ABSTRACT
As information technology is the modern trend in banking today it is very imperative for bank to access it’s impact operational performance so as to justify if the hunger capital invested on it is justifiable or not, analyse their problems and proffer possible solutions. The objective of this study is to identify how the introduction of information and communication technology has influenced bank performance in terms of effectiveness, efficiency, competitiveness, customers base and globalization of bank. The main research instrument used one questionnaire and personal interview for staff of the banks. In conclusion, the study revealed that information technology has tremendously improved the growth of the bank and performance of the bank of Guaranty Trust Bank. Information technology has lead to increase customers satisfaction improved operational efficiency, reduce transaction time, gives the banks competitive edge, reduced the running cost and ushered in swift response in services delivery. The research recommended that government should accurate actions that will create an enabling environment for growth in the banking sector, lower tariff on information technology, tool and equipment should be subsidize and also partner with multinational companies abroad to supply equipment. All banks should utilize information communication technology to render services, the regulatory agencies should upgrade their information technology constantly to align with the rapidly developing private sector banking pace, the government should be to encourage local information technology forms and companies towards meeting up with the 21st canting standard.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Today’s business environment is very dynamic and undergoes rapid changes as a result of technological innovation, increased awareness and demands from customers. Business organizations, especially the banking industry of the 21st century operates in a complex and competitive environment characterized by these changing conditions and highly unpredictable economic climate. in contemporary time the banking system has witnessed a lot of innovation and development in the area of introduction Automated Teller Machine (ATM), telephone banking, internet banking, branch networking, interbank fund transfer and the most recent of all which is now a fad in the banking industry which is the Cashless attention which tend to reduce the amount of money in circulation in the economy.
Information and Communication Technology (ICT) is at the forefront of these global changes. the question now arises ”what is information communication technology”, information can be referred to as processed data or output i.e. any development or action that is meant to be worked upon effects decisions .Irechukwu (2010).
Communication can be said to be the means or methods of getting information past from one location to another. i.e. a method through which relationship are established, extended and maintained through a predefined codes. Elizabeth N. et el(2009)
Technology is said to be the process of using state of the art equipment
To perform operations efficiently and effectively Laudon and Laudon, (2009).
Information communication technology (ICT) is acquisition, processing, storing and dissemination of vocal, pictorial, textual and numerical information by microeconomic base combination of computing and telecommunication (Macmillan et al 2010).
Grossman G. and E Helpman 2009, ascert that information communication technology (ICT) stresses the role of unified communication technology and integration of communication (telephone lines and wireless signals) computer middle ware as well as software, storage and visual system which enable users to create ,access ,store, transmit and manipulate information. Laudon and Laudon, (2009).contend that managers cannot ignore Information Systems because they play a vital role in contemporary organization. They point out that the entire cash flow of most fortune 500 companies is linked to Information System.
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 are 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 service delivery.
Harold and Jeff (2008) contend that financial service providers should modify their traditional operating practices to remain viable in the 2000s 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 (2010) claimed that only banks that overhaul the whole of their payment and delivery systems and apply ICT to their operations are likely to survive and prosper in the future . He advices banks to re-examine their service and delivery systems in order to properly position them within the framework of the dictates of the dynamism of information and communication technology. The banking industry in Nigeria has 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 through the use of automated devices imperative in the industry. This study evaluates the response of Nigerian banks to this new trend and examines the extent to which they have adopted innovative technologies in their operations and the resultant effects.
1.2 Statement of the Problem
.