APPRAISING THE EFFECTS OF COMPUTERIZATION IN THE NIGERIAN BANKING INDUSTRY. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
In an evolving Nigerian banking industry, strategies are being adopted by the major players in order to achieve their long-term organizational goals- profitability and survival. In the light of this belief, much emphasis is being laid on the computerization of their banking operations. Within the last decade, the Nigerian banking industry has been at the forefront of computerization. This is with the aim of: improving their information system, delivery of efficient and high quality service to their customers. In the advent of computerization, old generation banks in the industry were force to wake up from their slumbers and face reality. The new generation banks came into the industry with innovation, research and development, in order to push these less competent old ones out of business. This revolution was aided by computerization. It’s very pertinent to state that computerization is a very powerful weapon which can be employed to annihilate competitors. The Nigerian banking industry ensures that their data base is updated as at when due. With the 2004 banking reform in Nigeria, the industry has persistently remained vibrant. The overall aim of this sanitations effort by Professor Charles Chukwuma Soludo was to achieve some macroeconomic objectives,which include the following : a. To create a world of banking groups through mergers and acquisitions aimed at avoiding bank distress. b. To consolidate Nigerian banks to manage the country’s external reserve deposited in foreign banks c. To ensure that there is zero-tolerance in the regulatory framework. According to Rob Kling (1996), “when a specialist discusses computerization and work, they often appeal to a strong implicit image about the transformation of work in the last one hundred years and the role that technology has played in some of these changes.” In view of this, it’s quite imperative to analyze this information with the Nigerian banking industry, and to take actions aimed at guiding against the problems associated with computerization.