The Impact of Information and Communication Technology on Business Organisation Performance (Case Study of First Bank of Nigeria Plc: Iganmu Branch)
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The Impact of Information and Communication
Technology on Business Organisation Performance (Case Study of First Bank of
Nigeria Plc: Iganmu Branch)
ABSTRACT
This research work was carried out to
determine the Impact of Information and Communication Technology on Banking
Industry and First Bank of Nigeria Plc. (Iganmu Branch) has been used for the
purpose of this study. A survey of (200) Two Hundred respondent were used
comprising all the middle and the top management of First Bank of Nigeria Plc.
(Iganmu Branch).
Data were generated through primary and
Secondary Sources. The Primary Data were collected through the Administration
of Questionnaire from the respondent. The Secondary Data were generated from
collection of different related Textbooks, Journals and the internet. The
analysis of the questionnaire was done using simple percentage approach and the
Karl Pearson Chi – Square Statistic to test the hypothesis.
The result of the study revealed that
innovative technologies contribute to the survival of the banking industry. It
is also shown that ICT products have effect on customer services. There is also
difference in the banking sector with the use of ICT. The adoption of ICT has
improved customer services, facilitated accurate records, provides for home and
banki.ng services, ensures convenient business hour, prompt and fair attention
and enhances faster services. From the findings it is concluded that
information and communication technology improves banks image and leads to a
wide, faster and more efficient market. It has also make work easier and more
interesting, improves the competitive edge of banks, improves relationship with
customers and assists in solving basic operational and planning problems.
TABLE OF CONTENTS
CHAPTER ONE
1.0
Introduction
1.1
Statement of the Problem
1.2
Objectives of the Study
1.3
Research Questions
1.4
Research Hypothesis
1.5
Research Methodology
1.6
Significance of the Study
1.7
Limitation of the Study
1.8
Scope of the study
1.9
Definition of Terms
1.10
Brief History of First Bank of Nigeria
References
CHAPTER TWO: LITERATURE REVIEW
2.0
Introduction
2.1
Definition of Information and communication Technology
2.2
The use of I C T in banking Industry
2.3
I C T product use in the banking Industry
2.4
Computer Generations
2.4.1
First Generation Computer
2.4.2
Second Generation Computer
2.4.3
Third Generation Computer
2.4.4
Fourth Generation Computer
2.4.5
Fifth Generation Computer
2.5
Definition of Computer
2.6
Types of Computer
2.6.1
Digital Computer
2.6.2
Analogue Computer
2.6.3
Hybrid Computer
2.7
Classification of Computer
2.7.1
A micro Computer
2.7.2
A Super Computer
2.7.3
A mini Computer
2.7.4
A mainframe Computer
2.8
Advantages of Computer
2.9
Disadvantages of Computer
2.10
Characteristics of Computer
2.11
The New trend in Computer
2.12
The Definition of Computer
2.12.1 Types of Computer Network
2.12.2 Local Area Network
2.12.3 Wide Area Network
2.12.4 Classification of Computer Network
2.12.5 The advantages of wide Area Network
2.13
The impact of ICT on Banking Industry
2.14
Products and services offered by the first Bank of Nig. Plc.
2.15
The First Bank farm settlement scheme
2.15.1 Guaranteed Fund Credit (GFC)
2.15.2 Multi-channels Agricultural finance
scheme
2.15.3 First Bank Agricultural credit to
schools (FACTS)
2.15.4 National Agro Dealer Scheme (NADS) –
plus
2.15.5 GSM 102
2.15.6 Commercial Agriculture Credit Scheme
References
CHAPTER THREE: RESEARCH METHODOLOGY
3.0
Introduction
3.1
Restatement of Research Hypothesis
3.2
Research Method and Design
3.3
Sample size Determination
3.4
Data Collection Method
3.4.1
Primary Sources of Data
3.4.2
Secondary Sources of Data
3.5
Research Instruments
3.6
Validity and Reliability of Instrument
3.7
Data Collection Method
3.8
Method of Data Analysis
3.9
Limitations of the Methodology References
CHAPTER FOUR: PRESENTATION AND DATA ANALYSIS
4.1
Data Analysis and Interpretation
4.2
Analysis of Response Rate
4.3
Demographic Characteristics of Respondents
4.4
Age Distribution
4.5
Marital Status of Respondents
4.6
Distribution by Qualification
4.7
Working Experience of the Respondents
4.8
Opinion of Bank Employees toward ICT
4.9
Testing of Hypothesis
4.9.1
Innovative Technology Contribute to the survival Banking Industry
4.9.2
The difference in the efficiency of Nigeria Banking Industry before and
after the adoption of Information and Communication Technology
4.9.3 Does Information and Communication Technology
have effect on Customer Services
CHAPTER FIVE: SUMMARY, FINDING AND
RECOMMENDATION
5.1
Summary of findings
5.2
Recommendation
5.3
Conclusion
5.4
Suggestion for future Studies
References
CHAPTER ONE
BACKGROUND OF THE STUDY
INTRODUCTION
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
conditions and highly changing conditions and highly unpredictable economic
climate. Information and communication Technology is at the centre of this
global change curve. Laudon and Laudon, (1991), contend that managers cannot
ignore information systems because they play a crucial 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 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 (1995), contend that financial
service providers should modify their traditional operating practices to remain
viable in 1990s 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 (2000), 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 new millennium. 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 operation’s and the resultant effects.
Information Technology (IT) IS the automation
of processes, controls, and information production using computers, Tele
communications, software and ancillary equipment such as automated teller
machine and debit cards (khalifa 2000). It is a term that generally covers the
harnessing of electronic technology for information needs of a business as all
levels. Irechukwu (2000) lists some banking services that have been
revolutionized through the use of ICT as including account opening, customer
account mandate, and transaction processing and recording. Information and
communication technology has provided self-service (automated customer service
machines) from where prospective customers can complete their account opening
documents direct online. It assists customers to validate their account numbers
and receive instruction on when and how to receive cheque books, credit and
debit cards.
Several authors have conducted investigation
on the impact of ICT on the banking sector of the Nigeria economy. Agboola et
al (2002) discussed the dimensions in which automation in the banking industry
manifest in Nigeria.
They include:
(i) Bankers Automated clearing services: This
involves the use of Magnetic Ink character Reader (MICR) for cheque processing.
It capable of encoding, reading and sorting cheques.
(ii) Automated payment systems: Devices used
here include Automatic teller Machine (ATM), plastic cards and Electronic funds
Transfer.
(iii) Automated Delivery channels: These
include interactive television and the internet.
Agboola (2001) studied the impact of computer
automation on the banking services in Lagos and discovered that Electronic
Banking has tremendously improved the services of some banks to their customers
in Lagos. The study was however restricted to the commercial nerve centre of
Nigeria and concentrated on only six banks. He made a comparative analysis between
the old and new generation banks and discovered variation in the rate of
adoption of the automated devices.
Aragba-Akpore (1998) wrote on the application
of information technology in Nigerian banks and pointed out that IT is becoming
the backbone of banks’ devices regeneration in Nigeria. He cited the Diamond
Integrated Banking Services (DIBS) of Diamond Bank Limited and Electronic Smart
card Account (ESCA) of all states Bank Limited as efforts geared towards
creating sophistication in the banking sector. Ovia (2000) discovered that
banking in Nigeria has increasingly depended on the deployment of information
technology and that the IT budget for banking is by far larger than that of any
other industry in Nigeria. He contended that on-line system has facilitated
internet banking in Nigeria as evidenced in some of them launching websites. He
found also that banks now offer customers the flexibility of operating an
account in any branch irrespective of which branch the account is domiciled.
Woherem (1997), discovered that Nigeria banks
since 1980s have perform in their investment profile and use of ICT systems,
than the rest of industrial sector of the economy. An analysis of the study
carried out by African Development consulting Group Ltd. (ADCG) on IT diffusion
in Nigeria shows that banks have invested more on IT, have more IT personnel,
more installed base for PCs, LANs, and WANs and a better linkage to the
internet than other sectors of the Nigerian economy.
STATEMENT OF THE PROBLEM
The Banking industry all over the world helps
to promote economic growth and development. In recognition of this important
role, a lot of effort is being put into the development of the sector. One area
of such effort is the use of information and communication technology to
improved banking services with the advent of computers and its revolution in
information processing electronic banking has become the order of the day.
Electronic banking enhances the speed and quality of service delivery and has
changed their system of banking all over the world in Nigeria. Electronic
banking is still at the infancy stage. A great deal of effort and investments
are still required to make the country relevant to the present dispensation in
the industry. Many transactions are still being done manually, the waiting time
for customers is still relatively long and the quality of service is yet to be
satisfactory to some customers.
Since the banking sector has become dependent
of information and technology, the performance enhancement of the Nigeria banks
will be best achieved through its optimal utilization. This issue of absolute
necessary is the subject of this study. Moreover, the cost of acquiring this
technology vis-a-vis its benefit is on other problem.
OBJECTIVES OF THE STUDY
The focus of this study is to determine the
impact of information and communication technology on banking service in
Nigeria. The four objectives, which are to be achieved, are to:
(1) Determine what constitutes information and
communication technology.
(2) Examine the factors responsible for the
use of information and communication technology in the banking sector.
(3) Examine the effect of information and
communication technology on banking service.
(4) Examining the effects of information and
communication technology on recruitment and training staff.
RESEARCH QUESTIONS
1. How does innovative technologies contribute
to the survival of the banking industry operations?
2. What is the difference in the efficiency of
the Nigerian banking industry before and after the adoption of information and
communication technology?
3. To what extent does information and
communication technology products have effects on customer services?
RESEARCH HYPOTHESES
Ho: Innovative technologies does not
contribute to the survival of the banking industry operations
Hi: Innovative technologies will contribute to
the survival of the banking industry operations
Ho: There is no significant difference in the
efficiency of the Nigerian banking industry before and after the adoption of
information and communication technology.
Hi: There is significant difference in the
efficiency of the Nigerian banking industry before and after the adoption of
information and communication technology.
Ho: Information and communication technology
products will have no effects on customer services.
Hi: Information and communication technology
products will have effects on customer services.
RESEARCH METHODOLOGY
The study take a look at the impact of
information and communication technology on business organization performance
and chi square method will be used to examine the data. The data will be
collected from the first Bank of Nigeria Plc.
SIGNIFICANCE OF THE STUDY
The study is expected to provide information
on various information and communication technology devices used by banks in
Nigeria and the extent of the usage. The result of this research is expected to
increase our knowledge of information and communication technology in the banking
industry in Nigeria. The findings of the study would be of benefit to
commercial banks and the customers alike.
LIMITATION OF THE STUDY
Information and communication technology is
still relatively in Nigeria. The increasing awareness of financial and
educational institution in the field is very recent. One major limitation is
that most bank staff at the management level are not easily accessible. When
they are available, the competition in the industry makes them unwilling to
disseminate information on the topic.
SCOPE/LIMITATION THE STUDY
This study takes a look at the impact of
information and communication technology on business organization performance.
Effort will be made to source for data from
First Bank of Nigeria Plc (Iganmu Branch).
DEFINITION OF TERMS
BANK: Oxford Dictionary defines bank as an
establishment for the custody of money which it pays out on customers order.
BANK: The Banking decree of 1969 define a
banker as any person who transaction banking business and whose business
includes acceptance of deposits withdraw able on demand.
COMMERCIAL BANK: A bank that accepts deposits
and makes consumer commercial and real estate loans (Saunders 2002)
COMPUTER: An electronic device that on receipt
of an appropriate input is capable of processing the input according to a set
of previously supplied instructions and making the result available if desired
(Essen, 2001) Britain J.T identified two major types of computer. (1) Computer
Hardware’s (2) Computer software’s
COMPUTER HARDWARE: Physical equipment used for
input processing and output activities in an information system (Laudon &
Laudon 2001)
COMPUTER SOFTWARE: Detailed pre-programmed
instructions that control and co-ordinate the work of computer hardware (Laudon
and Laudon 2001).
DATA: Raw facts representing events occurring
in organizations or the physical enrollment before they have been organized and
arranged into from that people can understand and use (Laudon & Laudon
2001).
INFORMATION: Data that have been shaped into a
form that is meaningful and useful to human beings. (Laudon & Laudon 2001)
PROCESSING: The conversion, manipulation and
analysis of raw inputs into a form that is more meaningful to human (Laudon
& Laudon 2001).
DATABASE: A group of related files (Laudon
& Laudon 2001).
NETWORK: A two or more computers linked
together to share date or resources such as printer.
COMMUNICATION TECHNOLOGY: Physical devices and
software that links the various pieces of hardware and transfers data one
physical location to another. Computer and communication equipment can be
connected in networks for sharing voice, data, images sound or even video (O.
BRIEN 1996).
STORAGE TECHNOLOGY: Physical media and
software governing the storage or organization of data for use in an
information system e.g magnetic or optical disk or tape (O. BRIEN 1996).
BRIEF HISTORY OF FIRST BANK OF NIGERIA PLC
First Bank of Nigeria is a Nigeria Bank and
Financial Services Firm. First Bank traces its ancestry back to the first major
institution founded in Nigeria.
The Current Chairman is Dr. Ayoola Oba
Otudeko, OFR. The Bank is the largest retail lender in the nation, while most
banks gather funds from consumers and loan it out to large corporations and
multinationals, First Bank has created a small market for some of its retail
clients.
At the end of August 2006, the bank had assets
totaling 650 Billion Naira or $5 Billion Dollars. The Bank was also the most
highly capitalized stock on the Nigeria Stock Exchange and had about 10 Billion
outstanding shares. It has a subsidiary in the United Kingdom, FBN Bank (UK),
which has a branch in Paris. The bank also has representative offices in South
Africa and China.
The company was named the best bank in Nigeria
by Global Finance Magazine in September 2006. The firm’s auditors are Akintola
Williams Deloitte & Touche (Charted Accountants).
The firm has solid short and long term rating
from Fitch and the Global Credit Rating Company Partly due to its low exposure
to non-performing loans. The firm’s compliance with financial laws has also
strengthened with Economics Financial Crimes Commission giving it a strong
rating.
PRE-INDEPENDENCE
The Bank traces its history back to 1894 and
the Bank of British West Africa. The Bank originally served the British
Shipping and Trading Agencies in Nigeria.
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