Advent of Ict
THE ADVENT OF ICT
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 (Khalifa 2000). It is a term that generally covers the harnessing of electronic technology for the information needs of a business at all levels. Irechukwu (2000) lists some banking services that have been revolutionized through the use of ICT as including account opening, customer account mandate, and transaction processing and recording. Information and Communication
Technology has provided self-service facilities (automated customer service machines) from where prospective customers can complete their account opening documents direct online. It assists customers to validate their account numbers and receive instruction on when and how to receive their chequebooks, credit and debit cards.
Communication Technology deals with the Physical devices and software that link various computer hardware components and transfer data from one physical location to another (Laudon and Laudon; 2001).
ICT products in use in the banking industry include Automated Teller Machine,
Smart Cards, Telephone Banking, MICR, Electronic Funds Transfer, Electronic Data
Interchange, Electronic Home and Office Banking.
Several authors have conducted investigation on the impact of ICT on the banking sector of the Nigeria economy. Agboola et al (2002) discussed the dimensions in which automation in the banking industry manifest in Nigeria. They include:
(i) Bankers Automated Clearing Services: This involves the use of Magnetic Ink Character Reader (MICR) for cheque processing. It is capable of encoding, reading and sorting cheques.
(ii) Automated Payment Systems: Devices used here include Automatic Teller
Machine (ATM), Plastic Cards and Electronic Funds Transfer.
(iii) Automated Delivery Channels: These include interactive television and the
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 (Khalifa 2000). It is a term that generally covers the harnessing of electronic technology for the information needs of a business at all levels. Irechukwu (2000) lists some banking services that have been revolutionized through the use of ICT as including account opening, customer account mandate, and transaction processing and recording. Information and Communication
Technology has provided self-service facilities (automated customer service machines) from where prospective customers can complete their account opening documents direct online. It assists customers to validate their account numbers and receive instruction on when and how to receive their chequebooks, credit and debit cards.
Communication Technology deals with the Physical devices and software that link various computer hardware components and transfer data from one physical location to another (Laudon and Laudon; 2001).
ICT products in use in the banking industry include Automated Teller Machine,
Smart Cards, Telephone Banking, MICR, Electronic Funds Transfer, Electronic Data
Interchange, Electronic Home and Office Banking.
Several authors have conducted investigation on the impact of ICT on the banking sector of the Nigeria economy. Agboola et al (2002) discussed the dimensions in which automation in the banking industry manifest in Nigeria. They include:
(i) Bankers Automated Clearing Services: This involves the use of Magnetic Ink Character Reader (MICR) for cheque processing. It is capable of encoding, reading and sorting cheques.
(ii) Automated Payment Systems: Devices used here include Automatic Teller
Machine (ATM), Plastic Cards and Electronic Funds Transfer.
(iii) Automated Delivery Channels: These include interactive television and the