IMPACT OF INFORMATION TECHNOLOGY ON BANKING INDUSTRY
CHAPTER ONE
1.0 INTRODUCTION
Information technology sophistication is probably the most significant event in the last century. The information age has virtually succeeded in turning the whole world, into a global village, the banking industry is not an exception in Nigeria. The industry has experienced one of the most drastic improvements and sophistications in the use of hi‑tech. As we all know, banks and financial institutions are the backbone of the economy of any country. The implementation of information technology and communication networking has brought about revolution in the functioning of the banks and the financial institutions.
For sound implementation of information technology and communication networking in banks and financial institutions, necessary legal support is a must. Legal issues relating to electronic transactions processing in banks are very many and there was a need to address them by amending some of the existing Acts and introduction of new ones. The necessary legislative support is essential to protect the interests of the banks branches in several areas relating to electronic banking and payment system. This specification is required to establish the credibility of electronic clearing system and the electronic funds transfer scheme based on the electronic message transfer.
1.1 BACKGROUND OF THE STUDY
Information Technology is one of the fundamentals to the survival of any economy. It is essential and performs several functions, which cover all sectors of the state. This study explores all areas that can essentially lead to growth and development. For the purpose of our study, we dwell more on the impact of technology in banking industry and how it has enhanced the swift functional operation and accuracy in the performance of duty.
1.2 STATEMENT OF PROBLEM:
This research is used to find out the various problems that are encountered with information technology and its impact on the banking industry. It also provides necessary method that could be used in solving all these problems. The problems considered in this project are as follows:
1. The problems of the data processing department.
2. The problem of inadequate staffing or lack of qualified personnel in the country.
3. The problem of infrastructural deficiencies.
4. Electric power supply.
5. Whether government policies and central banks regulation disturbs.
6. The effectiveness of government policies on the IT sector.
