THE CHALLENGES INFORMATION TECHNOLOGY IN NIGERIAN BANKING INDUSTRY

CHAPTER ONE

INTRODUCTION

Information technology is the application of suppliers and telecommunications equipment to store, retrieve, transmit and manipulate data, often in the context of a business or other enterprise. It is advancing the development of product and concept in application of these products and also concept to specific areas of human activity. Thus, as the nature of business became wider and complex, it became very imperative for all sectors to be connected with a modern convenient thus giving birth to the modern day banking system using information technology, the banking operation and business activities easier, faster, more efficient and more effective for individuals and organizations alike to transact business.

The word “Information” simply refer to the knowledge which is gathered as a result of processing data, therefore refers to the fact which some existing information is represented coded in some from suitable for better usage. It is also a set of symbol that has some value or that carries some value and meaning, decision cannot be taken on the basis of data, it must first be transformed.

Information bears a diversity of meanings that ranges from everyday to technical; the concept of information is closely related to constraint, communication, control, data, form, instruction, knowledge, meaning mental stimulus pattern and representation. It processed data which helps to reduce uncertainly. A system is an arrangement of entities for mutual interaction.

These has non-computerized information of achieve its purposes, it has to be communicated. Therefore, communication is the process of transferring or passed information.

1.1 Background of the Study

Information technology has its origin in the technologies related to a restricted view of information, the generation, processing and also distribution of representation of information whereby every information has a central structure, a thing and a person within a particular context, the relation of a sign. It was that which lay at the base of all things, an effective theory would account for how information flowed and how it could be based. The technology into accounting systems changed the way data stored, retrieved and controlled.

Thus Albert Borymann said the contemporary used of the word information emerged only in the middle of the 20thcentury, the increased demand for a reduction in man-hours computation, in many fields of science and technology, stimulated further investigation at into ways and means for speedier computation. The first attempt to design a computer distinct from a hand calculator was made by an English man called Charles Babbage in 1835. For his reason, he was known to be a father of computer, the analytical engine was quite close in concept to a modern computer which automatically performs simple computation, store instructions and results were retrieved as information. During the year 1960s, information became part of popular culture as something roughly synonymous with facts, with the rapid diffusion of digital computation; the basis digital bit became the building block of a new way of approaching reality the age of information (Negroponte 1995) after five years activities in banking system in Nigeria have increasingly depend on the deployment of information and communication technology. Customers insatiable appetites for efficient service have compelled financial institutions to fast toward to a more radical transformation for the business by embracing electronic banking. In the aid for Nigerian banks to catch up with global development and improve the quality of their service delivery, they have invested much on information technology and have widely adopted electronic and telecommunication network for delivery a new range of value addal product service.

Zenith Bank Plc is one of the biggest and most profitable bank in Nigeria. The bank was established in May 1990 under the company and Allied matter Act of 1990, the bank started its operations in July of the same year as a money deposit bank. It became a public limited company on June, 17, 2004 and was listed on the Nigerian stock exchange (NSE) on October 21, 2004 following a highly successful initial public offering (IPO). The bank presenting has a shareholder base of over one million, revenue of 89.2 billion, net income of 17.2 billion total assets of 1.2 trillion, employees of 3911 and numerous subsidiaries to mention but a few Viz; Zenith insurance, and cyberspace networks. Etc.

1.2 Statement of the Problem

Business need to continuously find better and faster ways to adopt to the competitive market place in order to complete in today’s high technology and fast raced environment. Learing organization provide a frame work that encourages finding better and faster ways to adopt in today’s high technology and faster raced word by: looking at the whole us, the parts, systematic perspective; detective and correcting errors, improving actions through knowledge, and developing the broad skills of their work force.

These days computers and information processing are everywhere, computers influence what decision are made, when decisions are made