SIGNIFICANCE OF INFORMATION TECHNOLOGY ON THE BANKING INDUSTRY
This study is intended to evaluate the impact of information technology in the banking industry.
Information technology includes any communication devices such as telephone i.e cellular phone television computer and network hardware and software satellite system and so on as well as video conferencing and distance learning.
Information technology such as on line banking and relationship marketing are increasingly important. In the banking industry they use information technology channels to interest with their financial services provider and this interaction affects the relationship quality between the customers and the financial services providers.
Any banking industry that did not exhibition an information technology gap have more positive perceptions with their financial services provides.
Information technology which deal with the roles and impact it plays on the banking industry has improved the economy.
The objectives of the study includes to find out the major cause of information technology in the banking industry do find out whether the information technology is efficient or not to recommend solution based on the findings and to know whether it perform belong expectation.
Methodology used in collecting data include only primary and secondary sources of data. From the data collected the researcher will find out whether the information technology has improved the services renders or not the researcher will also worked on the problem of information technology and solution to the problem.
Finally she will show how information technology has improved their services in the banking industry.
1.1 BACKGROUND OF THE STUDY
Information technology is the concept of acquisition handling process and distribution of data information using computer hardware and software telecommunication and digital electronic.
In banking industry information technology has opened up new opportunities for the Nigeria banking industry to improve on their services. The role of information technology has grown and changed continuously in the banking industry. This explores the socio economic factors associated with the adoption of information communication technologies (ICTs) by the banking industry. The united nations through it UN development programme activity promotes information communication technologies (ICTs) as a powerful tools for economic and social development around the world.
The banking industry has used information technology to enable increase in the volume of transaction. Banks on the others hand has seen the essence of information technology in trying to actually carryout out it functions on the economy and are still bringing more information technologies into various financial services offered to its customers.
Manual keeping of information and manual processing of data/account of the customers is extremely slow and cannot cope with the increase sophistication of customers demand and volume of transactions this modern time.
It has been said that the horse was replaced by the motor vehicle not because the motor vehicle is that much more convenient but because the horse has become inefficient form the economic point of view. For instance if a manual operation which involves the process if information on three thousand salaries people the cost involves in this type of operation is numerous personnel cost retirement scheduling cost etc. then enters the information technology like computer. The computer would not involve much cost rather it will perform the work more speedily than manual operation. There is no doubt that information technology is having a profound influence on all aspects of life including organizations and management information technology is the live wire and the tonic that every because required to exists and flourish.