IMPACT OF INFORMATION TECHNOLOGY ON THE BANKING INDUSTRY IN NIGERIA
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IMPACT OF INFORMATION TECHNOLOGY ON THE BANKING INDUSTRY IN NIGERIA
ABSTRACT
The impact of information technology on the banking business is the focus of this study. To tackle the research challenge, both primary and secondary data were collected. The study’s population is made up of bank employees and clients who use their services. Questionnaires and oral interviews were utilised to collect data for the study. The data was presented and analysed using descriptive analysis.
To test the various hypotheses, the chi-square statistics were used at a 5% level of significance. Based on the data analysis, the researcher arrived to the following conclusions: Customers are dissatisfied with the bank’s level of information technology.
The researcher then recommended that the bank do the following based on the results above: Improve information technology to help them improve service efficiency and customer satisfaction.
That the bank should continue to seek information that will assist them in satisfying their consumers. The problem of funds and the high cost of information should be addressed by releasing cash that will be utilised to improve the bank’s information technology quality. The study’s conclusion is that bank information technology plays a critical role in improving the efficiency of the company’s services.
CHAPTER ONE:
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The world has shrunk to the size of a town. Bedsore has evolved into an organic economic activity aiming at creating goods and services as a result of the global status of the planet. Because of the biological character of business, it is continually changing in response to advances in science and technology.
Businessmen and women have recognised the need to alter their methods of conducting business. In order to stay current with current practise and efficiently confront the business’s ongoing and new difficulties.
The growing expectation difficulties force the business community to develop methods to improve business performance. In business, there are numerous challenges. These problems are characterised by frequent changes in client trade as well as competitors, all with the goal of attaining or controlling the patronage of the majority of customers in the entire industry.
According to Nwukwu, 1998 in an article posted on September 29th, 1998, many baulas in the past have strived to improve their counter services and lower the waiting time of such services to the bare minimum by employing additional workers to cope with the increasing number of clients.
However, with the development of information technology in banks, such as all banks have been able to automate some element if not all of their operations,
Resulting in decreased costs in terms of paid wages to personnel and client waiting. With the use of information technology, all banks, according to information systems, have become very efficient in loan decision making, credit evaluation, and other financial services.
To all banks and offices that have realised that their survival in a competitive economy is dependent on the level of information technology they have adopted it cautiously that the range of information technology used by all institutions must be defined by the peculiarities of their customers.
To compete favourably and effectively in today’s complex business climate, businesses must keep up with dynamic changes and also adopt new approaches now practised all over the world, i.e. by the most successful businesses.
To that end, the purpose of this research is to investigate and investigate “the use of management information systems (MIS) to improve customer service and growth in the banking industry.”
1.2 STATEMENT OF THE PROBLEM
Information technology is an entrepreneurial endeavour since corporate resources must be controlled and it considerably expands the potential open to the organisation.
As a result of the rising demand for customer deposits, Nigerian banks, particularly the new generation or generalisation of banks, have recognised the need of providing goods and prompt customer care.
Also, because some customers have become wiser, more discerning, alert, and sophisticated in terms of determining where it is safe to put their money and where it will be saved promptly, preferably in a pleasant, courteous manner,
they are scrutinising the level of service and professionalism of the banks before depositing their funds. The proximity to banks is no longer an issue. Safety and a high level of service in terms of quality, speed, and efficiency have become critical.
Banks, on the other hand, can give exceptional service by utilising technology. As a result, the rate of adoption of new technology in Nigerian banking operations is increasing. Furthermore, there is mounting evidence that clients have begun to associate the quality of service in a bank with the bank’s presence of an online real-time system. In fact, existence of such a system is currently seen as a precondition for providing high-quality banking services in Nigeria.
1.3 OBJECTIVE OF THE STUDY
Among the study’s objectives are:
(a) To investigate the relationship between information technology and bank service delivery capability.
(a) To investigate the impact of information technology investment on bank profitability on customer loyalty.
(c) To look into the impact of information technology.
(d) To tie the introduction of information technology to the impact of service delivery on all banks.
(e) To offer ways for bank executives to direct and manage information technology investments in order to maximise profit.
1.4 RESEARCH QUESTIONS
1. What are customers’ perspectives on the role of information and technology in the efficient functioning of bank services?
2. How do customers learn about the availability of bank services?
3. How do clients rate the banking services provided by banks?
4. Do customers believe that good information technology improves banks’ competitiveness?
5. What are customers’ thoughts on existing banking information technology?
6. Views on the company’s customer relations.
7. Is there any interaction between employees and firm management?
8. Employee perspectives on information distribution channels.
9. How many people work in information technology on the ground?
1.5 SIGNIFICANCE OF THE STUDY
The impact of information technology on the banking business in Nigeria has been enormous. Telephone, wireless radiophone, computer system, automated teller machine (ATM), very small opportune terminal satellite (VSAT),
telegraph, and other available telecommunication and information technologies are currently used in the banking industry in order for a bank to be perceived as providing high quality services to customers in a more timely, friendly, and significant manner at no cost to the customers.
The adoption of information technologies increases bank productivity in most banks; banks can now serve a greater number of customers since information technology speeds up cashiers’ job.
According to the study, information technology has a significant favourable impact on bank productivity, cashier service and bank service, banking transactions, bank patronage, and client services.
These have a good impact on the expansion of the banking business in Nigeria since consumers can now collect money at their bank’s branches, eliminating the stress and risk of travelling or carrying large sums of money.
Information technology also plays a role in the inquiry of a customer’s status of account; this has been made easier with the invention of information technology due to the development of mobile banking, which allows one to access his bank details via the (GSM) global system mobile or the internet.
1.6 SCOPE OF THE STUDY
The study includes all commercial banks in Nigeria, although the research concentrates on a few selected banks in Enugu.
1.7 DEFINITION OF TERMS
1. Information management system
This is the formal way of making correct, timely information available to management in order to ease decision making and enable the organization’s planning functions to be carried out efficiently.
2. Processing of electronic data
This is where data processing occurs for a few organisational functions that often use accounting and billing.
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