Appraisal of the Economic Implication of Electronic Banking in Nigeria Banks (a Case Study of Diamond Bank Plc Nigeria)

In this 21st century the Internet has made revolutionary impact on all aspects of human life. Out of all, banking operations have greater impact of ICT on its day-today happenings. An e-cash payment system is one of the evidence of impact of internet and information Communication technology jargons. In this process a consumer/client opens an account with the banking organization or other which could give and receive money in the digital coins form. In the case client 's account is deposited in the form of real money, as it is attached to the client 's checking account in reality.

With the advance technology, banking has become a 24 hours a day and seven days a week ability. Not too long ago banks were only open from 9:00am to 3:00pm, workers and businesses rushing to get to the bank before they close. Paychecks were handed out personally not direct deposit, cashing or depositing a paycheck entailed a trip to the bank. Now most companies have direct deposit and the printed paycheck is becoming a thing of the past, this is only one example of how technology in banking has changed in society. The electronic banking (e-banking) can be described as the automated method of new and traditional banking services which reduce cost, and simplify front and backend process satisfying customers.

This is to certify that the project study entitled “Analysis of computerized banking system- HDFC Bank” is a bonafide work done by and submitted in partial fulfilment of the award of degree in Post Graduate Diploma in Management.

Since the 1980’s, online banking has made the lives of everyday people more convenient. With the new innovations and creations to computers, online banking has grown to become the most used form of banking in the US (5). From the first ATM to mobile banking technology has helped shape One of the first computerized innovations to online banking, the credit card, revolutionized how cash was money was used in society.

(Mantel, 2000) In such a situation, the consideration of the risk factor will let some consumers to avoid using pre-authorized electronic bill payment.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

Banking-related transactions that typically take long span of processing can now be done in just a few minutes, or even seconds. Aside from this, there are still other brilliant benefits that the IT has contributed to the finance sector, which may bring not only advantages but also possible drawbacks.

The banking industry gained the opportunity to improve the quality of services offered to their customers with a mechanism that marked the way for the introduction of sophisticated services at a negligible cost. Providing Banking Services through internet proved fruitful to bankers in terms of establishing a single platform for providing a wide range of services and reducing the cost involved in such service offerings. This mechanism revived the service structure of the banking industry and provided customers with cost, convenience and comforts.

This research study would enlighten the stakeholders in the banking sector that is, the public, respective bank customers, banks’ regulatory authorities, the academia and interested persons and organizations on the adoption of electronic payment system. The research shall basically examine the operations, problems and prospects of the newly adopted electronic payment system by the Central bank of Nigeria which include the use of debit and/or credit cards for making purchases, settling debts and exchange through the use of point of Sale in Nigerian business environment and suggests ways by which they could be tackled.

Online bank: Since this process is done by the internet, then various of threats can be caused.

The white paper is intended to provide an overview of the teller system used in daily banking operations. It attempts to detail the different

Internet banking is still at infancy stage in the world. Many studies focused on usage of internet banking but many factors on non-usage were overlooked. This research was carried out to validate the conceptual model of internet banking. The causes were identified and researched through correcting the causative factors so that internet banking can be used by more people. This will help the banking operations to be more cost effective.

Technological factors: The change and growth of technology make a difference in prevailing banking functions. Technology has developed over the years and this has

This research project, THE IMPACT OF INFORMATION TECHNOLOGY ON BANKING SERVICES (CASE STUDY OF ZENITH BANK PLC), written, researched and submitted by EBHOHON OLUWASEUN I was carried out under my supervision and it is adequate in scope as a project it meets the requirement and regulations governing the award of Bachelor of Science in Banking & Finance,

It is very much true in the modern day that, technology is inseparable from the processes of economic growth and development of any developing country, and for the collection of capital. Given this fact and the significant role of commercial banks adapting modern technology and contributing in the development process, there is obvious scope for an investigation of the impact of modern technology in the banking system.