THE IMPACT OF INFORMATION TECHNOLOGY IN THE DEVELOPMENT OF BANKING INDUSTRY IN NIGERIA
CHAPTER ONE
In the post distress Banking Industry era most, if not all banks embraced the re-engineering or restructuring programmes with application of information technology as a major component of such programmes.
Akingbola (2000) stated that the objectives of such engineering include enhancing safety and soundness of the system for confidence and improving the Industry’s efficiency, responsiveness, delivery and its competitiveness in International banking standards.
One of the defining characteristics of the late 20th century in the Nigerian banking industry was widespread application of information technology, it is now obvious that any bank that refuse to join the information technology train in the new millennium with either be forced to close up or be sacked out rightly by the sophisticated consumers who have a wide area of choices to make in the highly competitive banking sector. It is therefore imperative for Nigerian banks to take the information technology challenge very seriously as banking has become a global business through information technology.
The 21st century holds out a bright and prosperous future as Nigerian banks begins to climb up the upward plane in the information path way.
The world has become a virtual global village with the array of developments going on in, information super high way Babajide (2000). Of course, Nigeria represents a part of this development. Assisted by the deregulation measures introduced in the 1980s, there was an astronomical increase in the number of merchant and commercial banks. The situation in Nigeria produced a somewhat interesting scenario was accentuated by be keen competition at home in view of the unprecedented upsurge in the number of banks branches.
There was the need not only to innovate and become modern there was a complete need to acquire a competitive edge to stay afloat in the market, in this fact of increased market pressure to innovate, customers demand more sophisticated products and increased convenience in service delivery. The adoption of automation and electronic banking products.
To adopt and implement the new information technology in the Nigeria banking industry, there are some problems facing the sector, this study attempts to view the related problems and make possible solutions and recommendations.
1.3 OBJECTIVE OF THE STUDY
This study aimed to achieving the following objectives.
1.4 SCOPE AND LIMITATION OF THE STUDY
This research was limited to information technology and the development of banking industry in Nigeria which the banking Industry served as the case study for the research work. Also funds were not available to the research for extensive travels to different Banks locations for materials.
1.5 SIGNIFICANCE OF THE STUDY
The concept of information technology on the banking industry is of much concerned to all banks in Nigeria, most of the banks have gone deeply into the system and come up with evidence of its importance.
For the purpose of clarification the following terms as used in the study are:
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