PROCESS OF INNOVATION IN THE BANKING INDUSTRY
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PROCESS OF INNOVATION IN THE BANKING INDUSTRY
CHAPTER ONE OF THE INNOVATION PROCESS IN THE BANKING INDUSTRY NTRODUCTION
1.1 STATMENT OF THE PROBLEM
The purpose of this research is to investigate the influence of computer applications on Nigerian commercial banks.
Computer power, with its associated everyday operations, is one of the technologies that has the largest impact on our commercial institutions right now.
The computer is intended to assist banks in a variety of ways, including:
Quick service
Manual work load reduction
assisting banks in the detection of fraud
assisting banks in going online or practising online banking
assisting banks in retaining and gaining new clients
This research will look into
The effect of computers on quick services
How computers assist or will assist banks in reducing work burden.
In banks, computers are used to implement an online banking system.
1.2 RATIONALE FOR THE STUDY
Commercial banks’ principal role is to extend credit to deserving borrowers, according to Adewunmi (1996). Commercial banks provide a significant social function by making loans available; greater capital investment aids in the realisation of a high standard of living.
The process of innovation in the banking industry is very significant to commercial banks since it helps commercial banks increase their finance in the banking sector.
Although commercial banks‘ investment activities are typically considered separate from lending. Temporary borrowings from commercial banks are not always returned, which hinders the smooth development of innovation in the banking business.
It is important to investigate the impact of these innovations by installing them in computers and to propose potential mitigation measures.
1.3 SIGNIFICANCE OF THE STUDY
This study is critical for commercial banks because all developments in electronic banking will be the key to their success.
Computers will aid in the early detection of fraud, misappropriation of funds, forgeries, and any other malpractice committed by bank employees, as well as give timely information for management decisions.
The research work emphasising the benefits of computer use may encourage Nigerian commercial banks to embrace such benefits by installing computers in their institutions.
It will also serve as a resource for potential users of computer science and technology information.
1.4 BACKGROUND TO THE STUDY
Today, commercial banks are undergoing a broad but gradual transformation.
Fortunately, technological innovation has resulted in a bloodless revolution.
Everyone can now observe the indelible impact that contemporary technology has on people’s lives.
Computer power, with its associated everyday operations, is one of the technologies that has the largest impact on our commercial institutions right now.
Commercial banks are always competing in the financial markets, thus they must be structured in such a way that they are continually informed of relevant changes. These markets’ rivalry is affected by the following factors:
They’d respond to the modifications.
To effectively evaluate all types of information, the organisation must utilise a system that can constantly process, update, and refract input placed in it. At the same time, the system must be capable of correcting and rejecting inputs in accordance with the requirements.
Fortunately, information processing technology made a breakthrough with the discovery and development of the computer. A computer is an electrical device that stores information on magnetic tape, analyses it, and generates information from the data on the tapes.
Because of Nigeria’s slow speed of growth, it has taken a long time to transition from manual practise to machine-issued automation or electronic automation, also known as computer systems.
However, in this country, there has been a pretty widespread usage of mechanised and electronic automation of banking information system processing, whether at a low or high efficiency level.
Many commercial banks in Nigeria are now making table slides in the introduction of technology that would improve their efficiency.
For example, the First Bank of Nigeria PLC has one of the most sophisticated computer banking systems in Nigeria and is constantly working to improve it.
The Nigeria International Bank Plc’s experience with NIB in starting operations in 1984 was full automation, but complications with import licencing rendered it impossible.
Skeleton computer use began in mid-1986 and was confined to word processing and telex. By the time NIB began using computers in January 1987, the bank’s accounting system had evolved.
The Africa Continental Bank (ACB) claimed at the end of an advertisement for the inauguration of its Port Harcourt branch that the branch would be computerised. The only reason ACB made the assertion was because it recognised the power of computerization.
The international bank of credit trade and industry is currently giving computer issue services information at all of its branches. On its way to offering a management information system for the entire bank, United Bank for Africa has computerised all of its Lagos branches.
Society General Bank has claimed to be a computer bank, and its corporate strategy revolves around the usage of computers in all of its branches. The bank boasts one of Algeria’s most contemporary online and interactive, real-time computer banking systems.
Other commercial banks, such as Union Bank, Afri-Bank, and others, are not falling behind in the push to automate their operations.
The use of computers has a huge impact on Nigerian commercial banks. The computer’s speed, precision, and efficiency in commercial bank operations in Nigeria.
1.5 DEFINITION OF TERMS
COMPUTERISED DEFINITION OF CONCEPT AND OPERATION
To save data in a computer or to utilise a computer to control a process.
In its operational sense, it is a process above where a computer is used to perform some actions that might also be performed by a human.
Such operations include data gathering, data analysis, and data conversion into information that may be used in banking and a variety of other sectors.
OPERATIONS: The process by which something works or becomes effective. It operationally refers to the study of how to optimally create and use a machine or plan an organisation.
BANKING: The operational meaning of a bank or banker is the business of accepting deposits from outside sources regardless of interest payment, as well as the granting of money loans and the acceptance of credit or the buying and sale of security.
For the purpose of acquiring loans before to maturity or the assumption of guarantees and warranties for other or the effecting of transfer and cleaning and such other transactions that may be incidental to a bank or banker.
LOW-LEVEL LANGUAGES: Machine-based computer languages.
HIGH-LEVEL LANGUAGES: Computer languages that are oriented on problem solving.
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