1.0 Introduction
1.1 General Over View of the Study
Arunma Otech (2008) stated that the last century has witnessed an unprecedented acceleration in the pace of technology development new technologies; including information Technology, Biotechnology, Materials technology, and Nanotechnology are pervasive and have become important engines of growth, social and political changes.
The applications of knowledge and innovation are widely recognized as the drivers of these new technologies and have played a crucial role in the creation of wealth and the rise in the quality of life in both developed and developing countries.
Akinlolu (2005) also state that people in organization typically spend over 75%of their time in an interpersonal situation.
Thus it is no surprise to fin that at the root of a large number of organizational problems is poor information and communication technology. Effective communication is an essential component of organizational success whether it is at the interpersonal, inter-group, organizational or external level. Today's business environment is very dynamic and undergoes rapid changes as a result of technology innovation, increased awareness and demand 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. Therefore 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.
Information and communication technology 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 world wide and the variety of innovation devices available to enhance the speed and quality of services delivered.
1.2 Statement of Problem
For there to be a valid research work, the following problems were stated:
- Information and communication technology are not effective.
- Ineffective information and communication technology hinders efficient banking operations.
- Ineffective communication technology has resulted to loss of customers/deposit.
1.3 Objective of the Study
This research work seeks to achieve the following objectives.
- To measure the effectiveness communication technology in the operations of commercial banks.
- To evaluate the response of Nigerian to this new trend.
- To ascertain the resultant effects of effective communication technology in commercial banks.
- To examine the extent to which they have adopted innovative technologies in their operations.
1.4 Scope of the Study
For the purpose of solving these problems, this research will center itself to the effectiveness of information and communication technology in commercial banks.
Also this study will widen itself to accommodate and addresses the complex problem and repercussion surrounding effective communication technology in Nigerian commercial banks.
Emphasis is on Fidelity Bank PLC and Intercontinental Bank PLC.
1.5 Statement of Hypothesis
- H1: Effective information and communication technology is a tool for efficient banking operations.
- H2: There is significant impact of effective information and communication technology in the baking operations.
1.6 Significance of the Study
This study will provide the following significance such as:
- The research work is in partial fulfillment for the requirement for the award of National Higher Diploma (HND) in department of banking and finance.
- It will benefit those that will make use of this research work especially student who may find pleasure in delving into a similar research in future.
- To prescribe measures that could be adopted for effective communication technology.
- The research work will recommend solution on how information will be passed through the top level management as well as their numerous customers.
1.7 Limitations of the Study
In this study, the cause of carrying out this research encounters a lot of difficulties and was constrained in many areas among which are:
Deficiency of Data From Banks;
In these sense that not all the requested data were given. In many cases information given by the banks and the ones from “Net” (internet) were not simplified that is (i.e.) they are very difficult to understand.
Time Constraint:
In the aspect of theoretical and practical work was shut. Besides this was carried out concurrently with other academic assignment
Financial Constraint:
The research was constraint by cavity of materials and traveling and other expenses. Since the firms head office is situated at town. However I tried to master as much financial resources as possible which help to some extent in carrying out the work.
1.8 Definition of Terms
For the purpose of this research work the following terms means:
Information and Communication Technology:
This is the automation of processes, controls and information production using computers, telecommunication, software and ancillary equipment such as ATM Debit card.
Communication:
Basically, communication is social interaction that is actualized through the exchange of messages and their ascribed meanings.
Information:
It consist of facts providing knowledge relating to a specific event which may be used as a basis for making a decision to modify a course of action that would otherwise not be implemented.
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