Effect Of Information And Communication Technology In Banking
Introduction
1.1 Background of the Study
Today’s business environment is very dynamic and undergoes a change as a result of technology. Innovation has increased awareness and demand from customers. Business organizations especially first century banking sectors operated complex environment characterized by those changing condition and highly unpredicted economy.
The banking sector that provides financial services to individuals, organizations, institution, etc has been totally revolutionized by the impact or effect of information and communication technology in virtually all areas of its operations. Many years ago, a lot of tasks were carried out manually. These includes: preparation of cash books, journals, general ledgers, final accounts and reports. This however accounted to greater extent of long delays in providing financial services to customers – long queue experienced in banking halls, long turnaround time in meeting customers’ – equest like cheque books, equisition, raising draft processing of loan request, withdrawal/deposit of cash, trade payment, etc.
But today, the story has changed significantly due to the effect of information and communication technology. Unlike before where you have many paying and receiving tellers in the banking halls but you have fewer tellers nowadays and Automated Teller Machine (ATM machine) in many strategic locations both within and outside bank premises.
Today, many banks have e-branches and automated teller (ATM) galleries with highly reduced human activities. Loan processing has equally improved and approvals can be obtained from various approving authorities via computer system.
However, information and communication technology (ICT) has continued to change the way banking and their cooperate relationship are organized worldwide and exchange the speed and quality delivery. Ezeamama, F. (2009:47) reported that information and communication technology refers to the various ways that enhance the creation storage, processing communication and dissemination of information. It involves different infrastructure used in these processes, their applications and numerous service s.
In 2011 Fiscal report, the banks reported that, the department made steady progress on its strategy to effectively transit the used of information and technology as to meet the radical changing trend around the world.
The volume and the speed of reading transaction have improved tremendously as a result of the growth in information and communication 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.
Utilization of facilities may be achieved of the design is done base on clear understanding of how information and communication technology can be applied for performance in banking. Various computerization activates going on in the banking which have been accredited to the used of information and communication technology in running activities in the bank.
1.2 Statement of the Problem
It is generally accepted that one of the major problems that are hindering efficiency of union banks in most developing countries like Nigeria is the absence of effective means of gathering and disseminating information.
Sometimes, such information is in bits and never identified and collected together under one pool. The scattered information would be hard to access even for journalist without effective and sufficient knowledge and usage of computer.
The Title Page should be the first section of your project “Effect Of Information And Communication Technology In Banking”, providing essential details like the project title, your name, your supervisor’s name, the institution, and the submission date. After that, the Abstract offers a brief summary of your project, touching on its purpose, methods, results, and conclusions in 150-300 words. The Acknowledgments section is where you can thank those who supported your research, such as your supervisor, peers, or organizations that provided resources.
Next, the Table of Contents organizes the Effect Of Information And Communication Technology In Banking by listing its chapters and sections, along with page numbers for easy reference. The List of Figures and List of Tables help guide readers to specific visual elements like graphs, charts, or tables included in the document. There should also be an Abbreviations and Glossary section to explain any specialized terms or acronyms, making the content clearer to readers unfamiliar with the technical language.
The main body of the Effect Of Information And Communication Technology In Banking should start with the Introduction, which provides background information, outlines the research problem, states your objectives, and gives a brief overview of your research methods. Following that, the Literature Review offers an in-depth look at previous research relevant to your project, identifying gaps your study aims to address. The Methodology section then explains the research design, tools, and data collection methods you used to conduct the project and analyze the data.
In the Results and Discussion section, you present your findings and discuss them in relation to the Effect Of Information And Communication Technology In Banking research questions or objectives, often using tables or charts to help explain the data. The Conclusion summarizes the key results, discusses their implications, and suggests possible directions for future research. You may also include recommendations based on your findings, offering practical advice for improvements or applications. Finally, the Effect Of Information And Communication Technology In Banking project should include a References or Bibliography section to list all the sources you cited, as well as Appendices for any additional material. A Statement of Originality is often included to confirm the authenticity of your work