THE EFFECT OF ELECTRONIC BANKING ON THE OPERATION OF DEPOSIT MONEY BANKS IN NIGERIA

THE EFFECT OF ELECTRONIC BANKING ON THE OPERATION OF DEPOSIT MONEY BANKS IN NIGERIA

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ABSTRACT

Electronic banking has become one of the most important and modern applications that has witnessed a substantial expansion during the ten years. The quest for survival, global relevance, maintenance of existing market share and sustainable development have made the exploitation of many advantages of information technology through the use of automated devices imperative in the industry. This study focuses on the Impact of Electronic banking on operations of deposit money banks in Nigeria: A study of first bank Yakubu Gowon way Kaduna. The main objective of the study is to examine the effect of electronic banking on the operations of deposit money banks in Nigeria. Three variables (Short Message Services, Automated Teller Machine and Electronic Mobile Banking) were chosen as proxies to electronic banking. To achieve this objective, primary data was obtained using questionnaire issued to respondents. The researcher made use of descriptive and inferential statistics, three hypotheses were formulated and analysed using tables, simple percentage and Chi - Square test of independence employing the use of statistical package of social science (SPSS). The study finds that SMS alert which is sent to or received immediately when a transaction occurs, reduces number of enquiries, helps in tracking transactions or account with bank, reduces queues and mitigating fraud or criminal activities in the bank. While ATM has improved the ease with which customers do their operations, it is more efficient than the use of withdrawal slip, reduces the risk of travelling with bulky money, is less prone to errors and minimizing queues in the bank. Also, EMB has made banking operation easier by way of minimized the risk of carrying bulky money around, reduces queues in the bank, improved security of banking operations and increased speed of banking operations and transaction processing. Hence the study concludes that electronic banking has significant impact on the operations of deposit money banks in Nigeria. The researcher recommends that the network providers should ensure that there is always efficient network availability to banks, subsidise the cost of SMS alert, make sure that all ATMs are functional, well maintained and available sufficient fund in their branches. Again strong security measures should be taken and sanitise the system from any form of fraudulent activities in order to build confidence.    


TABLE OF CONTENTS

Title page        …………………………………………………………………….   i

Declaration      …………………………………………………………………….   ii

Certification    …………………………………………………………………….   iii

Approval Page                    ...……………………………………………………………     iv

Dedication      ……………………………………………………………………..  v

Acknowledgement      ……………………………………………………………... vi

Abstract          ……………………………………………………………………    vii

Table of contents        ……………………………………………………………    viii

CHAPTHER ONE: INTRODUCTION

1.1   Background of the study            ……………………………………………………    1

1.2   Statement of the study   ……………………………………………………    2

1.3   Objective of the study    ……………………………………………………    3

1.4   Research question           ……………………………………………………    3

1.5   Hypothesis of the study  ……………………………………………………    4  

1.6 Significance of the study ……………………………………………………… 4

1.7   Scope of the study …………………………………………………………….            5

CHAPTER TWO: LITERATURE REVIEW

2.1       Introduction ……………………………………………………………….  6

2.2       Conceptualization …………………………………………………………  6

2.3       Theoretical Framework on Electronic Banking …………………………..   14

2.4       Review of previous studies on Electronic Banking ……………………….  18

2.5       Reasons for the Adoption of Electronic Banking ………………………….            21

2.6       Benefits of Electronic Banking …………………………………………….            23

2.7       The Adoption of Electronic Banking by Nigerian Banks ………………..    27

2.8       Development of Electronic Banking in Nigeria ………………………….    28

2.9       Electronic Banking Products and Services in First Banks ……………….    30

2.10     Problems of Electronic Banking System …………………………………   39

2.11     Summary ………………………………………………………………….   40

CHAPTER THREE: RESEARCH METHODOLOGY

3.1       Introduction ………………………………………………………………   42

3.2       Research Design ………………………………………………………….   42

3.3       Sources of data collection  ……………………………………………….    43

3.4       Population and sampling …………………………………………………    44

3.5       Instruments of Data collection ……………………………………………  44

3.6       Techniques of data analysis ………………………………………………   45

3.7       Justification of the instrument used ………………………………………..46

3.8       Summary ………………………………………………………………..      46

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

4.1       Introduction ……………………………………………………………….. 47

4.2       Data presentation and analysis of questionnaires …………………………  47

4.3       Test of hypothesis …………………………………………………………  57

4.4       Summary of discussion of results …………………………………………. 61

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1       Summary …………………………………………………………………    63

5.2       Conclusion ……………………………………………………………….    64

5.3       Recommendations ………………………………………………………..   64

5.4       Areas of further study ………………………………………………………65

            References ………………………………………………………………… 66

            Appendices ……………………………………………………………….., 68

 

CHAPTER ONE

INTRODUCTION

1.1       Background of the Study     

The introduction of universal banking practice in Nigeria and the adaptation of electronic banking by deposit money banks have offered increased services to customers with attendant increase in customer risk exposure. The changing environment of bank management in Nigeria has impacted much on the number of services and risk which Nigeria banks face. This chapter covers the introduction, statement, objective, research question, hypothesis, scope and significance of the study. The revolution of information technology has influenced almost every spheres of life; notable is the banking sector.

The evolution of electronic banking has changed and redefined the ways banks were operating. Similarly, the emergence of global economy, e business has increasingly become a necessary component of business strategy and a strong catalyst for economic development, as technology is now considered the major contributor for organizations’ success and as their core competencies. Consequently, electronic banking system has become an important practice among commercial banks in Nigeria, owing to the fact that the introduction of this banking system has improved banking efficiency in rendering services to customers. Thus, the banks (domestic or foreign) are investing more on providing the customers with the new technologies through e-banking.

1.2       Statement of the Study

E-banking was adopted by banks so as to improve their operations on, services delivery, decongest queues in the banking hall, enable customers withdraw cash 24 hours, aid international payment and remittance, trace personal banking transaction request for online, statement, or even transfer deposit  to a third party account. Despite the effort of banks to ensure that customers reap the benefit of e-banking, the bank is fronted with challenges, in Nigeria could be classified into four classes as human, financial, operational and technical constraints. The human constraints include physical disability, poor sight, illiteracy and ageing. The financial constraints include huge amount of financial resources involved in investing on electronic banking system and high level of transferred fund and standardization of channels. The technical constrains are centered on the lack of supporting infrastructures such as erratic electricity supply and persistent failure in network.

Consequently, in line with rendering quality and acceptable services that most banks in Nigeria are gearing toward and investing large sum of money in information and communication technology, expectedly such services have been improved, but the question is to what extend does electronic banking improve operations of deposit money banks? How has the adoption and practice of e-banking impacted on deposit money banks in Nigeria?

1.3   Objective of the Study

The main objective of the study is to examine the effect of electronic banking on the operations of deposit money banks in Nigeria. More specifically this study seeks to achieve the following objective.

i.        To determine the effect of short message services (SMS) on the operations of deposit money bank in Nigeria.

ii.      To evaluate the influence of Automated Teller Machine (ATM) on the operations of deposit money banks in Nigeria.

iii.    To ascertain the contribution of Electronic Mobile banking (EMB) transaction on the operations of deposit money banks in Nigeria.

1.4   Research Question

            This study intends to investigate and answer the following questions.

i.        Does Short Message Services have significant effect on operations of deposit money banks in Nigeria?

ii.      Is there any significant influence of Automated Teller Machine (ATM) on operations         of deposit money banks in Nigeria?

iii.    To what extend does Electronic Mobile banking (EMB) transaction contributed on operations of deposit money banks in Nigeria?

1.5      Hypothesis of the Study

            The hypotheses for this study are formulated in null form as follows:

HO1   Short message services has no significant effect on the operations of deposit money banks in Nigeria

HO2   Automated Teller Machine has no significant influence on the operations of deposit money banks in Nigeria.

HO3   Electronic mobile banking has no significant contribution on the operations of deposit money banks in Nigeria.

1.6   Significance of the Study

The study would expose bank executives and the policy makers of the banks and financial institutions to be aware of electronic banking as a product of electronic commerce with a vireo to making strategic decisions.

The research is also significant; because it would provide answers to factors militating against the implementation of electronic banking in First Bank Nigerian Plc. Prone the success and growth as well as the short falls associated with implementation of electronic banking.

This research will equip the customers with advance knowledge in the concept of electronic banking, electronic banking products and the concept of customer satisfaction.

This research will also reveal the potential achievement associated with electronic banking to students, academicians, institutions, corporate managers and individuals.

                                  

1.7       The Scope of the Study

Specifically, the study intends to investigate electronic banking operations using some of its products namely: Short Message Services, (SMS), Automated Teller Machine (ATM) and Electronic Mobile banking (EMB) and their impact on operations of First Bank Nigeria Plc. Yakubu Gowon way, branch Kaduna as a study.

The study covers the period between 2009 to 2014. The period is chosen because, the importance of electronic banking was more pronounced during the period as a result of the 2008-2009 banking crises in Nigeria.


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