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The importance of banking industry to every economy cannot be ignored. Bank is a place where all financial transaction of an economy impinges on. On the other hand, the impact of computers in alleviating some of the problems encountered by banks cannot be over-emphasized. Computer is seen as the most needed tools of improving banking transaction has not been well adopted by all banks in the Nigerian economy. Some banks see it as a means of upgrading their chequering up, transactions and keeping necessary data for customers for loans, advances and other services. Banks, which have gone into computerization, have observed that the positive prospect surpasses its negative prospects. This research project therefore aims at showing the actual contributions of computer to the banking industry operations and the negative effects experienced by the banks that are yet to go into computerization. However, in case of the prospects and problems relating to computers, the researcher used both primary and secondary data and other related literature on the study topic in addition to this research being a case study, the researcher used a sample size drawn from UBA Plc. in both their accounts and computer departments. The recommendations and conclusions were based on advising banks and other financial institutions to introduce the use of computer in their transactions. A general summary showed whether its contributions has actually led to the development in this industry and also indicated that computers use increased the efficiency and effectiveness of operations.
1.1 Background of Study
The first wave of agricultural revolution and the second wave of industrial revolution developments in world all over, and now being superceded by a third socio-economic wave, even though the industrial revolution is still in progress in most part of the third world countries.
This new socio-economic shift termed “third wave is the arrival of computer revolution”.
This means that humanity faces a quantum leap forward as we engage in building a remarkable new civilization from ground up.
Adegbony (2000:3) on his emphasizes on computer revolution indicated that the first computer was manufactured at the “Hakiard University in USA in the year 1944 by Charles Babage computer is an advanced technological innovation, which has involved as product of our modern day society. He heralded that it would make life easy.
The above statement notwithstanding, the public still approach the course with apprehension and in some cases develops absolute fears for the device. The reason being that the computer came upon the world so quickly that it now affects lives in so many ways. This coupled with the general lack of knowledge of what computer is, has given rise to the wave of anti-computer feelings.
It is note that Nigerian industries and businesses are growing bigger and more complex every day. Manual recording and filling system of financial transaction is no longer coping with the rate of sophistication and competition in these modern businesses.
Management needs timely information for planning and it is only through computerized accounting methods and control system that can give out the needed financial data immediately at the close of the banking period.
Banks and other private and commercial institutions are finding it increasingly difficult to carry out its financial data speedily and accurately enough to satisfy their numerous time conscious customers. The volume of service being offered by banks have increased during the years and at the same time the number of people asking for these services has also increased during the last decade.
It has been said that horse riding was replaced by the motor vehicle just because the horse is inefficient from economic point of view. The cost involved in this type of operation is numerous like personnel costs, training cost, benefits, leave allowances, retirement costs etc. Then comes the computer, which will not involve much cost. The only cost might be training of personnel, while the work will be done in a speedily time than manual operation.
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