Home / ACCOUNTING PROJECT TOPIC AND MATERIALS / The impact of computer system in nigeria banking sector

The impact of computer system in nigeria banking sector

The impact of computer system in nigeria banking sector. [a case study of first bank of nigeria plc fbn]

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF STUDY

Let us start by defining what a computer is.

banking sector: A computer could be defined as an electronic device capable of accepting data, performing ordered operations on data and reporting on the outcome of these operation. This electronic tool can be used to store information’s on magnetic tapes, diskette, hard diskette, analyze it and produce information’s as required from the data on them; in other words, it is an information-processing machine.

A computer is a very fast electronic processing machine which has high storage capacity , it can perform large repetitive and complex calculations with utmost accuracy and at an astonishing speed. In the past, record keeping has been manual, mechanical and developed through the age of machine assisted into the present day computer age which we are in.

The computer performs many functions which includes input, storage, processing and out put functions.

The computer is an advanced technological innovation which has evolved as product of our modern society and a modern tool in management.

Though the computer is a modern tool in our society, many people approach the subject with apprehension and in certain cases develop absolute fear for it for some obvious seasons.

The computer came upon the whole world so quickly and is seen now to affect our uarious lives in so in any different ways and also the general lack of knowledge of this device has brought fear into the uninformed society.

The application of the computer in the Nigerian economy is a very recent phenomenon. Its functions and uses in the economic sector is also very new and has not been fully integrated into the business sector.

The banking sector on the other hand has seen the important of this device in this modern day banking system and have now started bringing in the computer into various financial services offered to its customers.

Manual keeping and processing of data/information’s of the customers is extremely slow and cannot cope with the increased sophistication of customers demand and volume of transaction in this time.

It has been said that the motor vehicle replaced the horse not because it is more convenient but because the horse has become inefficient from the economic point of view.

For instance the computation of information on three thousand salaried people manually involves numerous cost which includes; personnel cost, retirement, scheduling cost etc. but using the computer would not involve much cost instead it will perform the job more accurately and speedily than a manual operation.

However the coming of the computer as ealier stated has some of it’s problems specially to the banks; these includes personnel and finance cost. These two things must be in place before any bank can be computerized, personnel is very necessary for the effective running of any computer. Computer can only be operated by human being only .

As stated by Charlse A. Myres my computer can read, that is input, my computer can add, that is out put, it can even remember better than man. That is memory; but my computer cannot lone, that is human being; all this adds to the fact that trained personnel is needed for the effective running of the compute.

In conclusion, the computer is a device that is capable of performing per-determined tasks, faster and more accurately now.

1.2 STATEMENT OF PROBLEMS.

Before the computerization of first banks of Nigeria Plc. There existed some problems which includes.

1. Long queues of customers observed in first bank of Nigeria Plc were because their operations were partly manual.

2. Assessment of information had been difficult because the systems were not fully on- line and real-time.

3. Information were not kept properly because they were in files and folders that would easily be misplaced or prone to fire etc.

4. The first bank Plc had not networked all their branches as a result the customers would not be able to withdraw in stations other than the ones they had account.

5. Banking service in first bank of Nigeria Plc was deployable before the full computerization of their systems.

1.3 OBJECTIVE OF STUDY

The following are the objective of the study.

1. To find out whether the use of computer would reduce the long queues of customers wanting to be attended to in the banking hall of first bank of Nigeria Plc

2. To discover whether the computerization of first Bank would improved the assessment of information.

3. To investigate if the computerization would improves the quality of information storage and retriual.

4. To examine if the computerization of first bank of Nigeria Plc would make it possible for customers to withdraw or make transactions in branches other than the bank where they have accounts,

5. To access whether the introduction computer would improve the services of first Bank of Nigeria Plc.

1.4 SIGNIFANCE OF THE STUDY.

Since computerization have been found to play a major role in increasing the efficiency of service in the various industries or firms including banking industry, the research into the impact of computerization in banking industry becomes important.

This is necessary because it would give a very good understand of what computers are, and their contribution to increase efficiency in the banking service.

However, works on computers in business and banking in recent times have only tried to look into the development of soft-ware and hard-wares for different services, but this research is going to be looking into the impact of computer system on our banking industry and also highlighting the problems that hindered the adequacy of computer systems in the banking industry .banking sector

The findings of this study are expected to help banks, companies and other business enterprises to know the extent that computerization have gone into- the banking industry in Nigeria.

The findings and recommendation if fully implemented by the banks will improve their standard in the level of computerization and increased efficiency and generally improve bank/customer relationship.

1.5 DELIMITATION OF THE STUDY.

Study is imitated to the first banks of Nigeria Plc where actual computerization of some of their banking services has been effectives.

The research would also be carried out through a case study which will be more realistic than a survey.

A case study will be more suitable since it limits the work to a certain bank-first bank of Nigeria Plc branch though the researcher was able to get few information from other computerized banks.banking sector

1.6. SHORT HISTORY OF FIRST BANK OF NIGERIA PLC (FBN)

Banking service in Nigeria dates as far back as 1892, when the African banking co-operation was established . In 1894, the banks were amalgamated by British bank of west Africa when the later was established in Nigeria. banking sector.It is this same British bank of west Africa (BBWA) that has grovon in dimension and dynamism changing it’s organizational name relatively to such sources of change and following government directives. It has grown from British bank for Africa to standard bank of Nigeria (SBN) and is presently known as first bank of Nigeria (FBN) PLCbanking sector

First bank is the oldest bank in Nigeria. It is one of the banks in Nigeria that have introduced the use of computer into it’s banking services. From this one is tempted to think sometimes that the name of the bank symbolizes it’s chronological position in banking industry in Nigeria.banking sector

Research Questions.

is there the existence of computerization in first bank of Nig. Plc.
Had the computerization of first bank of Nig plc improved the services rendered by the bank?
Had the computerization of first bank of Nig plc reduced the long queues of customers observed in the bank?
Had the computerization of first bank of Nig plc improved the quality of information storage and retrieval in the bank?
had- the computerization n of first Bank of Nig Plc made it possible for customers to withdraw or make transaction in branches other than the branch where they have accounts?banking sector

Author: admin

About admin

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

IMPACT OF MANAGEMENT BY OBJECTIVE ON ORGANIZATIONAL PERFORMANCE (A CASE STUDY OF UNITED BANK FOR AFRICA PLC)

IMPACT OF MANAGEMENT BY OBJECTIVE ON ORGANIZATIONAL PERFORMANCE (A CASE STUDY OF ...

%d bloggers like this: