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IMPACT OF
COMPUTERIZATION IN A BANKING INDUSTRY.
PROJECT
INFORMATION:
ABSTRACT
The world
over continues to grow in population, size and sophistication technology. It
becomes sector on which the teeming population depends in for knowledge also
grows. Be it as it may, the Nigerian situation is such that we, for the state
of advantages associated with technological growth have started computerizing
most business and banking operation in our financial institution and business
organizations big and small. One of such organizations are United Bank for
Africa, which were understudied for the impact of computerization in Banking
industry, technology on accounting system and its effect in employment. The
problem, purpose and significance of the study to United Bank for Africa were
considered. Review of existing literature will then follow. The research method
made use of generated data revealed to the researcher that the use of computer
in United Bank for Africa was set up. Area of computer application (1) General
Accountant. (2) Inventory and (3) Payroll. In testing the problem respondents
agreed that computerization led to mass retrenchment of workers. However
research revealed otherwise.
PROPOSAL
The Nigerian
situation is such that we, for the state of advantages associated with
technological growth have started computerizing most business and banking
operations in our financial institution and business organizations big and
small. One of such organizations is United Bank for Africa, which will be
understudy or that will be study. The problem, purpose and significance of the
study to United Bank for Africa will be considered. Review of existing
literature will then follow. The research method will make use of generated
data that will be revealed to the researcher that the use of computer in United
Bank for Africa was set up. The area of computer application in the banking
sector in the United Bank for Africa are:(1) General Accountant. (2) Inventory
and (3) Payroll. Hypotheses will be test as well as the problem so as to agree
that computerization led to mass retrenchment of workers. Conclusion and
recommendations will be draw from the data which will be obtaining from the
respondents.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
Alvin
Tofler, one of the most successful of contemporary popularizes has proclaimed
the arrival of an “adhocratic” society.
This
expansive vision of nearly emerging post industrial order, mirroring that of
Daniel Bell is encapsulated in Tofler’s view that we are living through a
period of massive societal development.
First wave
of agricultural revolution and the second wave of industrial revolution
development in the world over is now being superseded by an third
socio-economic ware, even through the industrial revolution is still in
progress in most part of the third world countries. This new socio-economic
shift termed third ware is the arrival of computer revolution.
This means
that humanity faces quantum leap forwards as we engage in building a remarkable
new civilization from group up.
Definition
of computer: the oxford dictionary defined computer as an electronic device
which stores information on e.g magnetic tape, analysis it and produces
information as required from the data on tapes or deistic.
While the
American Heritage dictionary of the English language defined it as a service
that computes especially as electronic machine that performs high speed
mathematical or logical calculations or the assembles, store correlates or
otherwise processes and prints information derived from loaded data in
accordance with a predetermined programme.
This implies
that although computer has no brain of its own to reason live human beings, it
performs complete mathematical problems as fast as possible even faster than
the human brain.
The computer
is an advanced technological convention which as evolved as a product of our
modern day society (Hard, 2005: 10).
The above
statement not withstanding, he public still approach the course with
apprehension and in some cases develop absolute fear for this device. The
reason being that the computer came upon the whole world so quickly that it now
affect our various lives in so many ways. This compile with the general lack of
knowledge of what the computer is, has given rise to the ware of anti-complex
feeling.
It is of
note that Nigerian industries and businesses are growing bigger and more
complex everyday. Manual recording and filling system of financial transaction
is no loner coping with the rate of sophistication and competition in this
modern businesses.
Management
needs timely information for planning and it is only through computerized
accounting methods and control system that can girl out the needed financial
data immediately at the close of the banking period.
Banks and
other private and commercial institutions are finding it increasingly difficult
to carry out its financial data specially and accurately enough to satisfy
their numerous time conscious customers. The volume of service being offered by
banks have increased during the years and at the same time the number of people
asking for this services has also increased during the last decade (James,
2000).
Another is a
manual operation which involves the processing of information on (2000) two
thousand salaried people. The cost involved in this type of operation is
numerous like personnel cost; turnover cost, raining cost, benefits, leave
allowance, retirement costs, etc. then comes the computer which will not
involve much cost. The only cost might be training and personnel. While the
work would be done in a speedy time than in manual operation.
The
computerization and its impact on the banking in Nigeria cannot be over
emphasized. Just as earlier noted, the use of computer in banking and other
financial institutions is still a very recent development.
Note all the
banks and business sectors have actually computerized. Those that have gone
computerized still leach computers is some departments which those banks which
have not gone into computerization are still looking into the possibilities.
But as a nation grows, its economy develops while the necessary tool that will
help any economy to develop is the level of information obtainable.
The computer
has an immense capacity fro storing information and for marring the data
available when needed. Because of this information consciousness in the
economy, it becomes apparent that for any meaningful development planning, the
availability of information should be a necessary tool, banks therefore saw in
this a need to go into computerization (Michael. 2002).
Nevertheless, the advent of computer as stated
earlier has some problems but looking at it very closely, it might not pose a
problem to banks. These problems are training of personnel and financial cost.
Then are very necessary before any bank could go into computerization.
Training of
personnel is very necessary for effective running and operation of any computer.
The human being is the only thing that can operate a machine like computer,
therefore without an effective personnel, the computer cannot be very
efficient, just as stated once by a writer on computers.
My computer
can read that is input
My computer
can add that is output
It can even remember than man, that is memory
But my
computer cannot love, that is human all this are very necessary for the
personnel raining for the effective running of a computer. As a conclusion the
computerize an intellectual.
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