INFORMATION TECHNOLOGY IT’S (INFOTECH) SIGNIFICANCE IN THE BANKING SECTOR. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
This study is intended to evaluate the impact of information technology in the bank sector for a period of two years.
In the process of the research we shall discover how information technology succeeded in the banking sector.
Information technology which deals with the role, the impact it play in the banking sector so that the banking sector will have to be improve.
The policy aim at achieving some specific objective by influencing introducing technology in the banking sector.
The objective of the study includes the following, to find out what and direction all the technology used in the banking sector, the effect it has in the banking sector, how successful it has in the banking sector, the aim of introducing these instrument used within the period, another objective of the study is to know, the instrument of information technology and know whether they perform blow expectation who and what is responsible for it performance.
Methodology used in collecting data include only secondary source of data work and the data was from the annual reports statistical data etc.
From the data collected the researcher found out what the various form of information technology included the lese of online method computer, home banking method, the researcher true value them to know the one that is more effective, she also worked at the problem inability the of instruments which were factors, like the absence of an effective frame work for supervising non bank financial institution and checking leakage in the information system.
1.1 BACKGROUND OF THE STUDY
In banking sector information technology has opened up new opportunities for the Nigeria banking sector to improve on their services the role of information technology has grown and changed continuously in the banking sector. This explores the socio-economic factors associated with the adoption use of ICTS by the banking sector of a total of 54 socio-economic factors considered exactly 50% were found to have significant influence on the adoption and success of ICT application in the banking sector.
The banking industry has used IT to enable increase in the volume of transaction as well as the development of new products the use of information technology has changed from back office (check and accounts) processing mortgage and loan application processing and the electronic funds transfer to more strategic innovations such as automated teller machines and new kind of securities the use of information technology has also some important customer supplier effects for the customer of service providers. It has been used to improve the quality and variety of services in the banking sector.
1.2 STATEMENT OF THE PROBLEM
Many attempts being made by the banking sector needs to go in order to become part of the financial system. It is clear to all that in the process of adjusting the banking sector to the conditions of the more competitive financial market the implementation of state of the art information technology play a key role the modern information system, which allow the banks to offer new and higher quality services, as well as to better monitor and manage all their operations and risk, will have to be adapted to the current environment of banking sector.