ANALYSIS OF THE EFFECTIVENESS OF INFORMATION TECHNOLOGY ON BANKING SERVICES DELIVERY
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ANALYSIS OF THE EFFECTIVENESS OF INFORMATION TECHNOLOGY ON BANKING SERVICES DELIVERY
ABSTRACT
Using Union Bank Enugu as a case study, this study investigated the efficiency of information technology in banking system delivery.
As a result, the research will look into how effective information technology is in the banking industry’s service delivery. The investigation will also look into how banks have been pushing to make information technology more successful in delivering services to its customers.
The structured questionnaire was utilised to collect data for the study. In the study, a simple statistical technique of frequencies and percentages was applied. The chi-square hypothesis was used to test it. The study’s significance will undoubtedly benefit both the banks and their prestige customers because the findings and recommendations will be used to reshape the banking sector.
It will also provide the government with adequate information on how best to modify and intensify policies necessary for a healthy banking practise and pre-introduce confidence in the banks to customers.
PROPOSAL FOR AN ANALYSIS OF THE EFFECTIVENESS OF INFORMATION TECHNOLOGY ON THE DELIVERY OF BANKING SERVICES
The collecting and gathering of information, recording, storage, processing, and communication, or the micro-electronic-based integration of computer and telecommunication technologies, is referred to as information technology.
It is founded, however, on the convergence of data processing and communication techniques, with the former providing the information and the latter providing the vehicle for spreading or transmitting it.
Also, information technology can be defined as a relatively new field that combines computer technology with communication technology, is concerned with the gathering, recording, storage, processing, and dissemination of information, and represents the most common form of man-machine interface, such as Internet services.
As observed in the banking industry today, most banks have been in the bandage of how to manage their information and how to satisfy their customers because of the problems they are currently experiencing. Most times you go to the bank, you hear system failure, which helps to hinder the operations of banks’ services delivery to their customers.
The study’s goal and purpose are as follows:
1. Determine the effectiveness of information technology in the delivery of banking services.
2. To investigate customer reactions to the introduction of a piece of information technology, such as a (ATM) Automated Teller Machine.
3. To investigate what a decent internet can achieve for the financial industry.
4. To identify the problem linked with information technology and its components.
5. To discuss and recommend potential solutions to the problems identified.
The study’s goal is to discover how banks have pushed for information technology efficacy in service delivery in order to please their consumers.
The primary and secondary sources of data will be the primary and secondary sources of data in this study. They include the internet, reading newspapers, textbooks, and so on. In order to collect data for the study, I will use a questionnaire and an oral interview.
The study’s relevance will undoubtedly help both banks and their prestigious customers. The findings will be utilised to reshape the banking industry, as well as offer the government with appropriate knowledge on how to adjust policies required for a healthy banking practise and pre-introduce client confidence.
Given the current level of competitiveness in the banking business, the use of information technology is critical for every bank that decides to implement it.
Information technology has signified a paradigm shift in banking cultures and business practises.
It will allow banks to benefit from a diverse range of products, particularly in the provision of services such as online banking, internet banking, and so on.
To acquire relevant and accurate data or information, simple random sampling will be employed, with each unit in the population having an equal chance of being chosen into the sample.
The following is a summary of the expected findings and recommendations:
Most Nigerian banks can now supply their products and services in a timely and effective manner thanks to advances in information technology.
It allows for cost savings and a reduction in human or machine mistake in financial services.
The development of information technology in the banking sector has aided many people in commercial organisations. Instead of worrying themselves over monitoring their balance, they can now do so easily and quickly through home banking.
Based on the findings, the following recommendations are given.
1. There should be (ATM) in the financial system to assist banks in becoming leaders rather than follows in the banking business.
2. Adequate internal operations should be in place to aid in the development of best practises and the prevention of fraudulent programmes.
CHAPTER ONE
INTRODUCTION (1.0)
Actually, the banking business has advanced significantly in information technology management and other aspects of customer service delivery.
The notion of information management is subsumed by information technology. As a result, information technology is narrower than information management but, like information management, is primarily reliant on network of systems technology; thus, it is a tool for information management.
However, when it comes to the usefulness of information technology in banking system “delivery”. It has had a significant impact in the sense that information technology has propelled the banking business.
Service/system delivery is simplified; no more wasting time on a basic financial transaction; information technology is and will continue to be beneficial to both bankers and their consumers. Well, it has some shortcomings in terms of bankers, clients, and the Nigerian economy as a whole.
1.1 BACKGROUND OF THE STUDY
Because it is the centre of mind, we must dance down to the meaning of information technology and what it is all about when discussing the backdrop.
However Information technology, according to Akuwudike and Ugwu (2002), is the collection and gathering, recording, storage, processing, and communication of a macro – electronic based mix of computer and communications technology.
However, it is based on the convergence of data processing and communication techniques, with the former providing the information and the latter providing the vehicle for disseminating or communicating it,
resulting in a relatively new filled that combines computer technology with telecommunications and thus represents the most recent form of man-machine interface.
Furthermore, it has played an important role in the emerging fields of expert systems and artificial intelligence.
Also, information technology is a relatively new field that combines computer technology with communication technology and is concerned with the gathering, recording, storage, processing, and dissemination of information and represents the most common form of man-machine interface, such as internet services: Armstrong, 1993.
1.2 STATEMENT OF THE PROBLEM
Most banks have recently been wrapped in the bandage of how to manage their information and please their valued clients.
Furthermore, the degree of competition in the banking business nowadays is a major issue for the banking industry, which happens to be Union Bank Plc.
However, the Union Bank Plc also has a problem with its ability to satisfy the growing population of clients. For example, if you visit the Union Bank Okpara Avenue branch or some other branches,
information technology, such as the issue of online, is not properly disposed. As a result, contribute to the important time consumers spend at the bank to complete their necessary transactions.
Another issue that the banking industry is currently dealing with is the network difficulty (Union Bank Plc). When you go to the bank, you almost always hear system failure, which impedes the supply of services to consumers.
1.3 OBJECTIVE OF THE STUDY
The study’s goal is to discover how banks have pushed for information technology efficacy in service delivery in order to please their customers. However, the purpose of this research is to identify and investigate the following.
a. To investigate the effectiveness of information technology in the banking industry’s service delivery.
b. To investigate customer reactions to the introduction of some information technology goods such as (ATM).
c. To look at what the Internet has done for the banking business.
d. To identify the issues related with information technology and its components.
a. To offer and recommend potential solutions to recognised problems.
1.4 THE RESEARCH QUESTION
The following are the research questions.
1. Does information technology have an impact on banking service delivery?
2. Do customers respond positively to information technology things such as ATMs?
3. Is the Internet required in the banking business for service delivery?
4. Do banking sectors face any challenges in implementing information technology as a mode of operation in customer service delivery?
1.5 HYPOTHESIS CONFORMATION
The following assumptions are being developed to assess the effectiveness of information technology in the delivery of financial services.
ONE HYPOTHESIS
A. Ho: Information technology has no bearing on the effective delivery of financial services.
Hi: Information technology is critical to the efficient delivery of financial services.
TWO HYPOTHESIS
B Ho: Customers do not respond favourably to information technology goods such as ATMs.
Hi: Customers are pleased with information technology things such as ATMs.
THREE HYPOTHESIS
C Ho: Internet access is not required for effective service delivery in the banking industry.
Hi: The Internet is absolutely necessary for good service delivery in the banking industry.
FOURTH HYPOTHESIS
D Ho: The banking industry has had no difficulty implementing information technology as a mode of operation in customer service delivery.
Hi: The banking industry is having difficulty implementing information technology as a mode of operation in customer service delivery.
1.6 THE SIGNIFICANCE OF THE STUDY
Given the current level of competitiveness in the banking industry, the use of information technology is critical for every bank that decides to implement it.
Information technology has signified a paradigm shift in banking culture and business practises.
It has also enabled banks to benefit from its diverse range of products, particularly in the provision of services such as online banking, internet banking, and so on, through the acquisition of programmes and websites.
These elements have transformed worldwide communication and commerce into a global village. As previously said, information technology provides a critical foundation for planning, organisation, managing, administering, and regulating important processes and activities within the banking industry and other organisations.
Finally, information technology enabled the generation, processing, and manipulation of massive amounts of continuous information in a timely and cost-effective manner, as well as its instant access.
1.8 DEFINITION OF TERMS
1. ARTIFICIAL INTELLIGENCE: The use of a computer to replicate an expert human being’s reasoning process in addressing complicated problems in a certain area of knowledge (demain).
2. COMPUTER: A machine that is employed in modern organisations and homes to manipulate data.
3. DATA- PROCESSING: The conversion of data inputs into information output.
4. GLOBAL VILLAGE: The world refers to a modest and simple communication location.
5. INTERNET: It is a global computer network that is linked together by telecommunication (i.e. the telephone network).
6. SUPER HIGHWAY: This is a series of changes in the way Americans communicate with one another and with individuals all around the world.
TECHNOLOGY is the study of mechanical arts and applied sciences.
8. MANIPULATE: To handle or mange in a deft or crafty manner.
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