THE IMPACT  OF INFORMATION AND COMMUNICATION TECHNOLOGY ON CUSTOMERS SATISFACTION ON BANKING SECTOR

THE IMPACT  OF INFORMATION AND COMMUNICATION TECHNOLOGY ON CUSTOMERS SATISFACTION ON BANKING SECTOR: A CASE STUDY OF FIRST BANK PLC, UYO

CHAPTER ONE

  • BACKGROUND OF THE STUDY

Before the 1950s, processing of financial documents by banks in the developed and developing countries was essentially done  manually. It was tedious and time-consuming. Update of accounting records was achieved on mental arithmetic or with some hard core adding machines which could only be afforded by banks. Consequently, services to customers were characterized by long transaction hours, irregular accounts  update, unsatisfactory reconciliation of customers accounts. Mis-sorting, wrong posting and delayed  payment of cheques  processed. (Farret, Barrack, 1999).

Also in recent  years,  the utilization of information  technology  has been  magnificently  increased in service industries, particularly  the banking sectors.  By   using information technology related products  such as internet banking, electronic  payments, security  investments, information exchange (Berger, 2003)  are made   possible financial organization can deliver  high  quality services to clients with less efforts.

Previously, public confidence   in the cheque system was eroded as reliance was heavily placed on cash transaction.  The banks equally became inelastic, highly restrictive and counter-productive.

This study which is on the impact of information technology on consumer satisfaction in the banking sector is to evaluate and measure  the observation of the bank employees toward the implementation of information strategies (using First Bank Plc as a case study).

  • STATEMENT OF THE PROBLEM

The birth of information technology has  push doing business, organizational performance and competitiveness to the next level. The challenges of Analog business environment are addressed by automated method. In  the banking sector,  the impact of information technology is monumental.  To survive and grow, banks must embrace the use of information and communication technology (I.C.T).

However,  most banks and organizations both public and private do not pay adequate attention. This is a problem.

  • OBJECTIVES OF THE STUDY

The main objectives of the work is to assess impact of information technology on customer’s satisfaction in the banking sector.

Specific objectives are:-

  1. To identify the information communication technology tools used in the banking sector.
  2. To compare the analog and I.C.T on performance in the banking sector.
  • To established a relationship between the use of I.C.T and customer’s satisfaction   in the banking sector.
  1. To identify problems confronting the effective application of I.C.T in the sector for efficient customers’ satisfaction.

1.4 RESEARCH   QUESTION

  1. What are the I.C.T tools used in banking sector?
  2. What are the difference between use of analog and I.C.T in performance when compared?
  • What is the relationship between the used of I.C.T and customers’ satisfaction in organization.
  1. What are the problems confronting effective application customer satisfaction.

1.5 RESEARCH  HYPOTHESIS

Ho: there is no significant difference between the use of analog and I.C.T on performance  in the banking sector.

H1: There  is significant difference between the use of analog  and I.C.T on performance in the banking sector.

Ho: There  is no significant relationship between the problem of I.C.T application  and performance in the sector.

H1: there  is significant relationship between the problem of I.C.T application  and performance in the sector.

Ho: there is no significant relationship between I.C.T and customers’ satisfaction in an organization.

H1: there is significant relationship between I.C.T and customers’ satisfaction in an organization.

1.6 SCOPE/LIMITATION OF STUDY

This research is limited to first bank plc Uyo, Akwa Ibom State.  The focus of the study is on the impact of information technology on customer satisfaction.

The major factors that hinder the successful delivery of this research could be seen as follows;

  1. Financial constraint
  2. Time factor and finally
  3. Inability of the employees of the bank under study to release the needed facts.

DEFINATION OF TERMS

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