THE IMPACT OF INFORMATION COMMUNICATION TECHNOLOGY ON THE PERFORMANCE OF UNITED BANK FOR AFRICA PLC

Code No: 127903

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ABSTRACT

As information technology is the modern trend in banking today it is very imperative for bank to access itâ€™s impact operational performance so as to justify if the hunger capital invested on it is justifiable or not, analyse their problems and proffer possible solutions. The objective of this study is to identify how the introduction of information and communication technology has influenced bank performance in terms of effectiveness, efficiency, competitiveness, customers base and globalization of bank. The main research instrument used one questionnaire and personal interview for staff of the banks. In conclusion, the study revealed that information technology has tremendously improved the growth of the bank and performance of the bank of Guaranty Trust Bank. Information technology has lead to increase customers satisfaction improved operational efficiency, reduce transaction time, gives the banks competitive edge, reduced the running cost and ushered in swift response in services delivery. The research recommended that government should accurate actions that will create an enabling environment for growth in the banking sector, lower tariff on information technology, tool and equipment should be subsidize and also partner with multinational companies abroad to supply equipment. All banks should utilize information communication technology to render services, the regulatory agencies should upgrade their information technology constantly to align with the rapidly developing private sector banking pace, the government should be to encourage local information technology forms and companies towards meeting up with the 21st canting standard.

CHAPTER 1

CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Todayâ€™s 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 characterized by these changing conditions and highly unpredictable economic climate. in contemporary time the banking system has witnessed a lot of innovation and development in the area of introduction Automated Teller Machine (ATM), telephone banking, internet banking, branch networking, interbank fund transfer and the most recent of all which is now a fad in the banking industry which is the Cashless attention which tend to reduce the amount of money in circulation in the economy.
Information and Communication Technology (ICT) is at the forefront of these global changes. the question now arises â€what is information communication technologyâ€, information can be referred to as processed data or output i.e. any development or action that is meant to be worked upon effects decisions .Irechukwu (2010).
Communication can be said to be the means or methods of getting information past from one location to another. i.e. a method through which relationship are established, extended and maintained through a predefined codes. Elizabeth N. et el(2009)
Technology is said to be the process of using state of the art equipment
To perform operations efficiently and effectively Laudon and Laudon, (2009).
Information communication technology (ICT) is acquisition, processing, storing and dissemination of vocal, pictorial, textual and numerical information by microeconomic base combination of computing and telecommunication (Macmillan et al 2010).