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IMPACT OF INTERNET BANKING SYSTEM IN NIGERIA BANKING ENVIRONMENT
This project work entitled “Impact of internet banking system in Nigeria banking environment” with particular reference to Union Bank of Nigeria. The project is divided into five chapters. The chapter one of the work covers areas such as the introduction, the back ground of the study, statement of the problem, significance of the study, purpose of the study, research questions and definition of terms. Chapter two contains or discusses the literature review and other functions of the topic under study. The chapter three contains. The research design and methodology sources of data collection, population and sample size, methods of investigation, scope and limitation of the study. The chapter four contains the presentation and analysis of data, analysis of the data, and interpretation of result. The chapter five which is the last chapter of the work contains the summary of findings conclusion and recommendation.
This is the methodology chapter of the chapters, it briefly explains the background of the study statement of the problem, objective of the study, research questions, statement of hypothesis, significance of the study, scope of the study, limitation of the study and definition of terms
1.1 BACKGROUND OF THE STUDY
In Nigeria, the banking industry witnessed lots of challenges due to increase in the awareness and utilization of banking service. The staff strength and branches of most Nigeria banks inspite of this adjustment the banks cannot satisfy the demands. Some transactions were based on manual and physical present of their customers.
Modern banking system brought relief to the increased volume and complexity of banking operations and services delivery. Experimentation with banking system and electronic fund transfer gradually become part of daily transaction as arrangement were made with banks using micro computer to pay some bill owned big department stores and companies by this practices the internet becomes a services delivery mechanism of their customer has equally embraced it.
Meanwhile information technology through banking system is radically changing how banking is done all over the world and Nigeria is not an exception. The volume and speed of banking system which has created a lot of changes and business opportunities for banks, corporate bnks nad industries. Infact Nigeria is believed to be the largest intenet user in West African with about 100,000 internet user as at year 2000.
It was estimated to have risen to 350,000. However, the population size in Nigeria calls for accelerated sensitization on the need to embrace information technology as the prove of an enabling environment for it’s operation internet is inevitable fo the need to embrace information technology as the prove of an enabling environment for it’s operation internet is inevitable for the success of any modern banking institution since it is a competitive tool as at creates room for customer service and reduce the cost of operations, promotes profitability growth and efficient portfolio management.
The emergence of a crop to new generation banks coupled with computerization of the Nigeria banking system. Remarkably information technology is dynamic continuously coming up in new challenges for human capital development virtually every Nigeria banks claims to be having banking system and on line union bank of Nigeria Plc harbours large amount of information online and of course the marketing distribution costs. Indeed banking system has brought a greater advantage for one bank over another depending on it’s application, operation and service delivery.
1.2 STATEMENT OF PROBLEMS
Banks since the inception of the use of internet banking system in the rate 1980s have not made their presence felt much.
These are as the result of problems associated with the use of banking system includes the following.
3 Lost of ownership and adoption
The first major challenge for the future of banking system is Nigerians poor infrastructure word bank data indicated that there are only 6 computers and 4 mainline telephone line per thousand people. Electricity supply is sporadic and inefficient. Most importantly, Nigeria has very low internet penetration, with less than one internet services provided for thousand people.
The second challenge is the issue of security: Resent research carried out in Africa shows that companies consider the biggest obstacle of being used the internet for financial transaction to the lack security. Many companies are concerned about the integrity of financial information that travels over the internet and would rather accept the ineffiencies and incontinences of a manual system that economy and that issue of trust in such that even cheques are not generally accepted as payment for goods and services rendered. Recently, the Nigeria market has witnessed the development of electronic purse products such as value and the smart pay cards designed to move the economy although it is hoped that they will eventually help lessen the importance of cash in our society. It is therefore clear that in such an environment, most consumers will be skeptical that a click on computer screen will result in a completed financial transaction.
Internet banking is very expensive because it entails the acquisition of computers, telecommunication gadgets. Banks spirit a lot on these products because of the exchange rate between the Naira and dollar.
So many people are still ignorant of services and benefits available to them that the use of banking system product. The benefits include that it is fast, safe and reliable.
1.3 OBJECTIVS OF RESEARCH
These researchers seeks to achieve the following objective
1.4 RESEARCH QUESTIONS
This study will try to answer the following research questions drawn from the study the research questions are as follows:
3 Are banks fully or partially computerized?
4 Has the performance of the bank being since introduction of banking system.
5 What financial services or product exist in the financial
6 What finance services or product exist in the financial market?
1.5 STATEMENT OF HYPOTHESIS
HI: Internet Banking increases banks profitability
H0: Internet Banking does not increases banks profitability
1.6 SIGNIFICANCE OF THE STUDY
It is helped that the finding are recommendation of the study will include:
4 Redundancy of storage.
Internet banking system will enable banks provide new faster and better products, service or it’s customers.
Internet banking technology ensures safety of banks dealing with it’s customers. Under these circumstances, banks must developed security feature for their Internet site, which adequately address their customers concern and must educate their customers.
Internet banking system helps to reduce the use of files, which are archive thereby reducing storage space, using of files could lead to loss of vital information about banks customers through mutilation, easy and unauthorized access to files and misplacement of important documents. This can be presented through storage of information in diskette, hard disk and bank up of important information.
1.7 SCOPE OF THE STUDY
The scope of this research work will be limited to the Nigeria commercial banks, union bank Plc as a case study.
1.8 LIMITATION OF STUDY
This research will be limited to Nigeria commercial banks. Union bank Plc as a case study.
1.9 DEFINITION OF TERMS
7 GLOBALIZATION: Is a World Trade
8 WEBSITE: Where accompany has information about itself on the web.
9 ACCESS: To open a computer file in order to get or add
10 SEARCH ENGINE: An act of looking information in a
computer database or network.
11 NETWORK: Computing a number of computing and other devices that are connected together so that equipment and information can be shared, the office network allows user to share files and software and to use a central printer LAN
12 DISK: A device for storing information on computer with a magnetic surface that records information received in electronic form.
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