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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