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The importance of the banking industry to any economy cannot be overstated. A bank is a location where all financial transactions in an economy take place. On the other hand, the role of computers in reducing some of the challenges that banks face cannot be overstated.

Computers, which are regarded as the most important tools for improving financial transactions, have not been widely implemented by all banks in the Nigerian economy. Some banks see it as a way to improve their chequering, transactions, and data storage for consumers seeking loans, advances, and other services. Banks that have gone computerised have discovered that their positive potential outnumber their negative prospects.

This study tries to demonstrate the actual contributions of computers to the banking industry as well as the negative consequences faced by banks that have yet to implement computerization. However, in the case of computer prospects and problems, the researcher used both primary and secondary data, as well as other related literature on the study topic.

Additionally, because this was a case study, the researcher used a sample size drawn from UBA Plc’s accounts and computer departments. The recommendations and conclusions were based on advising banks and other financial organisations to include computerised transactions into their operations.

A general summary shown if its contributions have truly led to the development of this industry, as well as that the use of computers has boosted the efficiency and effectiveness of operations.


Background of the Study

The first wave of agricultural revolution and the second wave of industrial revolution are currently being superceded by a third socioeconomic wave, even if the industrial revolution is still ongoing in most third-world countries.

This new socioeconomic transformation has been dubbed the “third wave: the arrival of the computer revolution.”

This means that humanity is about to take a quantum leap forward as we work to develop a stunning new civilization from the bottom up.

Adegbony (2000:3) stated in his emphasis on the computer revolution that the first computer was manufactured at “Hakiard University in USA in the year 1944 by Charles Babage computer is a sophisticated technological innovation, which has been involved as a product of our current day civilization. He predicted that it would make life easier.

Despite the preceding declaration, the public nonetheless approaches the course with trepidation and, in some cases, utter terror of the equipment. The reason for this is that the computer entered the world so swiftly that it now affects our life in so many ways. This, combined with a general lack of understanding of what a computer is, has resulted in a wave of anti-computer sentiment.

It should be noted that Nigerian industries and businesses are becoming larger and more sophisticated by the day. Manual financial transaction recording and filling systems are no longer keeping up with the degree of sophistication and competition in today’s firms.

Management need timely information for planning, and only computerised accounting procedures and control systems can provide the required financial data promptly at the end of the banking month.

Banks and other private and commercial entities are increasingly finding it challenging to process financial data quickly and accurately enough to please their many time-conscious consumers. The volume of services provided by banks has expanded over time, and the number of customers requesting these services has also increased during the last decade.

It has been claimed that horseback riding was supplanted by motor vehicles simply because horses are inefficient from an economic standpoint.

Manual operations including the processing of information on two thousand salaried people are also included. Personnel expenditures, training costs, benefits, leave allowances, retirement costs, and so on are all part of this type of operation.

Then there’s the computer, which won’t be too expensive. The sole cost may be employee training, but the work will be completed faster than with manual operation.

The computer has an enormous capacity for overcoming the majority of the tedious boring problems that plague accounting systems in government ministries, government parastatals, and private sector entities. They store data and make it more accessible when needed.

They operate at fast speeds, are precise in their operations, and are dependable, autonomous, and versatile. As a result, banks recognised the necessity to invest in computerization.

Nonetheless, the introduction of the computer has some drawbacks. Personnel training and budgetary charges are two of these issues. They are absolutely important before any bank can go computerised.

Personnel training is critical for the efficient functioning and operation of any computer. Because a human being is the only thing that can operate a machine like a computer, the computer cannot be highly efficient without an effective personnel.

A computer is an intellectual tool that increases effective efficiency and contributes to production. It is also a tool capable of doing pre-determined tasks faster and more accurately.

Statement of the Problems

The issues encountered are as follows:

The issue of insufficient data and information storage by banks.

The issue of time wastage during the course of banking activities.

The issue faced with the installation of a computerised system.

A problem was encountered during personnel training.

The Purpose of the Study

The goal of this study is to determine:

The banking industry has benefited from the potential of computerization.

Identify the functions for which the computer would be utilised in order to maximise the efficiency and effectiveness of the bank’s operations.

The study would consider an overall view of computer application to the different services provided by our banks as an electronic storage facility.

The study will also uncover the many constraints impeding the usage of computers in business.

This study will reveal the public’s misconceptions regarding computers and how these errors might be remedied.

Research Questions

Has UBA Plc’s computerization accelerated banking services?

How much has the amount of deposits increased as a result of computerization?

Has computerization increased or decreased the bank’s efficiency and effectiveness?

Has computerization aided in cost reduction in the banking industry?

What percentage of UBA Plc’s workload has been lowered through computerization?

Is the performance of computers in banking businesses more reliable to clients than manual implementation that was previously used?

Is computerization of confidential and to point for clients in accounting teams better than the crude approach of then accounting?

Is there any profit increase in the banking sectors’ yearly statements of account since the invention of the computer?

The Significance of the Research

We will be able to comprehend the fact that this study will enable them to use the work in both their academic and research work at the end of this research.

It will also be made apparent that computers are required in numerous financial businesses nowadays for efficient banking operations.

Definition of Term


Kire Patrick’s Chambers Universal Learners Dictionary (2001, 130) defined computer as “a large electronic machine capable of storing large amounts of information and performing calculations.”

According to the sixth edition of the Oxford Advanced Learners Dictionary, a computer is “an electronic machine that can store, organise, and control other machines.”

It is also defined as “a device that performs high-speed mathematical and logical calculations or that assembles, stores, processes, or prints information derived from coded data in accordance with a pre-determined programme” by the American Heritage Dictionary of English.

This means that, despite the fact that computers do not have their own brains to reason like humans, they can solve complete mathematical problems as quickly as feasible, even faster than the human brain.


It is a procedure in which computers are used to perform tasks that humans could accomplish just as well. Such processes include data gathering, data analysis, and information conversion, which can be employed in banking and a variety of other sectors.


According to the Oxford Advanced Dictionary, it means preserving an impression or impact created in the mind of a viewer, reader, or other person.

It indicates where anything is being put into operation or is in use, the effect or consequence, or which is that it has the entire operation.


Banking is defined by the Oxford Advanced Dictionary as the business of recurring money from outside sources as deposits regardless of interest payment and granting of money, loans, and acceptance of codices or the purchase of bills and cheques or the sale of securities for the account of others or the carrying in of the obligation to acquire claims in respect of banks prior to their maturity.

A bank is a person, group, organisation, corporate body, or government that does banking business as stated above.


This refers to the real components that can make up an installation; it includes the computer’s exterior or physical components.


A broad definition for all terms of programme instruction and supplemental materials used by personnel to provide instructions to the computer.


These are unprocessed items or raw data that have no meaning on their own and are typically input into the, such as date, account opened, name and address, accounting number, and so on. Ubaka Aroh (1997, 4) defined data in data processing systems as an observation that does not transmit any meaning.


The act of entering data or instructions into a computer.


After the processing is completed, the response can be presented in the form of printed reports or printouts.


A computer system in which the branch is not directly connected to the computer centre; in such a case, the branch will require diskettes for transmission before producing a report.


A computer network The branch is electronically limited by computer, centre.

Tape Magnet

This is a common way of recoding computer data on tape. It has three major advantages: speed, compactness, and readability.

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