THE APPLICATION OF INFORMATION TECHNOLOGY AND EFFECTIVE BANKING SYSTEM (A STUDY OF UBA PLC)

CHAPTER ONE

INTRODUCTION

1.1      BACKGROUND OF THE STUDY

Computer remains relevant and its usefulness cannot be ignored in every sphere of life. Banks are increasingly dependent on services provided by computer systems via ICT and vulnerability to effective banking services is growing fast as a result. The beauty is that banks are no longer just concerned with the information and the technology to process it; the single most important aspect is to communicate this information. Speed, ever-reducing costs and general availability of communications technology, e-mail and the Internet have revolutionized the way banks work and live.  Literally, ICT means working with computers, but in a more technical way it is a term used to describe technologies that enable us to record, process, retrieve, transmit and receive information. ICT ranges from the oral and traditional types such as speech, drama and prints to recent and modern ones like electrical ICTs (radio and TVs) and digital ICTs. The digital revolution is at the heart of the impending pervasive use of digital ICTs. The ability to store and process numerical, textual, audio and video information in digital form at speeds, in quantities and at costs previously unimaginable and the ability to transmit the digital objects across time and space quickly and at relatively nominal costs are the strengths of the electronic venue of ICTs.

      Recent banking industries as to do with the systems of people, equipment, inventory and procedures arranged to interact in order to accomplish one or more objectives. Rapid changes due to globalization of banks, technological innovations, social and political changes cum increased awareness and demands from customers are putting pressures on banks which are being countered by new management approaches ranging from telecommuting to bank process reengineering. ICT is at the core of most innovations used today by banks to succeed or survive. ICTs are known for strategic management, communication, collaboration work, customers' access, managerial decision making, data management and knowledge management. In the light of these, this research focused on the advantages and disadvantages in using digital ICTs in banking activities for effective service delivery.

      However, the role of technology in the information age is well recognized by business, industry and government and is completely woven in to their organizational structures and strategic planning processes. Glover, (1993).The quality of strategic planning is limited by the quality of information available to decision makers and that executive information systems were critical in furnishing the necessary data which produced information.

       Technology relates to both the physical aspects of machines, equipment, processes and work layout and the actual methods, systems and procedures involved in the carrying out of work. Technology is therefore a major influence on general climate of the organization the behaviour of customers at the banking industry.

       Most commercial banks have adopted one form of information technology or the other. This is because the banks services have some unique characteristics which make it at great advantage to them. The paper – based nature of the banking transaction is being replaced by electronic based transaction. Since the adoption of information technology, the paper-based communications in most banks have been replaced by electronic communication.

1.2   STATEMENT OF THE PROBLEM:

The information technology has brought about the change in the banking operation. This is a transaction from manual way of processing cheques and other related activities to computerized ways of all banking transactions.

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