Today’s organizations are confronted with rapidly changing market conditions, indicated by high merger rates and strong competitors. Under these conditions traditional management approaches that focus on financial figures and on centralized, analytical planning the organization in a dynamical environment (Hoffmann, 2008p6-7).
However, internet is globally widespread in use, becoming an integral of information technological with business as well as many homes. IT is the application of suppliers and telecommunications equipment to stores, transmit retrieves and manipulated data, soften in the content of a business enterprises. Layi (2012, p. 8)
In particular, e-business, is one of the Information technology (IT) Applications with the highest impact upon the global Economy, is creating a new business environment Joshua (2011, p.8).
The invention of e –business that is, e- commerce, e-banking, interest banking, e-finance, e-money etc. made possible by modern information Technology (IT) and the growing tendency of free market philosophy prompted deregulation of most economics and financial service industry. In particular, it offers opportunities and threats to the nation financial system as well as the entire Economy.
Furthermore, some of the issue posing service challenges to policy makers in both the public and private sectors are advance in technology and increasing integration of the global Economy.
Agbaba (2009, p. 19-21). For Instance, the banking industry has been radically affected by development in the financial sector. In fact, Development of the information technology (IT) has changed the scope, pace, range as well and other banking service delivery worldwide.
This often involves using the internet to carry out business sector transactions. E-Business has revolutionized the business sector in a way unprosecuted in past centuries. Therefore information technology and E- banking have now become the key element for strengthening the competitiveness of the national economy and improving the productivity and economy of both private and government banks, due to different life cycles and ranging actor groups, the alignment of strategy, business process and information technology support often turn out to be difficult and expenses (Steven, 2010; p.13).
Technology innovation have transformed most industries sector especially due to the evolution of information based technologies there is often delay in giving out information to business associate or customers, delay in payment and other operational delay, the adoption of E- Banking was expected to ease banking transaction but has rather results interconnectivity other problems arising from here is that bank do not have information back-up to full back on should there be any computer break down, high literacy rate, insecurity and lack of professionals to manager information Technology facilities Etc. it is a clear conception that industry should be well equipped with information technologies to help analyze the operation of the business system as well as the development and short falls in business, for an efficient functioning banking system, there must be availability of un adequate and sufficient infrastructural facilities such as telecommunication network, introducing payment card for their customer as well as delay ATM cards.
Therefore this research project aim is to evaluate the information technology in Nigeria banking industry; benefits, challenges and prospects using zenith Bank plc as a case study.
The objectives of the study are;
- To examine the effect of information technology on the productivity of banking industry
- To assess the benefits of information technology services rendered by banking sector to customers.
- To evaluate how information technology improve or enhance banking service provision in Nigeria
- To examine the challenges of information technology in improving the performance of banking sectors
- To recommend ways making information technology more effective and efficient in running of banking industry.