THE IMPACT OF INFORMATION AND COMMUNICATION TECHNOLOGY ON CUSTOMERS SATISFACTION ON BANKING SECTOR: A CASE STUDY OF FIRST BANK PLC, UYO
- 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:-
- To identify the information communication technology tools used in the banking sector.
- 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.
- To identify problems confronting the effective application of I.C.T in the sector for efficient customers’ satisfaction.
1.4 RESEARCH QUESTION
- What are the I.C.T tools used in banking sector?
- 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.
- 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;
- Financial constraint
- Time factor and finally
- Inability of the employees of the bank under study to release the needed facts.
DEFINATION OF TERMS