ABSTRACT
Information technology (it) come to spread everywhere it can be likened to a huge web, connecting all area by change. We may make significant changes in our process of doing business by using machines, but it is the change in every nature of what we do, brought about by the social change induced through the machines, that is the real meaning of technology to business.
As a result of the far – reaching changes in the technology. We can no longer think or talk usefully of just a computer. we must talk in the brother terminology of information technology.
In speaking of so wide area it is necessary to concentrate once rain areas as with view in examining in detail the effect of information technology (IT) in today’s business performance with a study of Zenith international bank.
With this in mind coupled with requirements of a project, this work has been divided into five chapters
In chapter one, an introduction not just into the topic at hand was made but also into the organization being used for a study – zenith international bank.
In chapter two, due to its wideness, I decided to concentrate on certain areas, I am going to discuss, primarily, the application of banking information technology (IT), I will also talk and discuss how management come to know and increase its capabilities in information technology (IT) (through training, development etc) and how and why our government should enact policies bordering round this new revolution this is to mention but a few.
In chapter three, the method of research used will be brought to light, the presentation and analysis of collected data will be computed in chapter four.
In chapter five, I‘ll then state my finding and recommendation. This is where this research work will be concluded.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
As technology continues to expand in offices across the nations, it’s effect both negatively and positively is greatly evolving evidence abounds to show that the economy is in a state of abject ruin.
This is due to high rate of fraud, intellectuals migration to the shares of other states,, corruption in our civil service. Yet underneath this grab of despair lies a great hope in and through the light of increasing standard of living through the liberation of the country from the yoke of joining the shift that tis underway in the global economy. This shift is enabled by information technology.
The computer industry has grown to the point that computers affect the lives of almost everyone especially in the advanced nations. It is slowly but definitely becoming an important part of our lives. Business, industry and government would not be able to operate today without information technology (IT). The invention of new automation in office environment has made definite change in today’s office.
Clearly, technology is the key driver of change, for this change to be beneficial, the use of IT should be business driven to meet a well defined business needs, hence boosting its effect on general business performance. There is a little doubt that information technology would have a major and pervasive impact on life and business over the next 8 -10 years, hence the researchers choice to reveal its effect through Zenith bank.
1.1.1 historical profile of Zenith international bank LTD
Since its establishment as a commercial bank in May 1990, the banks focus has been on large corporate and top – tier names in virtually all the sectors of Nigerian economy.
Zenith international bank limited is one of the largest bank in Nigeria. Its head office is located at NO 84, Ajose Adeogun Street, Victoria Island, Lagos and its pioneer managing directors / chief Executing officer supported by a deputy managing director, some executive directors, and a core of capable managing team currently runs the banks.
The bank has sixty four (64) branches over Nigerians major metropolitan centers such as Abuja, Port Harcourt, Kano, Warri, Onitsha, Aba, Kaduna, Ibadan, Asba, Emene, Akure, Maiduguri and Jalingo. All the brances are computerized and electronically linked with the aid of their software, which makes it easier for their computer to gather information, make deposits and withdrawals from any of the bank’s locations irrespective for the branch where their accounts are domiciled.
They boast of vast array of products and services made available to customers, it is good that some also extend to non – customers and are provided by special department found within the bank. These devices (alongside this departments) includes: corporate banking, E – business, retail banking, corporate finance and treasury and flow – line applications.
Zenith bank has corresponding banking relationship with Citibank W.A. Australian and New Zealand Bank and Deutshe Bank. With the expertise and experience in both information technology and core banking of these instructions, they ewe able give accurate and timely advice to their customer on trade products processing, letter of credit and other foreign exchange transactions speedily through their interconnectivity via customers are afforded the opportunity to make their local and foreign money transfers to any of their branches nationwide
Zenith bank PLC for the second time emerged as the best information technology bank in 2004, leading other bank in the quality of online service. It was said that “Zenith bank’s website provides a comprehensive site map and an enhanced user experience, thanks to the quick. Drop down menus, good use of instinctive icon and a dear global navigation structure. Information that is sought is easily and quickly found, offering a pleasant information experience for the users”.
This goes to show that Zenith’s bank’s website is the leader of the digital pack. The latest version of Zenith site can hold its own on a global level. The site is highly usable, well written and strong on brand. Zenith bank Plc emerged on top in a survey of the websites of 46 banks in Nigeria.
At zenith, their concern remains how the dynamics of the macro – economy can be ordered to yield optimal returns at the individual customer. To limit, themselves to only the solutions that their competitors offer at any point in time, is to assume that best solutions are already attained.
1.2 STATEMENT OF THE PROBLEM
The massive installation of information technology (IT) in business sector with special emphasis on the banking sector has made Zenith bank a force to be reckoned with. Its has made Nigeria as a whole to witness a huge transformation in its banking activities. Forces that often contribute to this change are.
vThe wind of deregulation of the banking industry. This brings about innovative and unperfected competitive spirit among participants in the sector.
vAnother forces was the recognition that information enabler services could be relatively efficient and cost effective thus leading to better informed decision.
The above justifies the in – depth study of information technology (IT) as it affect expressed need of the customers and business performance.
Especially in the banking sector that information technology has cone to effect changes positively on organization’s performance. It will also lessen strenuous work being performed in order to achieve organizational goals. Therefore, the objectives of the study are as follows:
vTo show that “intellectual capital” would be the most strategic and valuable global resource.
vTo catch a glimpse on the impacts information technology (IT) has made on the productivity level of the organization Zenith bank.
vTo ascertain the factors militating against growth of IT in zenith bank and our economy at large.
vTo determine whether IT is a strong resource mobilize for change in our economy and of course globally.
vTo determine and reveal the immense benefits accrued from e – business
vTo expose the different means of IT deployment.
1.3 SCOPE / DELIMITATION OF THE STUDY
Due to time factor, the research cannot be able to carry out this research in other areas that are of benefit to the organizational effectiveness and efficiency.
I this project, the study will be limited to the effect of information technology (IT) on organization’s performance using Zenith international bank ltd as the organization of consideration. It will not exceed the stated scope.
1.4 RESEARCH QUESTIONS
To be able to carry out this research and for proper analysis of data, the following research questions will be considered:
vWhat roles do computers have in the boost of this information technology era?
vHow does IT (information technology) management affect the role of managers in planning for efficient decision making in Nigeria organization?
vHas information technology created new strategic choices and opportunities for businesses?
vAre banks indeed benefiting from information technology.
And 11 programme as a whole has contributed to the achievement of goals not forgetting also the information age which is ushering in a whole lead of opportunities that surpasses their wildest imaginations through the necessary shifts that must be taken to join others in the March towards the 21st century.
Its impact on academic cannot be overemphasized for it is very beneficial and also exciting, it is also lucrative and if pursued with extensive research, not minding the cost, will provide the base for future research and subsequent application on the subject matter. Institutions that will benefit from this given this opportunity include: educational institutions of all levels and kinds, other sectors of the economy, and government parastatals.
Finally, the wealth of information to be gained by the researcher cannot be over emphasized. She will be prevailed of the opportunity of having a practical understanding of the problems, which includes that which was faced here and in the computer system before information technology got to its present age.
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