THE ANALYSIS OF THE PERFORMANCE OF COMPUTERIZATION ON NIGERIA FINANCIAL SYSTEM

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THE ANALYSIS OF THE PERFORMANCE OF COMPUTERIZATION ON NIGERIA FINANCIAL SYSTEM

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

A computer is an electronic tool capable of accepting data, interpreting data, performing ordered operation on data, and reporting on the out come of these operations. (ANI, 2010). A computer is also a machine similar to other machines in many respects but works faster than human being. According to Mbam (2017) computer is a face and accurate symbol or data manipulating device or system that will accept and store input data, process them and produce outputs under the influence of a stored program of instructions. He also defined computer as an electronic device capable of accepting data as input, process that data according to pre-defined instructions and produces end reports as results, correlates or otherwise process and prints information derived from coded data in accordance with a predetermined programme. Further to the definition of computer, the Nigeria institute of bankers defined computers as an electronic device, which receipt of an appropriate input is capable of processing the input according to a set of previously instructions and making the results or output available if desired.

Computer as a piece of machine, which is dumb and unintelligible (Agbata 2010). It remains unintelligible until made to be otherwise.

The computer technology is reshaping our world and will continue to do so, it is deeply involved in the textile of our lives than any other dominant technology every was. The iron age, bronze age and so on, never reached out and touched all individual lives as the computer age is doing and has done. Hence, it is very much necessary that computerization of technology is adopted in our economy, however, in the financial industry/institutions especially and at large; in our economy. In the financial industry and in Union bank of Nigeria Plc especially, because of its immense merits which outweigh the associated demerits.

1.2 STATEMENT OF THE PROBLEM

Finances though large in number have to strive to attain success in profits especially in our complex and competitive environment. The financial sector has been found to be faced with some problems. One of which is wasting of time answering as a result of financial operations being manually performed. It is causing a lot of havoc to both customers and workers. Workers are face with seating in one place for a long time doing one operation or the other while the customers spends valuable time due to lack of speed and reliability in the performance of the operations. It is also due to lack of speed that commercial and merchant banks find it difficult to process and send their monthly retunrs to the central bank of Nigeria on time. Some of these reports are bills, enclosed reports, fixed deposit and etc. Finally, the research will find out more on computers, the advantages as applicable to Union Bank of Nigeria Plc. The workers opinion will be gotten through the questionnaire. This will enable the researcher to really find out and know the impact of computerization on financial system.

1.3 OBJECTIVE OR PURPOSE OF STUDY

The purposes of this study are as follows:

1. To identify the influence of computers on the services rendered by commercial banks in Nigeria (A case study of Union Bank Nigeria Plc).

2. To examine if computerization has any influence on employment opportunities in the banking industries/institutions in particular and Nigeria economy at large.

3. To examine if the introduction of computer or if computerization can lead to higher and better services rendered by commercial banks in Nigeria (A case study of Union Bank Nigeria Plc).

1.4 RESEARCH QUESTION

This research is hence designed to find answers to the following questions.

1. Does computerization have any influence on the services rendered by commercial banks in Nigeria.

2. Can computerization influence employment opportunities in the banking industries or Nigeria economy?

3. Can computerization lead to more better and higher services rendered in the banking industries or the financial system of Nigeria?

1.5 RESEARCH HYPOTHESIS

Taking into consideration the nature and the extent of the problem stated so far, the researcher thinks it lit or necessary to formulate the following hypothesis to enable him analyze his findings.

Ho: compterization has no influence on the services rendered by the Nigeria (financial system) commercial banks.

Hi:computerization has influence on the services rendered by the Nigeria (financial system) commercial banks.

Ho: computerization has no influence on employment opportunities in the banking industries and in Nigeria economy.

Hi: computerization has influence on employment opportunities in the banking industries and in Nigeria economy.

Ho: computerization has not led to better and higher services rendered in the banking industries (financial system of Nigeria).

Hi: computerization has led to better and higher services rendered in the baking industries (financial system of Nigeria).

1.6 SIGNIFICANCE OF THE STUDY

The study will enable banks that have not started operating with computers do considering its immense advantages. It will go a long way to or extent in helping banks to know how possible to eliminate such problems associated with computer technology. It will generally help to increase the productivity and efficiency of the financial system as a whole. Finally, it will be immeasurable with laying foundation for anybody who does not have any knowledge of computer in the financial fields to have a better understanding and conceptualization of its intricacies.

1.7 DEFINITION OF TERMS

COMPUTERIZE: This means to bring computer into use to control operation.

FINANCIAL INFORMATION: This implies giving or importing financial knowledge of intelligence.

MANUAL PROCESS: This entails the process where anythin put down or worked or done by hand.

RECORDS: This entails putting down information in writing.

EFFORTS: This entails struggle to produce by way of attempt.

SYSTEM: This entails a combination of people, procedure and equipment interacting to maintain the operation of a business.

ACCURACY: This entails how things done without making mistake or having it done error free.

TECHNOLOGY: This entails the study of mechanical arts and applied science; these subjects: their application in industry.

FINANCIAL SYSTEM: This entails institutions that influence in financial operation such as banks, insurance companies, stock houses etc.

FINANCIAL FIELDS: This entails areas of involvement by those companies, banks or financial institutions.

PROGRAM: This entails a group of logical related instructions that direct the operation of the computer during data processing.