IMPACT OF MODERN TECHNOLOGY FACILITIES ON BANK CUSTOMERS SERVICES
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IMPACT OF MODERN TECHNOLOGY FACILITIES ON BANK CUSTOMERS SERVICES
Chapter one
INTRODUCTION
The banking sector in Nigeria and around the world plays a critical role in mobilising financial resources from surplus units and channelling them to satisfy the investment needs of deficit units of the economy.
Before the 1986 Structural Adjustment Programme (SAP). The main banks were operating financially at a near-complacent level because their rivalry was more cooperative.
The SAP initiative, launched in 1986, alters both the structure and substance of the banking industry. The number of bank members has increased dramatically, but so has the method of providing financial services to consumers and the range of products available in the market.
The influx of new generation banks, as well as the introduction of more lively service delivery by some banks through the use of current technology facilities to fulfil the difficult needs of their consumers
has left the old generation banks at a loss. To remain competitive and profitable, the latter must not only retain their market share but also their profit margin.
Banks needed to develop and implement information technology (HASSAN 1998). Due to the vast number of branch networks, other banks were unable to match Zenith Bank Plc’s pace in adopting and utilising new technology facilities.
However, Zenith Bank has the advantage of a strong financial foundation, public confidence, and an early start, allowing them to remain competitively relevant in the market in the short term.
The old generation banks progressively began to adapt and employ current technology facilities, resulting in re-engineering and realignment of the system to fit to the new trends.
Thus, the manual banking operations that have dominated the sector for decades have begun to give way to modern banking, which makes use of new technology facilities. In recent years, the use of contemporary facilities, roughly defined as computer and ancillary technology, has increased dramatically in the service industry.
The most obvious examples are perhaps the banking industry, where through the introduction of (IT), information technology-related products in internet banking, electronic payment, security investment, and information exchange (Berger, 2003), banks now can provide more diverse services to meet customers’ expectations.
Zenith Bank Plc has developed and adopted the use of high technology. According to (Akinyomi, 2010), computers play a critical role in the rapid storage, processing, and retrieval of information.
Suffice it to say that electronic banking is the norm in most Nigerian banks today. Computerised banks reply rapidly to consumers, including account balance queries, speedy fund transfers, cash withdrawal or deposit, Western Union money transfers, and other questions.
Zenith Bank can now provide faster services to its numerous and busy customers outside the banking hall by utilising Automated Teller Machines (ATMs).
Furthermore, online banking allows clients to withdraw or deposit funds from their accounts at any branch in Nigeria or around the world (Adelman, 2008). However, the impact of contemporary technology facilities on bank service delivery is determined by two elements.
Investing in information technology (IT) can improve operational efficiency and satisfy organisational objectives.
Background to the Study
According to Adeyemi (2006), the use of current technological facilities on Zenith bank customer services can reduce customer wait time, resulting in more efficient bank service delivery. In the 1970s, computers were mostly utilised for data processing.
The emergency multimedia computer system has transformed Nigeria’s financial services in areas such as database processing, word processing and desktop publishing, graphic and image processing, office automation, and e-mail.
It is apparent that only banks that are effective and efficient will continue to be competitive and profitable. Zenith Bank Plc has been chosen for this study to investigate the impact of contemporary technology facilities on bank customer services.
Statement of the Problem
Although past studies have included research on current technology, the dearth of literature on its impact on customer services in the Nigerian banking industry indicates that these issues have only been addressed moderately. The following problems are related with this study:
The necessity to determine the timeliness and efficiency of services as viewed by customers using modern technology facilities.
Customers’ perceptions of how easy it is to execute financial transactions using current technologies
The necessity to understand how current technology affects the interaction between cashiers and consumers.
Finally, determine the impact of new technologies on the bank’s production.
GOALS OF THE STUDY
Determine whether current technology has delivered efficient and effective service delivery to clients.
To examine whether information technology has contributed to an increase in Zenith Bank deposits.
To examine whether current technology has led to increased customer satisfaction.
To determine whether contemporary technology has aided the development and growth of Zenith Bank Plc.
To assess the influence of contemporary technological facilities on bank deposits and profitability.
RESEARCH QUESTION:
Does contemporary technology help to improve Zenith Bank Plc’s internal operations and administrative tasks?
Does current technology enable Zenith Bank’s real-time, online operations?
Is new technology helping Zenith Bank customers receive and pay cash more efficiently?
Is current technology useful in enhancing Zenith Bank customers’ reaction times?
Has current technology reduced the amount of time customers spend interacting with cashiers?
Research Hypothesis
There is no significant association between contemporary technology facilities and customer services at the bank.
There is a substantial association between contemporary technology facilities and customer services at the bank.
Significance of the Study
The advent of computer technology and the internet has converted the entire cosmos into a global village. The banking business should not be left out of the innovation in information technology for more efficient administration with the arrival of computers; banks provide a wide range of services, including Automated Teller Machines (ATMs)
online or network bank services, and automated credit cards. All of these services, which are provided via the use of advanced information technology devices, allow clients to withdraw or deposit money from or into their various accounts anywhere in the world.
Furthermore, the study will benefit the banking sector and the Nigerian economy in general. This is because banks supply the majority of funds in the form of loans for medium and long-term investment in any capitalist economy.
Since it has been demonstrated that the introduction and application to banks, as well as careful resource management, result in the following:
Increased client satisfaction
Increased deposit base.
Improve productivity
Customers will benefit since the bank will be aware of their wants for new services and will be able to plan accordingly.
For the bank, rapid responses to customers’ queries with reference to the ledger-keeper
Finally, with all of these principles, the banking business will flourish and grow. The importance of advanced technology facilities in the banking sector cannot be overstated.
SCOPE OF THE STUDY:
This study on the impact of new technology facilities on bank customer services is mostly focused on Zenith Bank Plc, Akwa Ibom State. Some setbacks occurred over the course of conducting this study, preventing the research from having a broad scope.
These include insufficient financial resources to move about for data gathering, typing, and photocopying, as well as an unwillingness to offer needed primary data, which will definitely effect the duration of this study activity.
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