CHAPTER
ONE
1.0
INTRODUCTION
1.1 THE OVERVIEW OF THE STUDY
Banking
has come a long way from the time of ledger cards and other manual filing
systems. Most banks today are computerized to handle their daily voluminous
tasks of information retrieval, storage, and processing. Irrespective of whether they are automated or
not, banks by their natures are involved in all forms of Information Technology
and Management on continuous basis (Molina, 1997).
Banks
play their significant role in any economic system. They are financial
intermediaries involve in transfers of funds within and outside the country. Banking
sector is getting competitive every day. Quantity, speed, efficiency and
innovations are the main points on which quality programs are designed. All
banks are engaged in same basic banking activities but it is the way of
delivery of services that distinguishes one bank form the other. All banks
worldwide are considering quality in the strategic management. Taking a
proactive stance against privacy invasion could help stave off government
intervention in passing legislation to create tighter controls over what can be
done with an individual’s personal data. The development of computerized
banking system, however, involves a substantial amount of work, which ranges
from collecting sufficiently large number of data items. Computerized banking
system uses computer technology to relieve the consumer of the paper based and
time consuming work. Computerized banks have started utilizing powerful computer
networks resources for automating large numbers of daily transactions, which
minimizes the time consuming manual paper work and giving access too many
different banking services to its clients instantly, on demand, at home or at
work. With the help of computerized banking, one can have access to money and
banking functions anytime and anywhere, even where there is internet access
(Renom, 1997).
This
technology has seen a tremendous increment in the usage, as more and more big
national banks and various other banks in smaller regions, have started some
form of computerized banking to provide conveniences to their customers and to
themselves. According to (Wainer, 2000),
the computerized banking mechanism is fast and secure compared to the
traditional banking operations because
of automation of the manual aspects of banking practice, which is time consuming.
United
bank for Africa was incorporated on February 23, 1961 and was the first of the International
Banks operating in
at that time to be registered under Nigeria Law. However, the Bank has its
antecedents in the British French bank which itself metamorphosed from Banque
National Pour Le Commerce ET L Industries, BNCI, and Paris, established in
1932. UBA has 258 branches and cash offices and agencies in Nigeria’s major commercial center, state capital
and the federal territory, including two offshore branches in and .
UBA retains the unique status of being
the only Nigerian Bank with a presence in the . The branch acts as
one of UBA’s overseas correspondent banks. Others major correspondent banks are
Bankers Trust (USA) and Banque Nationale de Paris (UK
and ). A tradition of trail-brazing. In 1963, UBA
became the first bank to introduce Mobile Banking services in . In
1986, UBA became the first to introduce a Cheque Guarantee Scheme known as
UBACARD, a forerunner of Easy Card which has recently replaced the electronic
payment card, UBA Val Card. Today the bank remains in the forefront in the
application of technological innovations in banking. It is one of the largest
agents of monogram International for award international money transfers. UBA
Connect TM provides a window for online global banking. In 1998 UBA became the
first Nigerian Bank to have its shares placed abroad through a global
depositary Receipt (GDR) program. UBA thus has a more international and
diversified shareholder base than any other Nigerian bank.
UBA
Capital and Trust, one of UBA’s subsidiaries, handles specialized services
including Asset Management , retirement and Pension, Executorships of wills, trust
ship services etc. Nominee, custodial and share registration services are
provided by UBA Securities services. An aggressive business promotion strategy
has earned the bank an enviable position in the banking industry. Due to the
competition in the banking sector, banks are mapping up the best strategy to
meeting up the global challenges. UBA is one of the new generation banks in that
has one or two branches in each States of the Federation of which Enugu Branch
is my case Study. From the studies carried out, their initial means of
transactions was manual, to automated system then to computerized system which
lacked some feature such as account to account transfer of different customers,
instant messaging. This study focuses on total elimination of the manual means
of transactions through the addition of more features in computerized system of
banking. Effective adoption of computerized banking system, error rate, paper
work, inefficiency, inconsistency which has been the features of manual means of
transaction will drastically reduced or totally eliminated.
1.2
STATEMENT OF THE PROBLEM
In
bankingindustries today, queuing
has become the order of the day, customers’ line up for hours waiting to
withdraw or deposit money. This creates a lot of problem to both customers as
they waste their useful time in the baking hall. The management also wastes
their time as they run around to find solution to their problems. Also it is
observed that customers cannot withdraw money any time they want as banks has their
working hours. This is a big problem as needs can arise at any time and human
beings will always like to have those needs solved. Also money deposited into
accounts at times takes some hours to reflect in the persons account balance
hence making banking operations slow and unhealthy for business growth.
1.3 OBJECTIVES OF THE STUDY
The
project has been planned to have the form of distributed architecture, with
centralized storage database to improve on the speed and effectiveness, efficiency
and conveniences in business transaction.
The standards of security and data protective mechanism have been given a big
choice for paper usage. The application takes care of different modules and
their associated reports. The only online transactions the customer can do are
cheque book requisition and fund transfer among his personal accounts. Provide
administration to control and monitor various transactions. The study and
subsequent design and implementation of this program will be of immense use to
the organization, the administration and the customers in realizing the speed,
efficiency, effectiveness and convenience. The program takes care of those factors
that militate against the smooth running of the organization using the
computerized system services. Better still scholars who intend to carry out
subsequent research could have this as base from where improvement could be
made.
In
a nut shell therefore, the following are the major objective of this work:
–
To provide fast services, this reduces
the queue in the banking hall.
–
To provide an easy to operate system for
the bank staff.
–
To build a one time entry for customer
details in the system.
–
It requires minimum staff for easy
operation.
–
It reduces room for errors which might
be caused by staff.
–
To provide a minimum saving tie for
customer and also staff.
–
The system provides automatic
calculation for accurate results.
–
The system reduces the time normally
spent trying to save data.
–
A calculation like interest or rate is
very fast and accurate under this system.
1.4 LIMITATION OF THE STUDY
The
development of this work was not an easy task, the areas of sourcing for
information and data collection was a challenging one. The materials apart from
the one sourced from the internet were not easy as most information were
journals that requires subscriptions in order to have access to it. Also
gaining access and interviewing of various heads of their staff was not an easy
one, most time I went, they are busy attending to customers. Again lack of
sufficient funds to conduct an extensive study was another handicap. More so I
found at that banks go through a lot in order to get a system which not only
should be secure but also offers many order services as to the satisfaction of
the customer. The financial implication as this project is concerned gulped
money.
1.5 THE SCOPE OF THE STUDY
The
application of this software is not only limited to banks alone but can be used
equally by government establishment, cooperate organization and individuals to
efficiently pilot the affairs and its management.
1.6 SIGNIFICANCE OF THE STUDY
The
purpose of this project is to magnificently improve on the manual means of
transaction in the banks which has lead to low output, customer’s
dissatisfaction, inefficiency, inconsistency, error and poor storage data and
information to computerized means of transaction system.