Full Project – The impact of management information system on the banking industry

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CHAPTER ONE

INTRODUCTION

• Background to the Study

The study of management information system in the banking industry can be better understood by grief description of is functions and elements. The function areas which make use of management information system include data processing, decision making, planning and control. Data processing is organized to collect and process raw data into valuable information is an effective and efficient manner.

In the area of design making the management information can be useful in two ways, one, of monitors the disturbance in the system by determining the course of action and take the corrective action to get the system controlled. Management information system constitutes of efficient tool and a treat to management. Planning involves the establishment of strategies to help achieve the set objective. Information is enquired to identity as many alternative goals as possible so as to appreciate the relationship between alternative goal and to computer the trade-model, knowledge of input to a process and the output of models.

In thus, information is required and this is supply by management information system.

Controlled the process of setting standards of performance against standard set and correcting deviation setting reasonable and rational standards requires information about the capacity and probable performance of the system to be controlled. For a critical analysis of the functional role of management information system in the banking sector duties fortunes reasons the quality of information systems and the organizations services have suffered.

It is necessary to examine in historical context the growth and the development of the information system in the organizational frame work in which it is being utilized. Before the production of computers, manual and outré cording equipment were basically performed on individual basis.

Even though manual equipment such as calculator, open paper, typewriter, level-are files and so on are relatively cheap. They are intensive as such they are costly Torun. If is important to note that manual method are more flexible that is one have to follow a set of rigidly defined rules. Integrated data processing equipment has been developed and retrieval of information now in Ugwefor effective and efficient management. This requires sporadically trained personal in order to operate them effectively.

Basically, management information system can beds find as a system of converting data from internal and external sources into relevant department.

• Statement of the Problem

In conducting any research work, the first step is to critically identity and defines the problem. The problem of this research is to ascertain whether manager and customers are being provided with interior information, product and service, the performance of banks are crippled by slow processing of being transaction which limit employees effort and hurts customers service end users are not receiving the required information system and the organization services have suffered.

1.3     Purpose of the Study

Some of the objectives of this research study in banking industries are to:

1. examine the need for Information Flow in the Management Process
2. examine the impact of Management Information System on Management Function.
3. find out General Characteristic Of Management Information
4. examine the Effects of Information Technology on Banking

1.4     Significance of the Study

The importance of an effective and efficient information management in bank cannot be overemphasized because it indicates the proper co-ordination of the various banking activities in the country.

For any banking operation to achieve it goals and objectives which could be profit making or discharge of social responsibility, information, bank has no method of co-ordinary histories. There must be advance, current, accessible, effective and efficient information feedback. For better integration with the banking environment, management needs information which will provide the happening outside the banks. With this information provided, they can’t then coordinate their internal information requirement with those ones outside the banks to achieve their objectives. For the survival and meeting up with the desire of the shareholder, it is important that the banking industry have an adequate and up-to-date information network will motivate the employees towards effective and efficient service which in turn encourages the customers toward banking transactions. The customer will equally be motivated to invest and patronize banks that have adequate, accessible, current, effective information system as these will guarantee satisfactory service it will equal enhance the effective discharge of assigned duties of both the management and staff which will lead to high return and subsequently enhance profit maximization.

1.5     Research Questions

Some of the objectives of this research study in banking industries are to:

1. What are the needs for Information Flow in the Management Process?
2. What are the impact of Management Information System on Management Function?
3. What are the General Characteristic Of Management Information?
4. What are the Effects of Information Technology on Banking?

1.6     Scope of the Study

This study the impact of management information system in the being industry in limited turnover bank plc, Lokoja branch of Kogi state, the area cover include review literature of thee management information produce and the development of information system in the bank.

1.7     Limitation of the Study

         The major limitation and constrains of this study revolve around the polices in the banking industry which highly limits the amount of information that could be given out to members of staff in the banks due to security reasons.

There is generally reluctance of people to fill bad return adequate wrong materials since some of the retailed literature, journal and magazine needed were neither contradictory nor vogue, also the stipulated time limit to carry out the research is rather not adequate for a comprehensive study to be done coupled with the cost involved in conducting such enormous task is beyond the packet of student.

Inspire of these difficulties, the researcher tried very much to obtain some convincible information which will be sued for a reasonable noble conclusion.

1.8     Definition of Key Terms

         To make better and easy understanding of the study, it necessary to define certain terms and there are as follows.

Management: – According to theory Fayol (1949) sees management as to forecast and plan, to organized to command, to co-ordinate and to control.

Information:- According to Madden (2000) define information as a fact which one is told, systematic data that conveys a message or a numerical activity that measures the uncertainty in the outcome of the an experiment.

System: – According to Bertallanty (1977) define system as an integrated whole whose essential properties arise form the relationships among its parts.

Efficiency: according to Caroline Banton (2020) define efficiency as a peak level of performance that use the least amount of inputs to achieve the highest amount of output.

Data: according to Tuomi(1999)define data as a result of adding value to information, and also knowledge that has been structural and verbalized.

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Full Project – The impact of management information system on the banking industry