THE PROSPECT OF COMPUTERIZATION IN THE BANKING INDUSTRY {A CASE STUDY OF UNITED BANK FOR AFRICAN PLC)

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ABSTRACT

 

The importance of banking industry to every economy cannot be ignored.  Bank is a place where all financial transaction of an economy impinges on.

On the other hand, the impact of computers in alleviating some of the problems encountered by banks cannot be over-emphasized.

Computer is seen as the most needed tools of improving banking transaction has not been well adopted by all banks in the Nigerian economy.  Some banks see it as a means of upgrading their chequering up, transactions and keeping necessary data for customers for loans, advances and other services.  Banks, which have gone into computerization, have observed that the positive prospect surpasses its negative prospects.

This research therefore aims at showing the actual contributions of computer to the banking industry and the negative effects experienced by the banks that are yet to go into computerization.

However, in case of the prospects and problems relating to computers, the researcher used both primary and secondary data and other related literature on the study topic in addition to this research being a case study, the researcher used a sample size drawn from UBA Plc in both their accounts and computer departments.

The recommendations and conclusions were based on advising banks and other financial institutions to introduce the use of computer in their transactions.

A general summary showed whether its contributions has actually led to the development in this industry and also indicated that computers use increased the efficiency and effectiveness of operations.

 

TABLE OF CONTENTS

CHAPTER ONE

INTRODUCTION                                                                       1

• Background of the study 1
• Statement of problem 4
• The objective of the study 5
• Scope of the study 6
• Research questions 7
• Significance of the study 8
• Definition of terms 8

CHAPTER TWO

2.0     Review of literature                                                           13

• Introduction to organizational concepts 13
• The evolution of computer                                         15
• The role of computer system in

modern banking operation                                                 17

2.4     The structure of a computer system                                   19

2.5     Computerization of customers’ banking

in the Nigerian banks                                                         22

2.6     Computer and information system                                     25

2.7     Criteria for using computers                                              26

2.8     The prospect of computerization in banking                      27

2.9     Customer services and computer application in

the banking sector:  the computerized services                   34

2.10   Misconceptions about computer                                        36

2.11   Banking operations                                                            37

2.12   Obstructions to customers’ application in nigeria banks    39

 

CHAPTER THREE

3.0     Research Methodology                                                      42

• Research design 42
• Area of study 43
• Population 43
• Sample and sampling techniques 43
• Research Instrument 45
• Method of data collection 46
• Method of data analysis 46

 

CHAPTER FOUR

4.0     Data presentation and analysis                                           48

• How computerized do you consider

your bank’s services to be?                                                48

4.2     Are you computer literate?                                                 49

4.3     Hypothesis testing                                                             57

 

 

CHAPTER FIVE

5.0     Discussion, implication and recommendation                    69

• Summary of findings 69
• Recommendations 71

5.3     Computer services distinguished                                        72

5.4     Accountant and computers                                                73

5.5     Conclusions                                                                       74

Reference                                                                           77

Appendix                                                                           79

 

CHAPTER ONE

 

INTRODUCTION

 

1.1     BACKGROUND OF STUDY

The first wave of agricultural revolution and the second wave of industrial revolution developments in world all over, and now being superceded by a third socio-economic wave, even though the industrial revolution is still in progress in most part of the third world countries.

This new secio-economic shift termed “third wave is the arrival of computer revolution”.

This means that humanity faces a quantum leap forward as we engage in building a remarkable new civilization from ground up.

Adegbony (2000:3) on his emphasizes on computer revolution indicated that the first computer was manufactured at the “Hakiard University in USA in the year 1944 by Charles Babage computer is an advanced technological innovation, which ahs involved as product of our modern day society.  He heralded that it would make life easy.

The above statement not withstanding, the public still approach the course with apprehension and in some cases develops absolute fears for the device.  The reason being that the computer came upon the world so quickly that it now affects our various lives in so many ways.  This coupled with the general lack of knowledge of what computer is, has given rise to the wave of anti-computer feelings.

It is note that Nigerian industries and businesses are growing bigger and more complex everyday.  Manual recording and filling system of financial transaction is no longer coping with the rate of sophistication and competition in these modern businesses.

Management needs timely information for planning and it is only through computerized accounting methods and control system that can give out the needed financial data immediately at the close of the banking period.

Banks and other private and commercial institutions are finding it increasingly difficult to carry out its financial data speedily and accurately enough to satisfy their numerous time conscious customers.  The volume of service being offered by banks have increased during the years and at the same time the number of people asking for these services has also increased during the last decade.

It has been said that horse riding was replaced by the motor vehicle just because the horse is inefficient from economic point of view.

Also manual operations involving the processing of information on two thousand salaried people.  The cost involved in this type of operation is numerous like personnel costs, training cost, benefits, leave allowances, retirement costs etc.  Then comes the computer, which will not involve much cost.  The only cost might be training of personnel, while the work will be done in a speedily time than manual operation.

Computer has more than immense capacity of solving most of the tedious boredom problems facing accounting system we have in government ministries, government parastata and private business institutions.  They store information and make the data more available when needed.  They operate with high speed, they are accurate to the points of their activities, and they are reliable, automatic and versatility.  Banks therefore saw this as need to go into computerization.

Nevertheless, the advent of computer has some problems.  These problems are training of personnel and financial costs.  They are very necessary before any bank could go into computerization.  Training of personnel is very necessary for the effective running and operations of any computer.  The human being is the only thing that can operate a machine like computer, therefore without an effective personnel, the computer cannot be very efficient.

Computer is an intellectual tool, which contributes to output, by increasing effective efficiency, and it is also a tool that is capable of performing pre-determined tasks faster and more accurate.

 

1.2     STATEMENT OF PROBLEMS

The problems encountered are:

1. The problem of inadequate data and information storage by the banks.
2. The problem of time wastage during the course of the banking activities.
3. The problem encountered during installation of computerized system.
4. Problem encountered in training of personnel.