1.1 Introduction
Computerized monitoring financial activity is a system that involves the continuous surveillance, analysis, and reporting of financial transactions and processes to ensure accuracy, compliance, and operational efficiency (Johnson et al., 2019). in the realm of modern financial management, the implementation of computerized systems for monitoring financial activities has revolutionized organizational oversight and control. These systems leverage advanced software and hardware technologies to capture, process, and analyze financial data in real-time, thereby enhancing the accuracy and timeliness of financial reporting (Smith, 2020).
As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Limitation of the study and Definition of technical terms.
1.2 Background of Study
In today's dynamic financial landscape, the adoption of computerized systems for monitoring financial activities has become imperative for organizations aiming to maintain competitive advantage and operational efficiency. These systems represent a paradigm shift from traditional manual processes to automated frameworks that facilitate real-time tracking, analysis, and decision-making in financial management (Jones & Brown, 2019). The evolution of these systems has been driven by technological advancements in data processing, artificial intelligence, and cyber security, enabling organizations to mitigate risks, ensure regulatory compliance, and optimize resource allocation effectively.
The greatest innovation that has taken place in the twenties century is in the realer of information technology. This is currently made possible by the introduction of the digital computers, which has been observed in the field of communication to be increasingly inseparable from communication. This linkages often referred to as amplified by business trends the technology and business, foster growth in network systems that use communication links to connect subsidiary system (nodes) which may sender and receive direct and information to, fro, sender and receive. Taking of the internet a couple of years ago would have sound link a fair table but today the internet is pervasive in almost every field of human endeavour changing the fundamentals of how are conduct national as well as international business.
Few years of existence, the internet information in Banking has shown that it can sliver the long sought after goal of electronic commerce. It is worth noting that companies in developed countries world-wide have recognized the business potential of the internet and are getting connected to the network of network in their million back to be relevant to their customers in terms of the services they provide in the twenty first century and in the future most append this services provide by E-commerce in the banking system in order to stay in competition. Now that an on time banking is the on thing bank should get up and invest in internet technology information monitoring system to reap bounteously the benefit accruing from web banking.
The inception of computerized systems for monitoring financial activity can be traced back to the late 20th century when advancements in computing technology began to revolutionize various industries, including finance. Initially, these systems focused on automating basic financial transactions and ledger entries. Over time, with the advent of relational databases and enterprise resource planning (ERP) systems in the 1980s and 1990s, financial monitoring systems evolved to encompass broader functionalities such as real-time data analysis, forecasting, and risk management (Smith & Johnson, 2015).
The integration of sophisticated algorithms and artificial intelligence in the early 21st century further enhanced these systems, enabling proactive fraud detection, compliance monitoring, and personalized financial insights. Today, computerized systems for monitoring financial activity continue to evolve rapidly, driven by advancements in cloud computing, big data analytics, and machine learning, thereby reshaping the landscape of financial management practices worldwide.
1.3 Statement of Problem
Investigation revealed that the advances in the world of information technology it is almost recorded on a daily basic consequently rendering former communication equipment obsolete as people tilt toward the improved electronics that support E-commerce made possible through the use of the internet in the banking sector.
Although a significant improvement has been recorded in the use and development technology information monitor in the banking industry over the last decade. Most banks are still far from implementing technology-based strategies able to see them through competition in banking markets. This may be as a result of lack of awareness, the inability to evaluate the benefit derived from the use of the recent technological development (internet) and capital shortage that may hamper the design and subsequent implementation of the technological tool hence denying customer of this advances services and their flexibility choice and convenience associated with the internet banking.
The advantage offered by these toll calls for a view of an existing automated system and subsequent design and implementation of computerizes banking monitors system site to improve the existing system.
1.4 Aim and Objectives of the Study
The aim of the study is to design and implement a computerized system for monitoring financial activity. In achieving this aim, the following specific objectives were laid out as follows:
- To investigate the lacks of the current automates system in terms of modern technology explainers that support internet banking services and suggest ways of updating them;
- To design and implement a computer software to solve this problems and rendering the services;
- To carry out a feasibility study on the organization for the purpose of installing an on link banking;
- To design a friendly information site that graphically advents goods and services proves by the bank; and
- To improve in the speed effectiveness, efficiency and convenience in banking transaction;
1.5 Significance of Study
The outcome realized from the research findings will be significant to the following stakeholders:
- Organizations: Enhanced efficiency and accuracy in financial operations lead to cost savings and improved resource allocation.
- Management: Real-time insights enable informed decision-making, strategic planning, and proactive risk management.
- Investors: Improved transparency and reliability in financial reporting enhance trust and confidence in the organization's financial health.
- Regulators: Facilitates easier compliance with regulatory requirements through automated reporting and monitoring capabilities.
- Employees: Streamlined processes reduce manual workload, allowing focus on higher-value tasks and professional development opportunities.
1.6 Scope of Study
The scope of the research is focused on design and implementation of a Computerized System for Monitoring Financial Activity. This study and subsequent design of the computer software is limiters to the CBN Enugu. Although limited to the above organization. The finding design and implementation of the software is likely to be applicable to other banks.
1.7 Limitations of the Study
During the course of this study, many things militated against its completion, some of which are:
- Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
- Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet).
1.8 Definition of Terms
Computerized System:
A computerized system refers to an integrated set of hardware, software, and network resources designed to automate and facilitate financial monitoring, data processing, and reporting tasks within an organization (Smith & Brown, 2018).
Monitoring Financial Activity:
Monitoring financial activity involves the continuous surveillance, analysis, and reporting of financial transactions and processes to ensure accuracy, compliance, and operational efficiency (Johnson & Jones, 2019).
Financial Reporting:
Financial reporting encompasses the process of preparing and presenting financial statements and related disclosures that provide information about an organization's financial performance and position (Clark, 2020).
