Full Project – Impact of electronic transaction on the effectiveness of banking industry in Nigeria

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CHAPTER ONE

INTRODUCTION

1.1     Background to the Study

Electronic transaction has heralded a marked redefinition of the world of information communication. It is made up of technologies that connect computers across the globe facilitating exchange and sharing of information and various resources. The internet has made globalization successful and perfect. The world today is said to be a global village making interactions and interrelationships across the globe easier and faster. These interactions cut across the spheres of politics, commerce and industry, education, culture, science and technology.

Many organizations in the public and private sectors are today using the electronic transaction for the obvious gains; more are working towards this while a lot more still work locally and manually. With the glaring impact of globalization, the best options for formal organizations, especially in the developing regions, of the world in the 21^st century would be to stay connected. Though the internet has been widely used by academic since the 1980s, the commercialization of what was in the 1990s, on international network resulted in it popularization and incorporation into virtually every aspect of modern human life. As at December 2014, 37.9 percent of the world’s human population has used the services of the internet within the past year over a hundred times more people than were using it in 1995.

The beneficial gains of electronic transaction for a modern office cannot be overemphasized. It is in the ease with which information is accessed, transaction is processed, the speed of communication, and the worldwide coverage. This research was designed to study the impact of electronic transaction on the effectiveness of banking industry in Nigeria.

Internet provides a particularly good avenue for crowd-sourcing (outsourcing tasks to a distributed group of people) since individuals tend to be more open in web-based projects where they are not being physically judged or scrutinized and thus can feel more comfortable sharing. Crowd-sourcing systems are used to accomplish a variety of tasks. Wikis have also been used too in the academic community for sharing and dissemination of information across institutional and international boundaries. In those settings, they have been useful for collaboration on grant writing, strategic planning, departmental documentation, and committee work (Lombardo, 2018).

The English Wikipedia has the largest user’s base among wikis on the World Wide Web and ranks in the top two among all the websites in terms of traffic.

Many public and private organizations use electronic transaction to achieve a new method of organizing for carrying out their mission, haven given rise to internet activism, most notably practiced by rebels in the Arab spring.

As the globe evolves, electronic transaction provides ever-new access points to virtual discourse forums, it also promotes new civic relations and associations within which communicative power may flow and accumulate. Thus, traditionally, nation embedded peripheries get entangled into greater, international peripheries, with stronger combined powers.

1.2     Statement of the Problem

The crux of the problem under review included the huge cost of setting up and maintaining electronic transaction especially in this region of the world.

The danger of security breaches through activities of hackers and scammers remains a dealing challenge to internet users across the world. Another key problem area is reluctance of some individuals and groups to exploit electronic transaction and other useful office technologies the inability of some people to even work with advanced improved technologies.

Despite the realities of the 21^st century, some people still do not deem it necessary to acquire skills that will help them work with advanced technology such as the computer, electronic transaction and internet applications.

Globalization is essential to speed up local development explode information and case business across international borders. However, how can an individual key into this necessary trend and benefit. There can be no benefits for a firm that fails to key into the global network. Equally challenging is the ever-climbing traffic on the internet, which affects the speed and efficiency of access.

1.3     Objectives of the Study

The main objective of carrying out the study was to find out the impact of electronic transaction on the effectiveness of banking industry in Nigeria.

The specific objectives of the study are to:

1. Determine the impact of electronic transaction on the operations of Zenith Bank Plc.
2. Determine the problems associated with electronic transaction usage or affecting the performance of Zenith Bank Plc Lokoja.

• To determine how electronic transaction usage can be protected from online scammers.

1.4     Research Questions

The following research questions have been formulated:

1. Does electronic transaction have significant impact on the operations of Zenith Bank Plc, Lokoja?
2. Does the problems associated with internet usage has significant effects on the performance of Zenith Bank Plc?

iii.     How can electronic transaction be protected from fraudsters?

1.5     Significance of the Study

The study will be of imminence significance in the following ways.

• It will facilitate the operation of the bank and bring about increase in efficiency.
• It expected to save customers time and reduce queue in the banking hall/premises.
• The study will also help in cost reduction and add in the overall performance of Zenith Bank.

1.6     Scope of the Study

The theoretical scope of the study covers the impact of electronic transaction on the effectiveness of banking industry in Nigeria. The various areas of application of internet in the banking industry shall be addressed.

1.7     Limitation and Constraints of the Study

A major constraint that threatened the researcher’s success on this project was limited time. The available time for the completion of the project was no more than three (3) months within which all the task outlined to be executed on the research project blue print was expected to be completed and the report submitted.

• Definition of Key Terms

1. Transaction: The term “transaction” is used by most people to describe everything from a stock trade to the transfer of money or goods involving people, businesses, accounts, or applications such as ATMs and POS terminals

2. Access: Means of joining entering or exploring a network by means of codes or user ID. It could be restricted or free.
3. Connection: Bringing two or more systems or components together electronically could also be a link to any network.
4. Impact: The effect something or someone has on other entities.
5. Hardware: The physical components of a computer system that can be seen.
6. Network: Interconnection of computers and other devices.
7. Productivity: The rate at which an employee or company produces goods in contrast to cost and time incurred.
8. Software: A computer program or written instructions the system can work with.
9. WWW: also called the World Wide Web. It is a connection of files and documents on the internet’s.

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Full Project – Impact of electronic transaction on the effectiveness of banking industry in Nigeria