CHAPTER ONE
1.1 INTRODUCTION:
BACKGROUND TO THE STUDY
Information technology has already become the nervous system of banks the world wide. Banks all over the world realized that only those that overhaul the whole of their payment and services delivery systems and operations are likely to survive and prosper in this global world of technology. This is due to the pressure of globalization, consideration, deregulation and rapidly changing technology. In order to properly place themselves in favourably positions to be reckoned with in the new country, banks are making use of information technology (IT). They realized that the banking industry requires more of electronic manipulation and shuling of bits based money and other banking transaction instead of paper. In order words, paper-based transactions. Whether a bank would be successful or not, depends on the total to which it is investing in IT and using IT in an innovative manner. The reason for this is the fact that in the future, banking transactions would be conducted in a cyber space.
