IMPACT OF COMPUTER APPLICATION IN MODERN DAY BANKING SYSTEM IN NIGERIA (A case study of union bank Nigeria plc Ilorin)
This survey carried out in order to access the attitudes and order to know of actually computer applications can be said to have achieved its objectives.
Mention was made about the meaning, impact nature as well as the purpose of computer application activities on consumer’s patronage and the statement of the hypothesis. Literature review was carried out in which various relevant terms were defined. More over computer application activities it was extensively discussed.
The research methodology carried out was together with some facts useful for the conduct of the study in this research questionnaire was used.
The data collected through the research will be also used or analyzed in addition with their interpretations.
Finally, certain conclusions will be drawn and useful recommendation will also be given to the company’s industries as a means of increasing its banking system volume and achieving other objectives desire.
TABLE OF CONTENTS
TITLE PAGE i
TABLE OF CONTENTS v
CHAPTER ONE: INTRODUCTION
1.1 Background to the study
1.2 Statement of problems of the study
1.3 Aims and objectives of the study
1.4 Significance of the study
1.5 Scope of the study
1.6 Limitations to the study
CHAPTER TWO: LITERATURE REVIEW
2.1 Definition of computer
2.2 Classification of computer
2.3 What is banking?
2.4 Roles and functions of banks in Nigeria
2.5 Modern day banking and computer system
2.6 Advantages and disadvantages of computer to modern banking
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 The research population
3.2 Source of data collection
3.3 Method of data analysis
3.4 Limitation of the study
CHAPTER FOUR: DATA PRESENTATION, SUMMARY, CONCLUSION AND RECOMMENDATION
4.1 Data presentation and analysis
1.1 BACKGROUND TO THE STUDY
The banking industry constitutes one of the pillars in which the economy of any nation rests. The computer has massive effect. On the nature, quality and structure of works almost everywhere there by becoming largely responsible for the emergency of the modern post industrial societies. Proper application of the computer is a major technical factor affecting organization efficiency and culture worldwide.
In the past decades, the introduction of workstation and powerful networking devices have put computer on the desk of offices. It has continues to play a central role in the operation of many corporations while other forms of computing are used in business in various capacities, the largest place in the e-banking environment such as banking health care government, insurance e.t.c.
The results of the use of computer union bank in banking sector include:
1. E-banking:- Electronic banking also use electronic technology as a substitute for cheque and other paper transactions.
2. ATM:- Automatic teller machine- these are electronic terminal that permit banking transaction almost any time. To withdraw cash, make deposits or transfer fund, between accounts, the user generally insert the ATM card, enter the personal identification number (PIN).
The use of the ATM is increasing over the years.
3. Direct deposit:- it permit the user to authorize specific deposits, such as pay cheques and social security cheques, to the account on regular basic.
4. PC- banking:- personal computer banking permit customer to handle may banking transaction via- the pc. The customer may use the computer to view the account balance request, transfer between accounts and pay bills electronically.
5. Point of sale transfer:- this allows the user to pay for purchase with a debit card, which also may be the ATM card.
6. Paying bills on:- line: this is a process whereby remote terminal is linked directly in to the processor.
The following are steps involves with setting yup an on-line paying program.
⦁ First the user must decide if bills are going to be paid through the bank (assuming the banks offer the service) or through a third party vendor.
⦁ Check out the on-line banking fees to help the user make the decision.
⦁ Once the user have set up the account with the bill paying service provider, the user will have to input the address, homes and phone numbers of the payees, as well as the number for each of the accounts.
⦁ Many banks offer lower checking accounts to customer who refers to bank ATM, phone or computer and every few charges on individual account access.
1.2 STATEMENT OF THE PROBLEM OF THE STUDY.
Bank and other financial institution to the channeling of funds from areas of surplus to area of deficit and there by ensure that no sector of the economy is neglected.
This is to assess the physical condition of the various facilities provided in the study area.
To examine strategies of the impact of computer application in modern day banking system in the study area ,this brings to tight the problem inherit(when the banking industry was without computer application) in the fact that a quality, a banking services that do not meet the expectation of customers dissatisfy them. Nwankwo G.O. in this book writes banking is a dynamic service industry which changes with and adopts to the changing requirement of the economy with its services.
For these transactions, computer can be employed in maintaining the records.
However, many people were still in debt whether the introduction of computer to the banking system could have many relative advantages the question thus is, what are those relative virtues of the computer over the manual system.
1.3 AIM AND OBJECTIVES OF THE STUDY.
To examine the challenges due to the impact of computer application in modern day banking system with the view to improve upon computer application practices.
1. To assess the physical condition of the various facilities provided in the study.
2. To identify problems confronting the management of the property.
3. To examine strategies of the computer application in the study area.
1.4 SIGNIFICANCE OF THE STUDY
Most especially, this research project is not being carried out to bring out any significance; it may have with most especially, this research project is not being carried out tom bring out any significance, if may have with any other work already done in this area but mostly importantly, it is aimed at bringing out into focus, the challenges of the impact of computer application in union bank along saw mill Odo okun, Ilorin.
1.5 SCOPE OF THE STUDY
There is always a limited scope in any research work. The scope of this research is therefore on impact of computer application using union bank along saw mill Odo okun, Ilorin as a case study.
1.6 LIMITATION OF THE STUDY
Time constraint and finance were major limitation time constraint on the part of I writers of this project because I lacked adequate time to carry out necessary things and gathering all information needed.
Financial also barrier on the side of I writers of this project. Furthermore, the response of the respondents to the questions asked is not guaranteed, some may respond and respond correctly while others may not respond or even respond incorrectly.
Computer like other electronic equipment uses electricity to work with battery and called battery powered computers. Every computer work on the instructions given to it, which determines what, it does and how it is done. The numbers and letter given to the computer are known as data computer stores the data and the instructions on its memory, uses the instruction to work on the data cold bring out the answer mostly called the output or information in a way human being can understand it.
Computer has revolutionized the entire business world most especially, the banking industries which have must to tend with as a result of large number of customers.
The computer means different thing to different people to some, it is a terrible complex invention, which is best avoided, while to other it is the “ultimate” solution to all problems. These are two examples of several misconceptions about computer while the formal depicts an over whelming technological development the letter view is rather simplicity as it invariably leads to disappointment and trust ration.
2.1 DEFINITION OF COMPUTER
Computer is an electronic device that accepts, stores and process data to gives information for management decision making.
A computer is also defines as electronic, which accepts appropriate input signal, process the input in accordance to set of rules and present the products (output) in a predetermined form.
According to Hard Lucas (1972), computer is equipment, which is capable of being programmed to handle many different types of information to watch the needs of particular situation.
The computers have been linked to brain which can be trained to lope with specific problem. They store information in their memory and can also draw in other source for input devices.
2.2 CLASSIFICATION OF COMPUTER
Computers are classified into different categories with the following parameters.
ii. Data type
CLASSIFICATION BASED ON PURPOSE
Computer are classified by the purpose for which they are made into four categories, which are purpose, data type, generation and size
i. PURPOSE: These are computer that are designed specially for a particular operation. They can only handle the specific operation they are designed for air trafic control, computer used in the army of war, some clinical computer such as hood analyzer.
ii. DATA TYPE: The largest fastest and most expensive computer system. It is a time with high degree of accuracy. Examples are Gray x-Mp, Cyber 205.
iii. GENERATIONS: These computers are designed as to save as a wide variety of problems and not restricted like special purpose. E.g. personal computer.
iv. SIZE: This is based on out big and small the computers are. I.e. their physical size. It must be noted that today’s technology, the bigger a computer is the large its internal memory and faster is its processing speed.
2.3 WHAT IS BANKING
These are some terms which seemingly in the way they are used in the content of this project here operational definition of term or words needing explanation are definition in their technical sense.
ACCOUNTING: This is the act of recording; classifying summarizing in a significant manner and in terms of money business transaction in such a way that the transaction will be kept.
INTERPRETATION: It is a function of accounting, is the interpretation of summaries date in such a manner that the end user can make meaning judgment about the financial condition.
CLASSIFICATION: record data are fairly useless unless the can be classified so that all similar item can be grouped together to distinguish them from the similar one and thereafter aggregated.
RECORDING: The acts of recording invade putting to writing or in computer, transaction of financial character reasonable.
COMPUTERRIASATION: This is the process where by all the accounting classifying, interpretations are be recorded in the computer.
COMPUTER: this is an electronic machine that can store, organize and final information also calculating and control other machine. It can also be defined as an electronic device which accepts dater through the input unit, process dater through the central process unit and gives out the output device.
SAVING ACCONT: These are customer account designed to exchanges small saving on which interest is paid.
FIXED DEPORT ACCONTING: this is account designed for customers that want to keep huge amount of money which are kept for fixed period of time or year for certain purpose and dept want to use for immediate usage.
BALANCED SHEET: this are financial report on the financial position of company at a particular period usually year ending..