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THE IMPACT OF INFORMATION COMMUNICATION TECHNOLOGY ON THE PERFORMANCE
OF UNITED BANK FOR AFRICA PLC
ABSTRACT
As information technology is the modern trend in
banking today it is very imperative for bank to access it’s impact operational
performance so as to justify if the hunger capital invested on it is
justifiable or not, analyse their problems and proffer possible solutions. The
objective of this study is to identify how the introduction of information and
communication technology has influenced bank performance in terms of
effectiveness, efficiency, competitiveness, customers base and globalization of
bank. The main research instrument used one questionnaire and personal
interview for staff of the banks. In conclusion, the study revealed that
information technology has tremendously improved the growth of the bank and
performance of the bank of Guaranty Trust Bank. Information technology has lead
to increase customers satisfaction improved operational efficiency, reduce
transaction time, gives the banks competitive edge, reduced the running cost
and ushered in swift response in services delivery. The research recommended
that government should accurate actions that will create an enabling
environment for growth in the banking sector, lower tariff on information
technology, tool and equipment should be subsidize and also partner with
multinational companies abroad to supply equipment. All banks should utilize
information communication technology to render services, the regulatory
agencies should upgrade their information technology constantly to align with
the rapidly developing private sector banking pace, the government should be to
encourage local information technology forms and companies towards meeting up
with the 21st canting standard.
TABLE OF CONTENTS
Title page - - - - - - - - - - i
Declaration page - - - - - - - - - ii
Approval page - - - - - - - - - iii
Dedication - - - - - - - - - - iv
Acknowledgement - - - - - - - - - v
Abstract - - - - - - - - - - vi
Table of content - - - - - - - - - vi
CHAPTER ONE
INTRODUCTION
1.1
Background of the study - - - - - - - 1
1.2
Statement of the problem - - - - - - - 4
1.3
Objectives of the study - - - - - - - 5
1.4
Significance of the study - - - - - - - 6
1.5
Research question - - - - - - - - 7
1.6
Scope of the study - - - - - - - - 8
1.7
Limitation of the study - - - - - - - 9
CHAPTER TWO
LITERATURE REVIEW
2.1 Introduction - - - - - - - - - 10
2.2 Concept of Information and Communication Technology - - 10
2.3 The
Concept of ICT and a Perspective of Nigerian Banks - - 14
2.4 ICT and
Nigerian Banking Sector - - - - - 17
2.5 Information
technology and IT innovations in banking sector - 21
2.6 Impacts
of ICT in banking industry - - - - - 25
2.7
Globalisation,
Information Technology and Nigerian Commercial
Bank
- - - - - - - - - - 31
2.8
Benefits of applying Information Technology. - - - 33
2.9
Challenges facing the
application of Information Technology in
Nigerian
banks.- - - - - - - - - 37
CHAPTER THREE
RESEARCH METHODOLOGY
3.1
Introduction - - - - - - - - - 42
3.2
Research deign - - - - - - - - 42
3.3
Area of study - - - - - - - - 42
3.4
Population of study - - - - - - - 43
3.5
Sample size and sampling technique - - - - - 43
3.6
Instrument of data
collection- - - - - - - 43
3.7
Validity of instrument - - - - - - - 43
3.8
Reliability of instrument - - - - - - - 44
3.9
Method of data collection - - - - - - 44
3.10
Method of data analysis - - - - - - - 44
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1
Introduction - - - - - - - - - 47
4.2
Characteristics of respondents - - - - - - 47
4.3
Data presentation and analysis - - - - - - 50
4.4
Summary discussion of findings - - - - - 57
4.5
Discussion of Findings - - - - - - - 59
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1
Summary - - - - - - - - - 61
5.2
Conclusion - - - - - - - - - 62
5.3
Recommendation - - - - - - - - 65
Bibliography - - - - - - - - 67
Appendix
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Today’s business environment is very
dynamic and undergoes rapid changes as a result of technological innovation,
increased awareness and demands from customers. Business organizations,
especially the banking industry of the 21st century operates in a complex and
competitive environment characterized by these changing conditions and highly
unpredictable economic climate. in contemporary time the banking system has
witnessed a lot of innovation and development in the area of introduction
Automated Teller Machine (ATM), telephone banking, internet banking, branch networking,
interbank fund transfer and the most recent of all which is now a fad in the
banking industry which is the Cashless attention which tend to reduce the
amount of money in circulation in the economy.
Information and Communication Technology
(ICT) is at the forefront of these global changes. the question now arises ”what
is information communication technology”, information can be referred to as
processed data or output i.e. any development or action that is meant to be
worked upon effects decisions .Irechukwu (2010).
Communication can be said to be the means
or methods of getting information past from one location to another. i.e. a
method through which relationship are established, extended and maintained through a predefined codes.
Elizabeth N. et el(2009)
Technology is said to be the process of
using state of the art equipment
To perform operations efficiently and
effectively Laudon and Laudon, (2009).
Information communication technology (ICT)
is acquisition, processing, storing and dissemination of vocal, pictorial,
textual and numerical information by microeconomic base combination of
computing and telecommunication (Macmillan et al 2010).
Grossman G. and E Helpman 2009, ascert that
information communication technology (ICT) stresses the role of unified
communication technology and integration of communication (telephone lines and
wireless signals) computer middle ware as well as software, storage and visual
system which enable users to create ,access ,store, transmit and manipulate
information. Laudon and Laudon, (2009).contend
that managers cannot ignore Information Systems because they play a vital role
in contemporary organization. They point out that the entire cash flow of most
fortune 500 companies is linked to Information System.
The application of information and
communication technology concepts, techniques, policies and implementation
strategies to banking services has become a subject of fundamental importance
and concerns to all banks and indeed a prerequisite for local and global
competitiveness. ICT directly affects how managers decide, how they plan and
what products and services are offered in the banking industry. It has continued
to change the way banks and their corporate relationships are organized worldwide
and the variety of innovative devices available to enhance the speed and quality
of service delivery.
Harold and Jeff (2008) contend that
financial service providers should modify their traditional operating practices
to remain viable in the 2000s and the decades that follow. They claim that the
most significant shortcoming in the banking industry today is a wide spread
failure on the part of senior management in banks to grasp the importance of
technology and incorporate it into their strategic plans accordingly. Woherem
(2010) claimed that only banks that overhaul the whole of their payment and delivery
systems and apply ICT to their operations are likely to survive and prosper in the
future . He advices banks to re-examine their service and delivery systems in
order to properly position them within the framework of the dictates of the
dynamism of information and communication technology. The banking industry in
Nigeria has witnessed tremendous changes linked with the developments in ICT
over the years.
The quest for survival, global relevance,
maintenance of existing market share and sustainable development has made
exploitation of the many advantages of ICT through the use of automated devices
imperative in the industry. This study evaluates the response of Nigerian banks
to this new trend and examines the extent to which they have adopted innovative
technologies in their operations and the resultant effects.
1.2 Statement of
the Problem
The advent of information and
communication technology on the performanceof the United Bank For Africa among
other sectors has brought about several noticeable developments but at the same
time, it brings about its attendant problems. There is the problem of banks
unable to strictly comply with the mission statement /corporate mission. With
information technology, some bank management does not adequately plan to meet
the services quality. For example, the required number of customers to be
attended to by a cashier within the daily working hours to guide against long queues is neglected- this causes
delay in service delivery time leading to long queues in the banking hall.
Another problem is the high incidence of
bank fraud borne information technology. This fraud ranges from ATM card fraud, internet banking fraud, email and text message
fraud, fund transfer to
untraceable offshore accounts, among others.
1.3
Objectives
of the Study
1.
To identify how the
introduction of information and communication technology has influenced bank
performances.
2.
To find out the reason
why banks nowadays have to abandon the former ways of operations to modern
banking.
3.
To investigate into the
extent of effectiveness and efficiency in banking sectors after the introduction of information technology.
4.
To access how information
technology helps in the reduction of cost and benefit in increasing the revenue
profit of the bank.
5.
To access how information
technology has affected the customer base of the banks.
1.4 Significance of the
study
The banking system is required as a
catalyst for a rapid macro-economic development of other sectors of the
economy; hence, its stability should be the priority of the government most
especially during the democratic dispensation. Going by the recent distress in
banking industry in Nigeria, the level of public confidence in the sector has dwindled
and this has led to the instability syndrome in the sector and as such the
public assurance and confidence on efficiency in the private sector in
decaying.
The major cause of this syndrome can be
attributed to the problems inherited in the banks operational system. The quest
for globalization and commercialization has brought about innovations in
technology. The digital age and the potential threat posed by non-traditional
competition which necessitates innovation has made it inevitable for Nigerian
commercial banks to improve upon their operation as they face evolving
revolution are being confronted with increasingly sophisticated customer base
compelling them to offer today what
their customers would be expecting tomorrow. Banks have to deviate from just
being a profit making bank to a more conscious customer centered institution.
This research will enable banks to
identify ways of remaining competitive in the global and domestic financial
industry. It also helps prepare banks repositioning towards meeting the
challenges imposed by global banking.
Also, it is expected that the work will
contribute to the bank’s future projections on strategies to be used in
attracting depositor’s funds, reduce queues in the banking hall, the bank’s
management policies.
Finally the research work will also be a
contribution to knowledge in academic field and serve as a source of reference
to researchers who would carry out research on similar study in the future.
1.5 Research Questions
1.
How the introduction of
information technology does has influenced bank performances.
2.
To find out the reason
why banks nowadays have to abandon the former ways of operations to modern
banking.
3.
To investigate into the
extent of effectiveness and efficiency in banking sectors after the introduction of information technology.
4.
To access how information
technology helps in the reduction of cost and benefit in increasing the revenue
profit of the bank.
5.
To access how information
technology has affected the customer base of the banks.
1.6 Scope of the study.
The research work covers the impact of
information and communication technology on the operations of Nigerian banks in
Nigeria. Specifically, the information in this research work is limited to
happenings in the UBA Plc, Kaduna. The period of the study is to be focused on
2004-2010.
1.7 Limitation of the study.
The major limitations of this research
work are the constraints encountered in the use of questionnaires for
generating data information. Bank customers often find the efficiency of the
operational system of the bank in different ways or perspectives; hence, it is
not possible to determine the exact level of differences between belief and
practice in the banking operation.
The bank staffers are not ready to give
out information in any form particularly in writing as it may be required in
the case of questionnaires due to secrecy. To get information or data from
these groups of people, the researcher has to exercise a lot of patience.
Due to time and financial capability, the
researcher was not able to cover all the products of the bank that has been
made possible through information technology
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