Information and Communication Technology (Ict) and Banking Industry

2384 Words10 Pages
ISSN 2039‐2117 Mediterranean Journal of Social Sciences Vol. 2 (4) September 2011

Information and Communication Technology (ICT) and Banking Industry
Alawode, Ademola John+ Emmanuel Uche Kaka**

Department of Computer Science, Federal Polytechnic Ilaro, Ogun State, Nigeria ** First Bank Nigeria PLC, Ahoada Branch, Rivers State, Nigeria.

Abstract Information and Communication Technology, the language of the new age and its grammar which is Science has become an indispensable and veritable tool for enhancing effectiveness and efficiency in all other aspects of life. Banking industry has learnt the grammar and understands the language of the new age and tremendously transforms
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2 (4) September 2011

imperative in the industry. This study evaluates the response of Nigerian banks to this new trend and examines the extent to which they have adopted innovative technologies in their operations and the resultant effects. Information and Communication Technology Information Technology (IT) is the automation of processes, controls, and information production using computers, telecommunications, software and ancillary equipment such as automated teller machine and debit cards. It is a term that generally covers the harnessing of electronic technology for the information needs of a business at all levels. Communication is the conveyance or transmission of information from one point to another through a medium. An example of how ICT has had an impact on the Banking Industry is that its emergence allows banks to apply credit-scoring techniques to consumer credits, mortgages or credit cards. Hence, products that used to be highly dependent on the banks´ evaluation of its customers have now become more standardized. Other examples of ICT impact on the Banking Industry include the increased process efficiency, which can reduce costs in banks, and the branch renewal, where focus is gradually shifting away from traditional brick and mortar banks towards the dual-bank concept
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