the implementation plan, which can be used for drawing up the budget for constituting an investment portfolio and bank balance sheet management.
In the field of organisational control In banks, computers have proven to be valuable, particularly in terms of swift signalling that leads to early detection of problems.
In general, computer systems allow for the centralization of authority and control in banking services.
Objective of the Study
To investigate the extent to which bank computerization has affected or contributed to Nigeria’s banking service. To give recommendations on how to increase the efficiency of Nigerian banks through the use of computerised banking activities. To assess the impact of computerised banking on future development in the banking industry with the goal of increasing its competitive position.
To remedy unacceptable output, such as deportation errors and statement delays, as well as the necessity for system changes.
The Importance of Research
It is intended that this study would aid in determining the extent to which computerization of financial services affects the efficiency of banking services in Nigeria. These are especially significant when it comes to developing bank policies that affect computerization of financial services in Nigeria and its effect on achieving their arm and objectives.
It is vital to mention that this study will aid in identifying flaws as well as resolving Nigeria’s faults in providing accurate information about banking services.
It is also useful to monetary authorities because it suggests monetary and fiscal policy.
Definition of Term
E.F.T. stands for electronic fund transfer, and it is used to connect all bank branches within a state/country using a computer. A.T.M:- A teller machine is a piece of computerised equipment that, in addition to dispensing cash, allows customers to pay cash after usual business hours.
Credit Cards:-Provides a means of purchasing goods and services but does not pay until a later date.
M.I.C.R: This enhances the cheque clearing system by eliminating errors caused by incorrect setting.
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