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1.1 Background to 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 organisations, 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. Information and Communication Technology (ICT) is at the centre of this global change curve. Laudon and Laudon, (1991) contend that managers cannot ignore information Systems because they play a critical role in contemporary organisation. 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 bank 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 (1995) contend that ﬁnancial service providers should modify their traditional operating practices to remain viable in the 1990s 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 bank to grasp the importance of technology and incorporate it into their strategic plans accordingly. Woherem (2000) claimed that only bank that overhaul the whole of their payment and delivery systems and apply ICT to their operations are likely to survive and prosper in the new millennium. He advices bank 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.
Through Information and Communication Technology (ICT) services available to Jaiz Bank plc in Kaduna State, it can now give its customers a uniﬁed access to manage their personal ﬁnancial information. The adoption of Information and Communication Technology (ICT) by this bank has increased its operational efficiencies, reduced cost through high utilization rates in the ICT environment to ensure compliance with changing time and to gain competitive advantage (Haggani, 2003). Methods of handling ﬁnancial services has to change from old manual transactions and data processing to a faster, more impactive and highly efﬁcient electronic data processing and Electronic Fund Transfer (EFT) i.e. deposits, withdrawals, bills-pay-in, purchases of draft, value for cheques, third party transactions, fund transfer and inquiries are all done electronically within seconds. The adoption of Information and Communication Technology (ICT) has also helped Jaiz Bank in Kaduna State to keep the pace with the changing customers’ needs and market dynamics and create a competitive differentiation in products and services (Haggani, 2003).The complex nature of the banking system, its products and services have made it necessary for bank to embrace this change as quick as possible since this medium of banking has proven to be very efﬁcient in most countries of the world( for example America)and Nigeria is no exception. Indeed, the impact of ICT has reshaped the banking industry in terms of providing and delivering impactive and efficient services to enhance its operations and general performance and does not need to be overemphasized. This research work is therefore an attempt to determine the impact of Information and Communication Technology (ICT) on Nigerian Bank performance.
1.2 Statement of the Problem
This study evaluates the response of Nigerian bank to this new trend of ICTs and examines the financial performance of Jaiz bank in their operations and the resultant impacts. Information and Communication Technology has become a potential tool in the hands of bank for sustainable growth it has revolutionized the banking industry and its advent has enormously increased the capabilities of bank as they are now able to offer wider range of services to their customers including internet banking, mobile banking and ATMs and also expand at a great rate. Despite all these innovations in the banking industry, it is highly disheartening to observe that bank are still ﬁnding it difﬁcult to meet the expectations of their customers. It is not uncommon to ﬁnd long queues in bank, delay in attending to customers. It is not common to find long queues in banks, deley in attending to customers, inability to properly sort out Transaction and customer’s general loss of trust in bank. Also, banks have found it increasingly difﬁcult to meet up with its overall objectives and responsibilities and Jaiz Bank in Kaduna State is not an exception. These has therefore led to the interest of the researcher to examine the impact of Information and Communication Technology (ICT) on Nigerian Bank’ performance and also to realize the signiﬁcant impact ICT has had on their operations so as to guarantee their proﬁtability and growth.
1.3 Objectives of the Study
The prime objective of the study is to make an assessment of the impact of ICT on financial performance a study of Jaiz Bank plc Kaduna Metropolis. From this main objective, the following specific objectives have been developed:
1) To assess the impact of ICT investments on profit before tax of Jaiz bank in Kaduna Metropolis.
2) To assess the impact of ICT Investments on deposits and efficiency of Jaiz Bank in Kaduna Metropolis.
3) To assess the relationship between ICT investment and Returns on capital employed among Jaiz Bank in Kaduna Metropolis.
4) To assess the relationship between ICT investment and Returns on assets among Jaiz bank in Kaduna Metropolis.
1.4 Research Questions
To provide answers to the research objectives, the researchers outline the following questions:
1) What impact does ICT investments have on profit before tax of Jaiz bank in Kaduna metropolis?
2) What impact does ICT investments have on deposits and efficiency of Jaiz bank in Kaduna Metropolis?
3) What is the relationship between ICT investments and Returns on capital employed among Jaiz bank in Kaduna Metropolis?
4) What is the relationship between ICT investments and Returns on assets among Jaiz bank in Kaduna Metropolis?
1.4 Significance of the Study
This project will bring a new dimension to the existing pool of knowledge and literature on the debate of the relationship between ICT and financial performance among Jaiz bank in Kaduna Metropolis. Various researchers in many areas of the globe have study on this area, as such many materials exist. However, here in Nigeria, research in the area of ICT and financial performance of Jaiz bank has not been indulged much.
This research will also help financial institutions in Nigeria especially Jaiz bank in Kaduna metropolis to know if the expenditures they have been incurring on ICT has any bearing on their profit before tax and returns on assets or not, and whether there is the need for them to continue to invest substantial amounts of money into this area.
This research will also enable Jaiz bank in Kaduna metropolis to know whether to continue to increase investment in ICT or not as it seeks to find out if there is any relationship between ICT and the financial performance of Jaiz bank in terms of the impact it will have on their return on capital employed, deposits and efficiency of cost management.
1.5 Scope of the Study
The population to be used for this study consisted of all Jaiz bank in Kaduna metropolis. For the purpose of achieving the research objectives; attention has been focused on all Jaiz bank. However, due to time factor and resources constraints, this study will focus on only 20 selected banks.
1.6 Limitations of the Study
According to best and Khan (1989) limitations are those conditions beyond the control of the researcher that will place restrictions on the conclusions of the study and their application to other situations. This study is, therefore, constraint by the wide area the study is supposed to have captured, shorter period for the completion of the study, inadequate funds for this study and bureaucratic rules in the study settings.
The study as a matter of fact should have captured all Jaiz bank in Nigeria if not Africa. This is, however, impractically impossible due to many factors such as a huge research team and so on.
The researcher per the rule of the university is supposed to complete this study within one semester. This is a rule ought to be complied with strongly. This condition was beyond the control of the researcher as he was expected to present the report of this study within a relative shorter period.
One major limitation of this study was the lack of fund. The researcher as an individual student had to manage his meager income in undertaking this study. It is a known fact that there is lack of financial support for research in Africa of which Nigeria is of no exception. With the necessary research sponsorship the study could have captured a wide spectrum rather than the one selected bank. This may affect the findings of this particular study especially in making general conclusions and comparing this study to similar ones with the requisite financial support.
1.7 Research Methodology
The population of the study is all the Jaiz bank operating in Nigeria. Due to time and resources constraints, this research will focus on only the selected Jaiz bank above. This study will use mainly secondary data. Data has been obtained mainly from the annual reports of selected Jaiz bank. The data will cover the period from 2015 to 2018. The study used descriptive as well as inferential statistics in analysing the data. Analysis was carried out by making use of Statistical Package for social scientists (SPSS). The Pearson correlation coefficient together with regression analysis was employed to test the relationship between the variables.
1.8 Organisation of the Study
The study was divided into five chapters. Chapter One was concerned with the background to the study, statement of the problem, research question, objectives of the study, significance of the study, the organisation of the study, scope, limitation of the study and lastly how the whole study is organised. Chapter Two dealt with the literature review. The chapter examined the views of other theorists and authors about the issues under discussion as well as review of previous studies on electronic banking and customer service delivery. Chapter Three outlined the research methods the researcher employed in carrying out the study. The chapter also dealt with the study area, sample size and the sample selection as well as methods of data collection, management among others. Chapter Four presented the analysis and presentation of data in this study. Chapter Five being the final chapter of this study presented the summary, conclusion and the necessary recommendations of the study.
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