INTRODUCTION
1.1 AN OVERVIEW
There has been a significant change in the Nigerian Banking System during the past few years. From the turn out of such changes, it is expected the banking system will experience greater changes in years to come.
A lot of factors have contributed to the changes experienced in the banking industry especially as it concerns electronic banking. The move to banks recapitalisation which started in early 90’s but took effect finally in June 10, 2004 under Professor Charles Chukwuma Soludo the Central Bank of Nigeria Governor. The few banks who survived the N25 billion capitalization now noticed that customers are no longer scared as to which bank is stronger than the other and fear of any of those banks collapsing was gone. The banks now realized that the only way to attract and retain their customers is by excellent service delivery and introducing bank products that will make banking a lot easier and very convenient for their customers. Some of such products are Valucard, ATM card, Mobile Banking on-line banking etc.
Also the desire for banks to go paperless also prompted them to introduce these electronic products. Instead of a customer coming to the bank to fill a teller or a withdrawal slip, the customer can use the ATM care on a machine.
Banks also realized that in order to pay higher interest rates on customers accounts and still maintain a profit margin they placed fees for each of these electronic products and services being offered to their customers. Previously the cost of these services had in effect been subsidized by low interest rates on bank deposits. Deregulation forced banks to look at their bottom line and charge customers for such electronic products.
The importance of technology in delivering most of these financial services cannot be over emphasized because through automation, computerized technology has enabled banks to run their business more efficiently, their customers satisfied and also realized significant savings in the cost of human labour and in the life operation of their ‘physical plant’.
SAP earlier introduced in 1986 by the military regime is back in operation and it has affected the banking and oil servicing industries more than any other sector of the economy. It has changed both the structure and the content of banking business. Just as the number of banks grew tremendously in 2001, the techniques of delivering banking services and the range of products offered to customers have also changes especially with the N25 billion recapitalisation which reduced the number of banks from 87 to 25 in 2005.
The volume of profit made by some banks increased considerably with the introduction of SAP, the reason being that in the last few years, the old banks have been challenged by the innovations in banking services being introduced by the ‘new generation banks’ as they are often referred to; in order to meet the challenging needs of their customers. SAP also brought to an end the kind of old banking system of rendering banking services, in this new competitive environment, thus many banks are driven by survival instints in a bid to stay afloat in the turbulent business environment. The new banks therefore pose a threat to the older banks because they are more aggressive at their marketing techniques and strategies.
Electronic Banking can be said to be a natural fallout of the intense competition going on in the banking industry. It came about as a result of efforts of banks to introduce automation into banking business. Prior to the advent of electronic banking, information was processed manually and it was a very cumbersome and inefficient way of processing and storing information. The use of computer was seen as a better option. Automation is all about using a better means to process information. Computer de-emphasizes manual operations applying electronic mechanization to a horde of statistical operations. In our world today, everybody is thinking computer-electronics as more pressing of buttons on your mobile phones sends messages and images across the globe thus saving time, energy and money.
Electronic Banking involves the transfer of information, data, even funds from one point to another. Its use in the banking industry for their services are fully automated such that transactions are concluded in a moment. It involves the use of computer networks in dispensing cash and transfer of funds. The primary objective is to replace intensive labour operations and reduce the waiting time of customers.
| Project details | Contents |
|---|---|
| Number of Pages | 90 pages |
| Chapter one | Introduction |
| Chapter two | Literature review |
| Chapter three | methodology |
| Chapter four | Data analysis |
| Chapter five | Summary,discussion & recommendations |
| Reference | Reference |
| Questionnaire | Questionnaire |
| Appendix | Appendix |
| Chapter summary | 1 to 5 chapters |
| Available document | PDF and MS-word format |
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