Full Project – Impact of information and communication technology on business operation in banks

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CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

The global business environment is very dynamic and is undergoing rapid changes as a result of technology innovation, increased awareness and demand from customers. Business organizations, especially the banking industry of 21^st century operates in a complex and competitive environment characterized by these changing conditions and highly unpredictable economic climate.

Information  and  communication  technology   (ICT) is  at  the  centre  of  this  global  change. Archimedes (2^nd) law states that:”give me a lever long enough and a fulcrum on which to place it and shall move the whole world “. The lever he was talking about then was not understood, until the invention of Information and Communication Technology. ICT is the automation of processes, controls, and information production using computers, telecommunication, software and other devices that ensure smooth and efficient running activities (Sunil. 2003). It is a term that largely covers the coupling of electronic technology for the information needs of a business at all levels. ICT has surpassed the role of support services or only electronic data processing; its fields of applications are slightly global and unlimited. Its devices especially the internet and modern computer; emailfacilities haveFurther strengthened early modernizations like the telephone and fax. Other ICT devices include data recognition equipment, factory automation hardware and services, tele-computing and teleconferences using real time and online system (Adeoti, 2005).

The application of information and communication technology concepts, techniques, policies, and implementation strategies to banking services has become a subject of fundamental importance and concerns to all banks and indeed a prerequisite for local and global competitiveness. ICT directly affects how managers decide, how they plan and what products and services offered in the banking industry. It has continued to change the way banks and their corporate relationships are organized worldwide and the variety of innovative devices available to enhance the speed and quality of services delivery.

Harold and Jeff (2005) argue that financial service providers should modify their traditional operating practices to remain viable in 1990s and the decades that follow. They claim that the most significant shortcoming in the banking industry today is a wide spread failure on the part of senior management in banks to grasp the importance of technology and incorporate it into their strategic plans accordingly.

Woherem (2000) claimed that only banks that they overhaul the whole of their payment and delivery systems and apply ICT to their operations are likely to survive and prosper in the new millennium. He advice bank to re-examine their services and delivery system in order to properly position within the framework of the dictates of the dynamism of information and communication technology. The banking industry witnessed tremendous changes linked with the developments in ICT over the years.

The quest for survival, global relevance, maintenance of existing market share and sustainable development has made exploitation of the many advantages of ICT has brought immense innovations, improvement and advanced way of doing business in a speedily manner in the developed economies.

According to Kalakota and Mercia (2001), technology is no longer an afterthought in forming business strategy, but the actual cause and driver.

Hence, currently, the use of information system resources such as computers, internet, e-business, point of sales (pos) and other ground-breaking business practices is a common feature of banking services in the advanced world. The modern business environment is not only complex but also extremely dynamic endless and with cutting edge improvement characterized by talented customer’s needs and wants  that must be met with accuracy and thrust in order to insure the survival and growth of banking activities.

According to Loudon and Loudon (2000), information technology is one of the important tools that managers (business) use to cope with change .The business environment is thus, controlled by strict compliance with ICT innovation through networking, internet connectivity and improved information communication flow.

Information communication is so vital in today’s business environment and thus, firms are nowadays encouraged to invest heavily information system and technology. The need to adopt state of the art ICT innovations to enhance the operational development processes by banks to improve efficiency, profitability and growth potential is predictable. It is upon this background that this study is being conducted to adequately appreciate the impact of information communication technology on the operations of zenith bank in Nigeria.

1.2       STATEMENT OF THE PROBLEM

It is indeed an open secret that the contemporary business practices and environment are heavily influenced by information communication and technological changes. In other word ICT is currently perceived as the engine of innovations and growth for modern business practices with zenith bank as no exception to this disposition.

It is surprising to note that despite the enormous benefits derived from using ICT in the field of business activities. It is widely speculated by social commentators and stakeholders that most of the bank operators hardly embrace the immeasurable advantages of ICT in their business.

Again it is not yet that most bank have experienced unhappy or no growth due to non-compliance to ICT. Several reasons ranging from high ICT illiteracy levels of the bank operators, cost implications with ICT and poor infrastructural development have been forwarded as some operator’s disposition for not using ICT.

• SIGNIFICANCE OF THE STUDY

The desire to investigate into the impact of ICT on effective communication of business organisation was prompted by result of a sample survey that was conducted among banks through random selection by (adejare A, T 2014).   These banks operators hinted that they have not taken full advantages of ICT even though it is considered as the major driving force behind contemporary business success.

Modern business process and practices are mainly driving by ICT and that it’s the contribution to the development of banks cannot be overstated. Finding from the study would enable banks to embrace the use of ICT in their business development agenda. The government can also rely on the findings to initiate policy guidelines that can help accelerate the development of banking system in Nigeria; in other to facilitate the growth of the private sector as an engine of growth.

• AIM AND OBJECTIVES OF THE STUDY

The aim of the study is to ascertain the impact of ICT business operation. The specific objectives of the study include the following:

• To ascertain level of usage of ICT in improving the business operations of

Zenith bank, plc;

• To ascertain the extent to which ICT can improve the business operation of zenith bank plc;
• To examines the benefits associated with the adoption of ICT in the business operations zenith bank plc;
• To examines how ICT can bring efficiency in data and information gathering of zenith bank plc;
• To identifies the contributions of ICT to management and control procedures of zenith bank plc.
  • SCOPE AND DELIMITATION OF THE STUDY

The scope of the study is limited to “impact of ICT on effective communication of business organisation”.

The limitation of this study is the privacy no one can get access to your account without any leakage.

• RESEARCH QUESTIONS

Based on the objectives of the study, the following research questions are made to guide the researcher:

• To what extent does the usages of ICT can improve the business operation in banks plc?
• To what extent can ICT improve the business operation banks?
• What are the specific benefits associated with the adoption of ICT in business operation in banks?
• To what extent can ICT bring efficiency in data and information gathering in banks?
• What are the contributions of ICT to management and control procedures in bank?
  • DEFINITION OF THE TERMS
• Information and communication technology (ICT): is the automation of process, control, and information production using computers, telecommunications, software and other gadgets that ensure smooth and efficient running of activities.
• Information technology (IT): is the automation of process, controls, and information production using computers, telecommunication, software and ancillary equipment such as automated teller machine(ATM) and debit cards.
• Communication is conveyance or transmission of information from one point to another through a medium or channel.
• Telecommunication: is the electronic transmission of signals for communication which enable organisations to carry out their processes and tasks through effective computer networks.
• Transaction: anything that involve buying and selling and exchanging of goods and services.
• Transaction processing system (TPS): is one of the most reliable ICT system used by small and medium scale enterprises at the operational level.
• Business process: is the unique way in which organisation coordinate and organise work activities, information and knowledge to produce a product and services.
• Data bases: is an organised fact and information typically consisting of two or more related data files.
• Customer relation management (CRM): is a cross sectional e-business application that integrates and automates many customer serving process in sales, direct marketing accounts, other management and customer services and support.
• Internet: is the world’s largest computer network consisting of thousands of inter-connected network all freely exchanging in information.
• Bank: is a safe and guaranteed place for storing and retrieval of important items or goods.

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Full Project – Impact of information and communication technology on business operation in banks