IMPACT OF INTERNET BANKING SYSTEM IN NIGERIA BANKING ENVIRONMENT
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
IMPACT OF INTERNET BANKING SYSTEM IN NIGERIA BANKING ENVIRONMENT
ABSTARCT
The project “Impact of Internet Banking System in Nigeria Banking Environment” specifically mentions Union Bank of Nigeria. There are five chapters in the project. The introduction, background of the study, problem statement, significance of the study, purpose of the study, research questions, and definition of terms are all included in the first chapter of the work.
The literature review and other purposes of the subject under study are covered in or discussed in Chapter 2. The third chapter includes. The research design and methodology, including the population and sample size, the techniques of inquiry,
the study’s scope, and its limitations. The presentation, analysis, and result interpretation of the data are all covered in chapter four. The final chapter of the study, chapter five, offers a summary of the results, a conclusion, and some recommendations.
1.0 INTRODUCTION TO CHAPTER ONE
The backdrop of the study, the explanation of the problem, the purpose of the investigation, the research questions, the statement of the hypothesis, the significance of the study, the scope of the study, the limitation of the study, and the definition of words are all briefly explained in this chapter’s methodology.
1.1 BACKGROUND OF THE STUDY
Due to increased awareness and use of banking services, Nigeria’s banking sector has faced many difficulties. Despite this modification, most Nigerian banks’ employee sizes and branch networks are unable to meet demand. Some business dealings relied on the manual and actual presence of the clients.
The rising volume and complexity of banking operations and service delivery were relieved by the development of the modern banking system. As agreements were made with banks to use microcomputers to pay some bills owned by big department stores and companies by these practises,
experimentation with banking systems and electronic fund transfers gradually became a part of daily transactions. As a result, the internet became a services delivery mechanism that their customers have equally embraced.
In the meantime, the banking industry is being fundamentally altered by information technology, and Nigeria is no exception. Banks, corporations, and industries have all benefited from the volume and speed of the financial system, which has brought about many changes and business opportunities. Nigeria is really thought to have the most internet users in West Africa, with about 100,000 users as of the year 2000.
According to estimates, it reached 350,000. Nigeria’s large population, however, necessitates increased awareness of the need to use information technology as evidence of a supportive environment for its use. Internet is unavoidable because we must embrace information technology to provide an atmosphere that will allow it to operate.
Any modern banking institution must use the internet to succeed because it is a competitive instrument that allows for client service, lowers operating costs, fosters profitability growth, and facilitates effective portfolio management.
new generation banks starting to develop, along with computerization of the Nigerian banking sector. Almost every Nigerian bank claims to have a banking system and an online presence, and Union Bank of Nigeria Plc is home to a significant amount of information online, along with the obvious costs associated with marketing and distribution.
It is remarkable how information technology is dynamic and constantly creating new challenges for the development of human capital. Indeed, the banking system has given some banks a larger advantage over others depending on how they use it, operate it, and provide their services.
1.2 STATEMENT OF THE PROBLEM
Since the 1980s, when the online banking system first became widely used, banks haven’t really made a mark.
These are caused by issues in using the banking system, which also include the following.
1. Nigerians lack adequate infrastructure.
2. Insufficient security
3 Adoption and loss of ownership
4. A lack of literacy and poor orientation
1. POOR INFRASTRUCTURES IN NIGERIA
Nigeria’s inadequate infrastructure is the country’s financial system’s first significant obstacle. According to word bank data, there are just 6 mainline telephone lines and 4 computers for every 1,000 persons.
The delivery of electricity is inconsistent and ineffective. Most crucially, with less than one internet service given for every thousand individuals, Nigeria has very low internet penetration.
2. INSUFFICIENCY IN SECURITY
The second difficulty is the concern over security: Recent research conducted in Africa reveals that businesses view a lack of security as the main barrier to using the internet for financial transactions.
Even checks are not typically accepted as payment for goods and services because many businesses are concerned about the integrity of financial information that travels over the internet and would prefer to accept the inefficiencies and incontinences of a manual system due to economy and trust issues.
Recently, electronic wallet products like value and smart pay cards have been developed for the Nigerian market with the intention of advancing the economy, though it is believed that they would eventually contribute to reducing the importance of currency in our culture.
It follows that in such a setting, the majority of consumers will be dubious that clicking on a computer screen will result in a successful financial transaction.
3. OWNERSHIP AND ADOPTION FEES
Because it requires the purchase of computers and other telecommunications equipment, internet banking is quite expensive. A lot of banks spend money on these products due to the Naira/dollar exchange rate.
4. ILLITERACY AND POOR ORIENTATION
So many people still don’t know about the advantages and services that come with using banking system products. Fast, safe, and dependable are some advantages.
1.3 OBJECTIVES OF THE BRESEARCH
The following goal is what these researchers are aiming to accomplish:
1. To assess the justifications for opening a bank account.
2. To learn why people favour interest-bearing banking services.
3. To comprehend the facilities that the respondents use the most, as well as their perceptions of these services.
4. To gauge the degree of consumer happiness.
1.4 RESEARCH QUESTIONS
The following research questions, which were derived from the investigation, will be addressed in this project:
1. What percentage of banking services or products are computerised?
2. Has the usage of the banking system improved how banks operate?
3 Do banks use computers entirely or just in part?
4 The bank’s performance has been ongoing ever since the financial system was established.
What financial products or services are available in the financial
market?
What financial market products or services are there related to finance?
1.5 HYPOTHETIC STATEMENT
Internet banking boosts banks’ profitability.
H0: Internet banking doesn’t boost bank profitability
1.6 SIGNIFICANCE OF THE STUDY
It is beneficial that the study’s conclusions and recommendations will include:
1. Enhanced customer service
2. Transaction dependability
3. Security
Storage redundancy is number four.
1. Better customer services
Banks will be able to serve their consumers better and faster thanks to the internet banking system.
2. Transaction dependability and security
Banking institutions dealing with their consumers are protected thanks to internet technologies. In these conditions, banks need to build security features for their websites that effectively address client concerns and inform them.
3. DUPLICATION OF STORAGE
Using files could result in the loss of crucial information about bank clients through mutilation, simple and unauthorised access to files,
and the misplacement of essential papers. Internet banking systems help to limit the use of files, which are archive so saving storage space. This can be demonstrated by keeping essential data in a bank up and on diskette or hard drive.
1.7 SCOPE OF THE STUDY
This study’s focus will be on Nigerian commercial banks, using Union Bank Plc as a case study.
1.8 LIMITATIONS OF THE RESEARCH
Nigerian commercial banks will be the only ones included in this study. as a case study, Union bank Plc.
1.9 DEFINITION OF TERMS
1. Internet banking: A quick and simple way to log in to your account online.
2. Information technology (I.T.): The study of and application of electronic equipment and procedures for the storage of information of various types, including written and numerical data, visual images, and abbreviations.
3. WAN: Wide Area Network, a system that connects computers in various locations typically over a wide area.
4. LAN: Local region Network, a system that connects computers located at various locations, typically over a wide region.
5. ONLINE: Operated by, connected to, or controlled by a computer or the internet.
6. HYPER LINK: A location in an electronic document on a network or computer database.
7 GLOBALISATION: Is There a Global Trade
8 WEBSITE: This page of accompany’s website contains information about the company.
9 ACCESS: To access a computer file to obtain or add
information.
A search engine is a tool used to find information.
network or database on a computer.
The office network enables users to exchange files and software and to use a central printer by connecting a number of computing and other devices so that equipment and information can be shared. LAN
12 DISC: A computer storage device with a magnetic surface that stores data that has been received electronically.
Need help with a related project topic or New topic? Send Us Your Topic