Information and Communication Technology (Ict) and Banking Industry

Topics: Bank / Pages: 10 (2391 words) / Published: Jun 5th, 2012
ISSN 2039‐2117 Mediterranean Journal of Social Sciences Vol. 2 (4) September 2011

Information and Communication Technology (ICT) and Banking Industry
Alawode, Ademola John+ Emmanuel Uche Kaka**

Department of Computer Science, Federal Polytechnic Ilaro, Ogun State, Nigeria ** First Bank Nigeria PLC, Ahoada Branch, Rivers State, Nigeria.

Abstract Information and Communication Technology, the language of the new age and its grammar which is Science has become an indispensable and veritable tool for enhancing effectiveness and efficiency in all other aspects of life. Banking industry has learnt the grammar and understands the language of the new age and tremendously transforms the Industry from what it used to be to the economic mover of the whole wide world, through the magic hands of Computer Science innovations. The adoption of ICT in banks has improved customer services, facilitated accurate records, provides for Home and Office Banking services, ensures convenient business hour, prompt and fair attention, and enhances faster services. The adoption of ICT improves the banks’ image and leads to a wider, faster and more efficient market. It has also made work easier and more interesting, improves the competitive edge of banks, improves relationship with customers and assists in solving basic operational and planning problems. This paper work analyses the impacts made by the Information and Communication Technology in the Banking Industry, and some of the unexploited areas of the Information and Communication Technology in the industry. Keywords: Information, Communication, Technology, Banking & Industry

Introduction New age business environment is very dynamic and undergoes rapid changes as a result of technological innovation, increased awareness and demands from customers. Business organizations, especially the banking industry of the 21st century operates in a complex and competitive environment

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