Download complete project materials on The Impact of Electronic Banking in Nigeria from chapter one to five with references and abstract
ABSTRACT
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Electronic banking system has become an important practice among commercial banks in Nigeria. The introduction of this electronic banking has improve banking efficiency in rendering services to customer, It was in line with this that the study aim at examine the impact of electronic banking system in Nigeria.
Through the cluster sampling technique, data was collected by means of questionnaires from 40 Unity Bank officers and the result shows that Unity Bank electronic banking guidelines are in line with the CBN electronic banking guideline.
The bank has an effective electronic banking system which has improve its customer’s relationship and satisfaction. To this end, It is recommended that the bank information technology training programme should be encourage among the staff of Unity Bank, necessary legal codes banking should be established in order to enhanced growth of the industry.
TABLE OF CONTENTS
TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENT
ABSTRACT
TABLE OF CONTENTS
CHAPTER ONE:
1.0 INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objective of the Study
1.4 Statement of Research Questions
1.5 Research Hypothesis
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Limitation of the Study
1.9 Definition of Terms
1.10 Brief profile of Unity Bank Plc
CHAPTER TWO:
2.0 LITERATURE REVIEW
2.1 Introduction
2.2 The View Electronic Banking
2.3 Electronic Banking and the Common Products
2.3.1 Telephone and PC Banking Products
2.3.2 The Card System
2.3.3 The Automated Teller Machine (ATM)
2.4 The Entry of Nigerian Banks Electronic Banking
2.5 The Emerging Issues in Electronic Banking
2.5.1 Threats of Cyber Crimes on the Nigerian Banking Premises
2.5.2 The regulatory challenges
2.5.3 Electronic Banking Profitability and Efficiency
2.5.4 Bank Customers Relationship
2.5.5 Operation of Financial Institutio
2.5.6 Point of Sales
2.5.7 The Cashless Policy
2.5.8 Recent Works on ATM Cashless
2.5.9 Benefits of Cashless Policy to Economy
51 CHAPTER THREE:
3.0 RESEARCH METHODOLOGY
3.1 Introduction
3.2 Population of Study
3.3 Sampling Techniques
3.4 Sample Size
3.5 Source of Data
3.6 Method of Data Analysis
3.6.1 Test of Hypothesis and Inference
3.6.2 Decision Rule and Justification
CHAPTER FOUR:
4.0 DATA ANALYSIS AND DISCUSSION OF FINDINGS
4.1 Introduction
4.2 Presentation and Analysis of Data
4.3 Discussion of Findings
CHAPTER FIVE:
5.0 SUMMARY, CONCLUSION AND RECOMMENDATION
1.1 Summary of Study
1.2 Conclusion
1.3 Recommendation
Bibliography
Questionnaire
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Electronic banking uses computer and electronic technology in places of checks and other paper transactions. Electronic banking are initiated through devices like cards or codes that let you or those you authorize have access to your account.
Many financial institutions use Automated Teller Machine (ATM) or debit cards and Personal Identification Numbers (PINs) for this purpose. Some uses other types of debit cards that require one’s signature or a scan. For instance, some use Radio Frequency Identification (RFID) or other forms of contactless technology that scan one’s information without direct contact with the person. The federal Electronic Fund Transfer Act (EFTACT) covers some electronic consumer transactions, these include:
Automated Teller Machine (ATM), Direct Deposit, Pay – by – Phone System, Personal Computer Banking, Debit Card Purchase or Payment transaction, Electronic check conversion and some others.
Before the introduction of electronic payment or banking system, all customers had to walk into the actual bank to do transactions of all kinds. Customers had to queue up and spend more hours to talk to a teller to make their transactions. The inconveniences caused by these long queues can discourage someone to make payment.
For many years, Banker’s technology specialists, entrepreneurs, and others have advocated for the replacement of physical cash and the introduction of more flexible, efficient and cost – effective retail payment solutions. Countless conferences and seminars have been held to discuss the concepts of cashless and chequeless society.
Electronic retail payment has been designed to help individual customers and companies as well as the banks itself in eliminating or reducing some of the problems inherent in the settlement and payment process. Customers can pay their bills without having to actually move to the bank premises.
They can also have access to their accounts and even transfer money to other accounts in the comfort of their homes. Nigerian banks are making huge investment in technology to upgrade their infrastructure in order to provide new electronic information – based services. Electronic services such as online retail banking are making it possible for individual and small institutions to take advantage of new technologies at quite reasonable cost.
Banks of the future realises that the banking of tomorrow requires more of electronic manipulation and shuffling of bits – based money and other banking transactions instead of paper. In other words, paper based transactions are now being replaced by electronic based transactions. Whether a bank will be successful or not depends on the extent to which it is investing in Information Technology (IT) and using it in an innovative manner. This area has been tip to be a major competitive ground for banks that are operating in the post consolidation era
What are major issues needed to be mastered by Nigerian Banks in order to compete with the rest of the world?
What are the major developments and challenges in the Nigerian operating environment that are affecting the growth of electronic banking in Nigeria? These are some of the questions that would be addressed in the course of this study.
Despite all these things, it is notsurprising that in the application of Electronic Banking in Nigeria, the financial institution have to face its problems. Communication over the internet are not secure and often congested. The financial institutions would also have to contend with other internet challenges including security, quality of service and some abbreviations in electronic finance.
Besides, the existing business environment also possess some challenges to the smooth operations of Electronic Banking in Nigeria. Some of these operational challenges include epileptic power supply, dominance of cash transaction in the economy, low level of awareness among Nigerians and so on. The thirst of this research work shall also be to examine the trend of electronic banking in Nigeria and a critically examination of challenges noted above.
1.2 STATEMENT OF THE PROBLEM
In Nigeria, customers of banks today are no longer about safety of their funds and increase returns on their investments only. Customers demand efficient, fast and convenientservices. Customers want a bank that will offer themservices that will meet their particular needs (personalised banking) and support their business goals for instance; businessmen want to travel without carryout cash for security reasons.
They want to be able to check their balance online. Find out if a cheque is cleared, transfer funds among accounts and even wand to download transaction records into their own computer at work or home. Customers want a preferential treatment and full of attention by their choice bank. All these are only achievable through electronic banking.
In line with rendering qualities and acceptable services that most banks in Nigeria are gearing towards and investing large sum of money in information and communication technology, expectedly such banks services have been improved.
United Bank of Africa (UBA), Zenith Bank, Guarantee Trust Bank (to mention few) are in the forefront in the use of IT in rendering services to their customers (The Guardian Newspaper April 18, 2008 p21). It also seeks the challenges involved in Electronic Banking and Best industrial practice and the approach of implementing them in Nigeria Banking System.
1.3 OBJECTIVES OF THE STUDY
The main objective of this research work is to examine impact of electronic Banking in Nigeria banking system on how differences channel could enhance the delivery of consumers andretails products, and also how banks choose to support their electronic banking component/services internally, such as internet services provider, internet banking, software, core bankingvendor, managed security service provider, bill payment provider, credit business and credit scoring company, E-banking systems rely on a number of common components or processes.
Specifically the study objectives are:
- To evaluate the prospects of electronic banking in unity plc.
- To evaluate the impact of electronic banking in unity bank plc.
- To examine whether electronic banking has improve the fortune of the bank.
- To examine the effect of electronic banking has it improve the fortune of the bank.
- To examine whether the electronic banking guideline comply with the CBN (Central Bank of Nigeria) electronic banking guideline policy.
1.4 STATEMENT OF THE RESEARCH QUESTIONS.
Since the release by CBN, August 2003 and the subsequent policy on the guideline of Electronic Banking in Nigeria.
One of the question that currently being addressed is the impact of electronic banking on the traditional banking players; there are two views that are prevalentin the market. The controversies that the internet is a revolutionthat will sweep away the old order argument in are as follows:
- Electronic banking transactions are much cheaper than branch transactions. Banks are easy to setup with lots of new entrants. ‘oldworlds system, cultures and structures will not encumber these new entrants; instead they will be adaptable and responsive. Electronic banking gives customers much more choice and customers will be less inclined to remain loyal.
- Deposits will go elsewhere because these banks will have to fight to regain their customer base. There would be increased in their cost of funds, making their business less viable.
- Portal provides are likely to attract the most significant share of banking profits.
- Traditional banks will find it difficult to evolve; they will be unable to obtain additionalcapital from stock market.
- E –Banking as an evolution than a revolution.
1.5 RESEARCH HYPOTHESIS
The following hypothesis are formulated in null form to guide the study.
- Ho: Electronic banking does have prospect in unity bank plc.
Hu: Electronic banking does not have prospect in unity bank plc.
- Ho: Electronic banking does have impact in unity bank plc.
Hu: Electronic banking does not have impact in unity bank plc.
- Ho: Adoption of electronic banking does enhance the fortune of unity bank plc.
Hu: Adoption of electronic banking does not enhance the fortune of unity bank plc.
- Ho: Electronic banking does improve bank customer relationship.
Hu: Electronic banking does not improve bank customer relationship.
- Ho: The bank electronic banking guideline does comply with the CBN electronic banking guideline.
Hu: The bank electronic banking guideline does not comply with the CBN electronic banking guideline.
1.6 SIGNIFICANCE OF THE STUDY
The study would enable the banks executives and indeed the policy makers of the banks and financial institutions to be aware of electronic banking as a product of electronic commerce with a view to making strategic decisions.
The research is equally significant because it would provide answer to factors militating against the implementation of electronic banking in unity bank plc, prove the success and growth associated with implementation of electronic banking highlights the areas of banking operations that can be enhanced via electronic banking and also be an invaluable tool for students, academician, institutions, corporate managers and individuals that want to know more about electronic banking trends especially in Nigeria.
1.7 SCOPE OF THE STUDY
In pursuance of the objective of the study; attention shall be focused on electronic banking among other electronic commerce implementation. In order to conduct an empirical investigation into the adoption of electronic banking in Nigeria and will also examine the nature of electronic banking operations in unity bank plc from 2007-2009
1.8 LIMITATION OF THE STUDY
In view of techniques involved, it would be unrealistic to assume that all necessary facts have been gathered in the process of the study. Information gathered is limited to those accesses and made available by the respondents and also those gathered from end users. However, the impacts of this limitation will be reduced to the barest minimum.
1.9 DEFINITION OF RELATED TERMS.
ACCESS PRODUCTS: Products that allow customers to access traditional payment instrument electronically, generally from remote locations.
ATM CARDS: UB Debit card is a chip device consisting of circuit element on single silicon chip. The card is a complex circuits that process microprocessors with a single chips that contain the complete arithmetic and logic unit of computers. It provided for unity bank customers to perform balance inquiry, mini statement and cash withdrawal as well as transfers through the use of Automated Teller Machine. This green card can also be used for internet/online and POS transaction. (Point of Sales).
CHIP CARD: Also known as an integrated circuit (IC) card. A card containing one or more computers chips or integrated circuits of identification, data storage or special purpose processing used to validate personal identification numbers, authorize purchases, verify account balances and store personal records.
ELECTRONIC DATA INTERCHANGE (EDI): Thetransfer of information between organisations in machine readable form.
ELECTRONIC MONEY: Monetary value measured in currency units stored in electronic form on an electronic device in the consumer’s possession. This electronic value can be purchased and held on the device until reduced through purchase or transfer.
ELECTRONIC RECRUITMENT: This is an online recruitment services to all kinds and categoriesof clients such as Army, Navy, police and the paramilitary through customizable web portals and the use of scratch cards or pins for a prospective applicants simply buy the scratch card, visit portal and fill the relevant information.
Information collected about the applicants could be analysed appropriately using “what if” capabilities and filtered according to severalcriteria to be set by client. Short listed applicants could then be contacted automatically via email or SMS or both.
ELECTRONIC WEB COLLECTION:This enables bank partner with universities and higher institutions of learning to handle admission registration, examination and results publication/management.
INTERNET BANKING: This is a product that enables bank leverage on the internet banking system module in – built on the new banking application (BANKS) implemented by the bank to serve the internet banking needs of the bank’s customers.
MOBILE BANKING: This is a product that offers the customers of customers of a bank to access services as you go. Customer can make their transactions anywhere such as account balance, transaction enquires, stop cheeks and other customer’s service instructions, balance inquiry, account verification, bill payment, electronic fund transfer, account balances, updates and history, customer service via mobile transfer between account etc.
PAYMENT SYSTEM: A financial system that establishes that means for transferring money between suppliers and of fund, usually by exchanging debits or credits between financial institutions.
POINT OF SALE (POS) MACHINE: A point of sale machine is the payment device that allows credit/debit cardholders make payments at sales/purchase outlets. It allowed customers to perform the following services retail payments, cashless payments, cash bank balance inquiry, Airtime vending, Loyally Redemption, printing mini statement etc.
SMART CARD:A card with a computer chip embedded, on which financial health, educational and security information can be stored and processed.
TRANSACTION ALERT: Our customers carry out debt/credit transactions on their accounts and the need to keep track of these transactions prompted the creation of the alert system by the bank to notify customers of those transactions. The alert system also serves as notification system to reach out to customers when necessary information need to be communicated.
Western Union Money Transfer (WUMT): western union money transfer is a product that allowed people with relatives in Diaspora who may be remitting money home for family up-keep, project financing, school fees etc. Nigerian communities known for haunting their siblings gainfully employer in other parts of the world are idle markets for western union money transfer.
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