THE ECONOMIC IMPACT OF INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) ON THE BANKING SECTOR

ABSTRACT

Since the past years, name of the students of the department of accounting either NCE or B.SC has made any write up in the topic Nigeria tax system. In view of this, it is necessary and important to let students of accountancy department and necessary and other  department to know the important of tax system in the development of Nigeria economy.

This has become imperative because of the ignorance of people on important of tax system, which has been a hindrance on the economic development. People usually feel cheated when asked to pay up their tax liabilities.

If people are aware of he aims, objectives and contribution of the Nigeria tax system to the economy, they will not feel reluctant to discharge their civic responsibilities while the government will not hesitate to provide the masses with vital social amenities.

CHAPTER ONE

1.1     INTRODUCTION

A powerful force drives the world towards a company commodity and that force is technology (LEVITT 1992) from the beginning of the human era, technology has been one of the most essential and most important factors for the development and mainland (idoms et al, 1987). During the last two decades, technology changed often been related to economic growth in the form of new types of goods and services. Smith (1.976) first wrote about technical change in the form of new machines as one of the three important causes of increasing incomes more than two decades ago.

It is now generally accepted that, days traditional banking operation systems and services. These are no doubt that the effects of technology based credit assessment system, technology driven product development and computerized human resources management system, financial planning and monitoring system have completely altered the terrain for competition in the banking industry globally. Information has increasingly become the life of blood of any organization and the management of enterprises through Information and Communication Technology (ICT) has become an important strategy in any banking institution.

The greatest innovation that has taken place in the last two decades, Information and Communication Technology is the introduction of computer and advances in Information and Technology, which have transformed the global economic and have particularly put the banking sector on accelerated pace development. The information revelation has led to the convergence of the computing the telecommunication network, covering the would through cable and satellite information supper highways. Global networks have dismantled national boundaries and barriers and created a global village where one can access information from any part of the world by the mere touch of mouse.

The banking industry today appears to be truly improving with the technology and aiding globalization and integration of the world financial markets, there has been quantum jumps in the expectations of customers for newer product and alternative delivery pressure today about what customers are expecting in the future.

Information and Communication Technology (ICT) can therefore be defined as the modern handling of Information by electronic means of Communications (Ige, 1995) Information and Communication Technology has become helpful by allowing companies to gain access to their bank statement on personnel computer and also individual on their inabile planned.

DEVELOPMENT OF INFORMATION AND COMMUNICATION TECHNOLOGY IN NIGERIA SECTOR

Development in a country can be measured in terms of it’s overall social, economic and political development. But no matter how develop the country is, it cannot be self sufficient, there is an everyday urge to improve in the social relationship, and economic development.

In Nigeria, during the pre-colonial era, there was always an interaction which starts mostly from trading activities which enables for country to exchange what it is had for what it requires. Trading was carried out among the various tribes that made up the present Nigeria Nation through the primitive methods of trade by banker systems which is the exchange of goods for services. However, as society grew more complex, these methods of exchange became insufficient coins and paper not were introduced and these made it easy for any amount of goods and services to be acquired at the exchange of such coins and paper notes.

The use of information technology is widespread from the most developed countries through the developing countries to the least developed countries, although the extent of overall use in directly related to the level of development. Deposit money bank since they are highly information intensive; have invested in Information and technology extensively. In developed countries, Information Technology has become a necessity for Financial Institution keep on trying to come out with new services / products.

1.2     STATEMENT OF THE PROBLEMS

          The complexity of modern day banking necessitated the use of information and communication technology.

          Therefore, the mobility of banks to fully adopt information and communication technology is the major research problems.

          Although, most banks in Nigeria claim to have computerized their operations, it’s mostly in the areas of quotation of simple clerical procedure of personnel payroll and little of these operations are felt by the customers.

          Information and communication technology are valid to banking operation while non application of the technology in the banking brings about inefficiency.

          Hence, this research works is aimed at addressing the impact of information and communication technology on the operational efficiency of the Nigeria banking sector.

1.3     RESEARCH QUESTION

          Specially, the study is necessitated by t5he long customers waiting time at the counter which is as a result of the manual operation prevalent in the banking and how the impact of ICT has helped in operational efficiency of Nigerian banking sector.

          The following issues would therefore critically examined

1. To what extend has the introduction of ICT has helped in achieving efficient services delivery?
2. To what extend do the banks go in acquiring this knowledge?

• What are the problems faced by management in trying to implement the electronic banking system which is aided by ICT?

To what extend this work more significant

          The following questions are to be address

1. What makes up information and communication?
2. To what extend has bank applied information and communication technology on banking operation?

• What are the obstacles faced by banks with application of information

Which are information technology based pritum, (2002)

1.4     OBJECTIVES OF THE STUDY

ICT has become anxious if bank do not have means of delivering their services can line and real time across their branches within the country and abroad.

The objectives are:

1. To know whether information technology has contributed to the profitability and efficiency of banks in Nigeria
2. To find out whether information technology system has increase customers satisfactions.

• To know ICT has helped banks to reduce high cost of operation

1. To know how the application ICT to the managing operations of the bank have been augmented
2. To ascertain whether or not the level of ICT used in Nigeria banking sector can make it complete favorably in the global financial market
3. To identify and provide solution to the problems being encountered by banks in their use of information and communication technology.

• To ascertain whether or not the level of ICT used in Nigeria banking sector can make it complete favorably in the global financial markets.
•    To identify and provide solution to the problems being encountered by banks in their use of information and communication technology.

1. How information and communication technology has helped banks to reduce high cost of operation.
2. How the application of information and communication to the managing operations at bank have been augmented