1.0 Introduction
This is the introductory chapter of the chapters. is briefly explains the background of the study, statement of the problem, objectives of the study, research questions, statement of hypothesis, significance of the study, scope of the study, limitations of the study and definition of terms.
1.1 Background of the study
Arunma et al (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 stated that people in an organization typically spend over 75% of their time in an interpersonal situation. Thus, it is not surprise to find 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 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 competiveness.
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 continue to change the way banks and corporate relationships are organized worldwide and the variety of information 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.
- The problem associated with ineffective information and communication technology hinders the efficient banking operation.
- The problem of ineffective communication technology which has resulted into loss of confidence from the customers/depositors.
- Problem of inadequate information and communication technology in the banking industry.
1.3 Objective of the Study
This research work seeks to achieve the following objectives.
- To measure the effectiveness of information and communication technology in the operations of commercial banks.
- To evaluate the response of Nigerian banks 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 Research Questions
- What is information and communication technology?
- Does ineffectiveness of information communication technology constitute a major difficulty for efficient banking in commercial banks?
- Has there been any remarkable impact on the growth of Nigeria economy as a result of effective information communication technology?
- Why is information communication technology important?
- What products does bank able to produce for her customers as a result of information communication technology?
1.5 Statement of Hypothesis
- H1: Effective information and communication technology is a tool for effective banking operations.
- H2: Effective information and communication technology increases bank profitability.
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 students 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 solutions on how information will be passed though the top level management as well as their numerous customers.
1.7 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 problems surrounding effective communication technology in Nigerian commercial banks. Emphasis is on Fidelity bank Plc and Intercontinental Bank Plc.
1.8 Limitations of the Study
In this study, they course of carrying out this research encounters a lot of difficulties and was constrained in many areas among which are:
Data From Banks:
The problem of getting the managers, staff and customers of the two banks to answer questions in the proposed questionnaire, in many cases, information given by both banks and the ones from internet were not simplified. That is, they are very difficult to understand.
Time Constraints:
In the aspect of theoretical and practical of this work, the researcher being a student had to apportion her time so as to carry out concurrently with other academic assignment.
Financial Constraints:
The research was constrained by cavity of materials and other expenses. However, in spite of the limitations, effort were made by the researcher to utilize the limited resources at her disposal to ensure that the work is successfully completed
1.9 Definition of Terms
For the purpose of this research the following terms means:
Information and Communication Technology:
This is the automation of processes, controls and information production using computers, telecommunications, software and ancillary equipment such as ATM, Debit cards.
Communication:
Basically, communication is social interaction that is actualized through the exchange of messages and their ascribed meanings.
Information:
It consists 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 be implemented.
Unprecedented:
Something that has never happened or been known before.
Revolutionized:
This involves a great change of something.
Product:
These are bank services that are available to their customers.
Data:
A raw material input in the production of information.
Effective:
Producing the result that is wanted.
Unpredictable:
Something that cannot be predicted.
Indispensable:
Something or doing something too important to be without.
Bureaucracy:
This is complicated official rules used by government or organizations.
Critical:
Expressing disapproval of something and saying what is bad about them.
Vital:
Necessary or essential that help something to succeed.
Transparency:
The quality of something that makes it easy to understand.
Hypothesis:
A guess or assumption about a certain problem or set of circumstance reasonable supposition that may be right or wrong.
Chi-Square:
A test of statistical significant which test one of how well your model of expected distribution fits the observed distribution.
Validity:
The state of being logical and true.
