Project Materials

The Impact of Technology towards Economic Development in the Nigerian Financial Market Activities” with a special focus on your United Bank for Africa (UBA).

Chapter One

Introduction

1.1 Background of the Study

For a modern organisation, information is as valuable as land, labour, and capital. It is a vital and invaluable resource. For ages, humans have attempted to gather, store, process, and retrieve information, as well as transmit or share it in the most efficient manner possible.

As a result, over the years, man has experimented with many methods and techniques for recording and disseminating knowledge in order to provide solutions to competing problems.

According to Senn (1999), information is data that has been processed into meaningful and useful form and contains knowledge that minimises uncertainty in a specific scenario.

Technology is a powerful force that is driving the world towards a commonality. Since the beginning of the world, technology has been one of the most important aspects in human growth (Coombs et al, 1987).

Over the previous 200 years, technological advancements have frequently been linked to economic growth in the form of new commodities and services.

However, information technology is a broad phrase that encompasses the use of electronic technology to meet the information needs of businesses at all levels. It is a computer-based system that uses telecommunications technology to store, process, and disseminate information.

It is no longer news that we are now in the information era, characterised by a revolution and an information superhighway that every business institution and profession must adopt in order to exist in the twenty-first century.

The world of business and government in the information age is further complex by concepts like democratisation, competition, deregulation, privatisation, commercialisation, liberalisation, internalisation, and computerisation. This makes it hard for an organisation or country to exist and grow without information technology.

Today’s corporate climate is extremely dynamic, with rapid changes occurring as a result of technical advancements, increased awareness, and client demands.

Business organizations, especially the banking industry of the 21st century operates in a complex and competitive environment characterized by these changing conditions and extremely unpredictable economic climate.

Laudon and laudon, (1991), claim that managers cannot disregard information technology it since R plays a key function in the progress of contemporary organization.

The incorporation of information technology concepts, techniques, policies and implementation strategies to banking services has become a subject of basic importance and concerns to all banks. This is related to the fact that it is a precondition for local and global competitiveness.

Information technology has had a direct impact on the products and services supplied in the banking industry. It has continued to transform the way banks and their business relationships are organised around the world, as well as the range of new technologies accessible to improve the speed and quality of service delivery.