The Impact of Internet Banking System on Nigeria Banking Environment a Case Study of Union Bank of Nigeria
CHAPTER ONE
OBJECTIVES OF RESEARCH
The purpose of this research is to identify the effects of INTERNET BANKING has exerted on the banking industry since its inception. It would also identify the various uses and also new technologies brought into banks in the late twentieth century. The study would pay special attention to union Bank of Nigeria plc in trying to state these new technologies.
The local area network and wide area network (LAN and WAN) in particular are critical to the effective operations of computer system. This helps banks to make global connections with their branches access customer’s accounts and also pay in or with draw funds any branch nations wide.
CHAPTER TWO
LITERATURE REVIEW
INTRODUCTION
This chapter will cover such area as the meaning of internet system, origin of internet banking, meaning of internet banking, meaning of computers are relevance of computer to internet banking, some internet banking products and its relevance to internet banking solution to the internet banking problems and their inferences.
MEANING OF INTERNET BANKING SYSTEM:
The Internet system is one of the products of electronic system, which has being defined in so many ways by some specialists in electronics
AWE (1998:7) in a newspaper publication gave the following definitions of what Internet is.” The internet is a collection of computer network and millions of users who share a compatible means for interacting with one another to exchange information”
“The internet is a global network of computers” Internet is a worldwide or network which freely exchange data. Computer network is basically a bunch of computer hooked up together to communicate.
Olorutoba (1997:12) Apart from the grave, the Internet is the greatest equalizer on earth, the world Internet is the abbreviated simply as the net. He further stated if more than 2 or more people each have a computers to telephone lines, then we have net work of computers which we can connect each other to obtain information or just talk. If one hundred people or more in Enugu have their computers connected to host compete acting as an administrator we can call such an arrangement of local network (LAN)
The host computer can become a depository for information, files and software accessible to all of us. We usually call such arrangement a bulletin. Board services (BBS) now marine thousand of small and large LANS and BBS all over the world connected through their host computes the form a massive network that huge network in the internet.
Oloruntoba then gave the definition of the internet as the linking of millions of computer with each other through the telephone systems like a spiders web to achieve instant global communication. He further stated the Internet development came from man’s innate desire for instant communication in the past. They used all sort of personal carriers to carry messages from one place to another through different terrains. In those days telegrams were transmitted in more code through the telegraphs system in our post offices. The development of telegraphs, telephone personal compute, fax and modern are all chain-links leading to that desire to have instant and inhabited communications with fellow human beings on matters how far away they may be.
CHAPTER THREE
RESEARCH DESIGN:
Paining for a study includes designing the methods to be thus this research work is a descriptive and non –experimental designs involved the of survey.
This research work is designed in the form of planned collection of data for the purpose of description as a guide to action or for the purpose of analyzing the causal effects and relationship between certain variables.
TYPES AND SOURCES OF DATA
Research data were gotten through sources. These are:
Primary source: The questionnaires were administrated to union bank Nig.plc and one hundred customers. Questionnaires, which employed yes or no response was developed as data collecting instrument for the investigation.
The questionnaire were based on the hypothesis one hundred and four copies of the questionnaires were prepared; one hundred copies were for the bank officials.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
We shall present collection of data analyzed using the method of data
Analysis stated in the previous chapter.
We shall also discuss our findings from these data based on the questionnaire. Against this background a total staff of (50) questionnaire were distributed to staff and customers of union bank plc enugu, then out of these (50) then 40 were filled and returned for union bank plc.
FINDINGS
From the analysis or presented data, we were able to make several findings. These findings are based on what we discussed from our research work and during a careful study of our case study, which is union bank plc. Some of the findings will be discussed as follows
- Firstly, we were able to find out that with the use of inter banking, banks operations have improved tremendously. This improvement is as regards to the speed banks use in rendering their services like payment or withdrawer of deposits lodgment of deposits and checking these service as customer do not have to spend longer period in the new generation banks, but with more enlighten on the importance of internet banking, some of the first generation banks that are not distressed have new embraced internet banking.
- Secondly, with the use of internet, banking now perform accurate functions and operations as regards to the payment of deposits, customers, do not have to worry about the completeness of their money. Most banks now make use of electronic machines which countess money accurately and this has helped to stop the embarrassment caused by human errors associated with counting of money. Apart from the fact t that these monies are counted accurately, they are done fast which reduces the time the customer has to spend in the bank.
RECOMMENDATIONS
From our findings we advance the following recommendations
- Purchase of internet Banking Products: banks will benefit more if they engage in the purchase of current and new internet banking products which will help to improve their operations. The cost of adoption should not be a hindrance as in the long run , the benefits that will accrue will be more than the cost of adoption
- Provision of Infrastructures: The authorities would improve and enhance the acquisition and use of internet banking by providing some infrastructures like better telecommunication network, constant power supply and power of the currency for the purchase of current internet banking products
- Education and Re-education of Staff: short courses aimed at improving the efficiency of banks staff should be done regularly so as to keep the staff in-tune with current internet banking products and its uses. This helps to increase efficiency and lead to speedy banking operations.
- The banks should base with manufactures so as to provide Internet banking devices that will suit their local environment and operations. This will enable the banks get taller more products that will increase efficiently.
CONCLUSIONS
We have so fare dealt on the issue of Internet banking and its effects on the operation of most banks.
Right from inception, just as contained in the banks introduction, Internet banking has been dynamic nature, providing
Several innovations and improvements on Internet banking products. These innovations have led to the increase in the services and operations of banks that had helped to improve the banking industry. The improvement like we have said has been in areas of various and better services and products provided to bank customers thereby making.
LIMITATION OF THE STUDY
The limitation of the study is that of scarcity of available data and material. Secondly some of the bank staff were bared from giving out some vital information to the researcher without seeking approval from senior management staff
Finally lack of knowledge of the banking technology in use by the bank, some of the bank staff lack of money due to the high cost of transportation prevalent in the staff at the period of this research and also lack of time.
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