CHAPTER ONE

INTRODUCTION

The concept of ICT innovation has been one of the concept of globalization. ICT innovation has been shown in different part of the world and different sectors of the economy. ICT innovation has improved work performance and has brought efficiency and effectiveness in all works of life.

The introduction of ICT into the financial system has done more good than harm. It has been able to reduce work load, efficient service and good banking system. Though ICT has brought about negative effect like cyber-crime and  other internet fraud, it has bring innovation into the financial and that is why this research  will be design to study the effect of information, communication  technology innovation on the banking system of Nigeria.

1.1  STATEMENT OF THE PROBLEM

 Banking is basically a service industry operated by human beings, for the benefit of the general public. As such it is natural that the services provided by banks cannot be 100 percent perfect, and should not be at zero level either. Customers’ discontentment stem most  especially from unending hours wasted in the banks to withdraw or deposit their money; delayed, irregular and incorrect rendition of bank statements of accounts; un-standardized accounting practices, procedures, codes and classifications; delay in the clearance of cheques lodged in by customers; and inflation of interest, charges and other irregular charges, among others. It is in an effort to change this situation that the Nigerian banking industry, against all odds, has gone neck deep into the adoption of Information Communication Technology as sine qua non for to improving banking services. Now, having adopted it for effective and efficient service delivery, can it be absented that the situation has changed for the better? The Nigerian banking industry was known for its under-development, inexpensiveness and congestion because it was geographically constrained. Banking services such as foreign exchange arbitration and futures trading were all inhibited due to non-adoption of ICT. Now that it is part and parcel of the system, has there been any change for the better, and if not, why? This is another problem of this work. The next problem relates to lack of effective financial intermediation, problem of  product differentiation and/or customization, and segmentation and targeting. How has the adoption of it affected this?

1.2  OBJECTIVES OF THE STUDIES

 The broad objective of this research, based on the statement of the problem therefore, is to determine if IT has played any role as a tool for improving banking services in Nigeria. Specifically, the research seeks to achieve the following objectives:

 1. To find out if the consumers of banking services feel that they are now promptly attended to when they want to withdraw or deposit their money than before.

 2. To find out if the customer gets their statements of account regularly and in time too.

 3. To find out if there is any improvement or enhancement in the customers’ foreign exchange transactions; especially as it relates to remittance of foreign currencies to or from overseas sources.

 4. To find out if there are still services which customers want but which banks cannot render.

1.3 HYPOTHESES

Based on the foregoing, the following hypotheses are formulated:

Hypothesis one

H0: Despite the adoption of ICT by the Nigerian banking industry, customers still cannot withdraw their money in shorter period of time than before.

 Hi: With the adoption of ICT by the Nigerian banking industry, customers can now withdraw their money in less time than before.

Hypothesis two

 Ho: Despite the adoption of ICT by the Nigerian banking industry, customers still cannot get their statement of accounts regularly and timely.

 Hi: With the adoption of by the Nigerian banking industry, customers now get their statements of accounts regularly and timely.

Hypothesis three

Ho: Despite the introduction of ICT by the Nigerian banking industry, bank customers still cannot remit or receive foreign currencies to or from overseas sources in shorter period of time than before.

Hi: With the introduction of ICT by the Nigerian banking industry, bank customers now remit or receive foreign currencies to or from overseas sources in less time than before.

1.4 SCOPE AND LIMITATION OF THE STUDY

The research was aim at studying the effect of information, communication technology innovation of banking system in Nigeria with reference to Guarantee Trust Bank(Gtb).

The main limitations of this work are cost and time resources. This study is only  surveying  the headquarter of Gtb bank in Lagos States. In as much as the bank branches take instructions from their head offices; there are the possibilities of regional imbalances and therefore differences. But the cost of carrying out a countrywide survey is not a thing that can easily be afforded by a student. In view of this limited scope of the study. The findings of this work should .be used with caution.

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