The Impact Of Electronic In Nigeria Banking System


The Impact Of Electronic In Nigeria Banking System

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The new millennium brought with it new possibilities is terms of information access and availability simultaneously, introducing new challenges in protecting sensitive information from some eyes, while making it available to others. Today’s business environment is extremely dynamic and experience rapid changes as a result of technological improvement, increased awareness and demands banks to serve their customers electronically. Banks have traditionally in the forefront of harnessing technology to improve their products and services.

The banking industry of the 21st century operates in a complex and competitive environment characterized by these changing conditions and highly unpredictable economic climate. Information and communication technology (ICT) is at the centre of this global change curve of electronic banking system in Nigeria today (Steven’s 2002). Assets that they have over the time been using electronic and tele –communication networks for delivery a wide – range of value added products and service, managers in banking industry in Nigeria cannot ignore information systems because they play a very critical impact on current banking system, they point out that the entire cash flow of most fortune banks are linked to information system.

The application of information and communication technology concepts, techniques policies and implementation strategies to banking services has become as subject of fundamental important end concerns to all banks and indeed a pa-requisite for local and global competitiveness banking.

The advancement in technology has played an important role in improving service delivery standards in the banking industry. In its simplest form, Automated Teller – machines (ATM) and deposit machines now allow consumers carry out banking transactions beyond banking hours with online banking, individuals can check their account balances and make payments without having to go to the bank hall. This is gradually creating a cashless society where consumes no longer have to pay for all their purchases with hard cash. For example; bank customers can pay for airtime tickets and subscribe to initial public offerings by transferring the money directly from their accounts, or pay for various goods and services by electronic transfers of credit to the sellers account. As most people now own mobile phone, banks have also introduced mobile banking to cater for customers who are always on the move. Mobile banking allows individuals to check their account balances and make funds transfer using their mobile phones. This was popularized by First Atlantic Bank (now FinBank Plc) through its “flash me cash” products customers can also recharge their mobile phones Via SMS. Electronic Banking has made banking transactions easier around the world and it is fast gaining acceptance in Nigeria. The delivery channels today in Nigeria electronic banking are quite numerous has it is mentioned here ATM, Point of Sales (POS), Telephone Banking, Smart cards, Internet Banking etc. personal computers on the banking industry was first introduced into Nigeria by society Generale Bank as the popular PC easy access to the internet and world wide web (www) and internet is increasingly used by banks as a channel of delivering the products and services to the numerous customers. Virtually almost all banks in Nigeria have a web presence; this form of banking is referred to as Internet Banking which is generally part of Electronic Banking.

The delivery of products by banks on public domain is an indication of advertisement which is known as electronic commence. E-commence on the other hand is a general term for any type of business or commercial transaction, it involves the transfer of information across the internet. E- commence involves individuals and business organization exchanging business information and instructions over electronic media using computers, telephones and other communication equipments. This covers a range of different types of business from consumers to retails products. However, electronic banking as it as a product of E – commence in the field of banking and financial services. Its offers different online services like balance enquiry, request for cheque books, recording stop payment instructions, balance transfer instructions, account opening and other form of traditional banking services, the internet allows businesses to use information more effectively by allowing customers, suppliers, employees and partners to get access to the business information they need, when they need it. These internets enable services all translate to reduced cost. There are less overhead, greater economies of scale and increased efficiency.

E-banking greatest promise is timeliness, more valuable information accessible to more people at reduced cost of information access, with the changes in business operations as a result of the internet era, security concerns move from computer labs to the front page of newspapers. The proms of E – banking is offset by the security challenges associated with the disintermediation of data access. One security challenges results from “cutting out the middleman”, that too often cuts out the information secure the middleman provides. Another is the expansion of the user community from a small group of know vetted users accessing data from the internet to thousands of users accessing data from the internet. Application service providers (ASP) and exchange offer especially stringent and sometimes contradictory requirements of per user and per customer security, while allowing secure data sharing among communities of interest.

E –banking depends on providing customers, partners and employees with access to information, in a way that is controlled and secured.

Technology must provide security to meet the challenges encountered by E – banking. Virtually all software and hardware vendors claims to build secured products, but what assurance does an E- banking have of a product security? E – banking want a clear answer. To the conflicting security claims they hear from vendors, how can you be confident about the security? Built into a product? Independent security evaluations against internationally established security criteria provide assurance of vendors’ security claims. Customers expectation in terms of service delivery and other key factors have increased dramatically in recent years as a result of the promise and delivery of the internet. Even after the “dot – com crash”, these raised expectations linger. The growth in the applications and acceptance of the internet – driven technologies means that delivering an enhanced service is more achievable than ever before, however it is also more complex and fraught with potential cost and risk. The internet introduce customers to a new perception of business time as always “on available” 24/7, and demanding an urgent and rapid response. The challenge for managers is to reconcile their business and their own personal perceptions of time with the perceived reality of internet time. The internet has decisively shifted the balance of power to the customer. The internet is revolutionizing sales techniques and perceptions of leading brands and the internet is intensifying competition in all its forms. Banking are continuing to use the internet to add value for their customers’, but in order for this to work effectively – maximizing opportunities, reducing risks and overcoming problems. An E- banking strategy is required as an impact.

The growth of the web and internet as new channels, the growth in their use by customers, the growth in their use by employees and the floor of companies entering the market, present a series of key challenges to companies, it is easy and cheap to put up a website. But to create an environment delivery effective service on the web to a significant proportion of your customer requires an E- banking.



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