Impact of Information Technology on the Nigerian Banking Sector

In the past 100 years, the world has completely turned around. The technological and computer revolutions have completely changed the way the world works. Henry Ford revolutionized factorial production through the creation of the assembly line. It increased efficiency and a basic standard of conformity among products, therefore making the company a lot more successful. The rest of the industry creating a nation-wide revolution based on efficiency adopted this new innovation. Following the innovation of the assembly line, a new era of development came into existence. In the 1970’s, computers were first introduced. Although they were as large as a room and could only play tic tac toe, they were the start of the

We have seen how computer sciences and technology have grown at an exponential rate, having slow progress at the beginning, throughout the 19th century and the 20th century, when technology was implemented individually by some companies that had the means, tools, and knowledge to do it. With the appearance of the internet by the early 90's, everything skyrocketed. Due to the availability of information, every growing industry got linked to the biggest inner network "internet", bringing new tools, knowledge, and resources to the rest of the world. It did not stop there, some of the biggest implementations took place in the vehicles we used for transportation, in which were implemented automatized systems to enhance performance and safety, clean power sources began to be used in big scales, such as solar panels and energy storage, communications were transformed from a wired network to a wireless

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

I take this opportunity to express my sincere thanks and deep gratitude to all those people who extended their whole hearted co-operation and have helped me in completing this project successfully.

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

In the last 20 years, the growth of such context marked the greatest changes in society since the Industrial Revolution on the XIX century, constructing a globalized world united by undeniably quick and reliable exchanges of information. In addition, every year the technological advances prove not only to be more efficient than before, but also that its speed is now propelled as never before. Now, technology and global acquaintance are immensely bonded, and in order to understand its effects on all societies, there must be a comprehension on the roots of modern devices and their respective transformations throughout time.

I think in this assignment I'll take a slightly general theme, and then a concrete technological progress. Since my future specialty is informatics, naturally I am interested in technological progress in this field. On the one hand, we can say that technological progress is itself computer science, with which I can not disagree. Therefore, I want to take this topic first, in order to briefly consider the technological progress in general, and then more at the exact point. And so IT progress as we know began in the early 90's in the field of computer technology, software and telecommunications, and thanks to this people began to receive fast information in a short time, and not only. Therefore, I consider it a very big plus, but it should be noted that there were a lot of drawbacks, which led to a reduction in jobs. For example, we all know that in the old days, when there were the first phones, there was a very prominent position, more often for girls under the name "telephone operator", who answered the calls and transferred them to their destination. Then there was progress, which in turn facilitated many moments in people's lives, when a person could dial the desired number himself. This progress is pleasing but at the same time frustrating, since after this progress such positions as "telefonist" were no longer needed. Unfortunately in this moment it was not possible to prevent negative consequences. And so I think that this general theme will be enough, and all your

I am also thankful to respective respondents who in spite of their busy schedules extended to me their full co-operation and support. Last but not least i indebted to “Almighty” without whose blessings this project would not be completed. I thank all

By itself, as Ceruzzi (2003) puts it, the computer revolution had altered the ways we communicate, do business, interact, think, socialise and do as it pose several opportunities while also imposing immense risks.

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At that time it also created a gap between large and small organization as the computers were costly and required huge investments and small businesses could not afford to install them. In your opinion how could this change affect the life of a common man?

First and foremost, I would like to thank Allah s.w.t for making things easy for me on doing and completing this assignment. Secondly, I would like to thank my family and friends for supporting and helping me accomplishing my task. Without their support and trust, I could have never been able to accomplish this task brilliantly.

4. To determine how skillful and knowledgeable the staff are in the use of ICT resources.

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