IMPACT OF INFORMATION AND COMMUNICATION TECHNOLOGY ON THE BANKING SECTOR

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IMPACT OF INFORMATION AND COMMUNICATION TECHNOLOGY ON THE BANKING SECTOR

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

Today‟s business environment is very dynamic and undergoes rapid change as a result of technological innovation,increased awareness and demands from customers. Business organization, especially the banking industry of 21st century operates in a complex environment characterized by these changing condition and highly unpredicted economic climate.Information and communication technology(ICT) is at the centre of this global change. They point out that entire cash flow of most fortunate 500 companies is linked to information. The adoption of ICT is defined as a collective term for a wide range of software, hardware, telecommunications and information management techniques, applications and devices, that are used to create, produce, analyze, process, package, distribute, receive, retrieve, store, and transform information (Brady et al.,2012). In essence the importance of information and communication technology banking is itemized through information technology industry. Effectiveservice delivery in information banking brings about reduced frustration and Improve level of awareness in an organization (Ato,2014).

Information technology has continued to change the way banks and their corporate Relationship are organized. worldwide and the variety of innovation device available to enhance the speed and quality of service delivery. Ezeamama,(2010): reported that information and communication technology refers to the various technologies that enhance the creation, storage, processing, communication and dissemination of information. It involves the different infrastructure used in these processes, their application and numerous service, these infrastructure renders. In 1978 annual report, the Bank reported that the department made steady progress on its effort to effectively use of information and communication technology (ICT) to improve the efficiency and the quality of service delivery on financial sector. Information and communication technology is radically changing all over the world.

The volume and speed of handling transactions has improved tremendously as a result of the growth of information technology which has created a lot of business opportunities. Application of information and communication technology is capable of enhancing optimal performance in service delivery if appropriately carried out. Optimal utilization of facilities might be achieved if the design is done based on clear understanding of how the service is to be measured. Such measurement include customer‟s service rate, traffic intensity and the average number of customers in the queue. All these assist to make decisions on the level at which information and communication technology can be applied for an optimal performance in Banking operation. What prompted this work was the various computerization activities going on in the banking sector which has been accredited to the use of information and communication technology(ICT) in running of activities in the banks. The study has also been considered worthy among numerous research work due to the contribution to the banking system and economy at large.

The study is to look at the effect which ICT has on banking sector and also the threats it has created since the use of ICT which has been an increase. Also to find it out the information and communication technology has really improved the productivity of the banking sector compared to when it was not being used. As such the information technology banking makes use of modern satellite communication facilities and different modes of transportation technology Banking is thus high capital – based organisation which has network being spread by using modern sophisticated equipment: (Akunyili, 2004,)

1.2 STATEMENT OF THE PROBLEMS

This Research work is a study of the impact of information and communication technology(ICT) on the banking sector. Many problems confronting the banks in Nigeria is in their use of information and communication technology(ICT). The problem associated with the study is to determine the true position of the banking system and what it should achieve if it will align with the global Information. This however becomes a huge task as the study tries to,1. Identify the degree acceptance of information and communication technology in banking sector. 2. Examine the contribution of information and communication technology to the growth of the banking sector. 3. Know if information and communication technology is enhancing efficiency in banking sector and the effects it will have on banks that have not fully adopted it in their banking system.

1.3 0BJECTIVE OF THE STUDY

Themain objectives of this study include the following;

1. To identify the degree acceptance of information and communication technology in the banking sector.

2. To examine the contribution of Information and communication technology to the growth of the banking sector.

3. To know if Information and communication technology is enhancing efficiency in the banking sector.

1.4 RESEARCH QUESTIONS

1. Does the management of banks accept the degree of Information and communication technology onbanking sector?

2. To what extent has Information and communication technology contributed to the growth on Banking sector?

3. To what extent has Information and communication technology enhance efficiency on Banking sector?

1.5 RESEARCH HYPOTHESIS

The following hypothesis will be developed and empirically tested, the result will be formed on the basis for recommendation and conclusion.

1. HO;(NULL HYPOTHESIS) Information and communication technology is not accepted by management in the Banks.

HI;(ALTERNATIVE HYPOTHESIS) Information and communication technology is accepted by management in the Banks.

2. HO;(NULL HYPOTHESIS) Information and communication technology has not contributed to social infrastructural development.

HI;(ALTERNATIVE HYPOTHESIS) Information and communication technology has contributed to social infrastructural development.

3. HO;(NULL HYPOTHESIS) Information and communication technology has not led toimprovement of Information in the Bank which has improved their efficiency.

HI;(ALTERNATIVE HYPOTHESIS) Information and communication technology led to improvement of Information in the Bank which has improved their efficiency.

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