Impact of Information Technology on the Bank Performance
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Information for the modern organization is a resources paralled in importance to land, labour and capital. It is very vital and a prices less resources. For centuries, man has tried to collate, store, process and retrieve information and most importantly distribute or communicate it by the available fast test mean. It follows, therefore that man has tried various ways and methods to record and disseminate information in his attempts to proffer solution to competing tasks over the centuries. Information therefore is data that have been processed into meaningful and usable form, and it contains knowledge that reduces uncertainly in particular situation (Senn, 1999). However, Information Technology (I T) is a term, which generally covers the harnessing of electronic technology for the information needs of business at all levels. It is a computer based system as well as telecommunication technology for storage, processing and dissemination of information, (Princhard and Cole 1997), it is no longer a news that we are now in information age that is characterized by an ever-changing information technology revolution and an information superhighway on which every corporate entity and profession must more, if it is to survive in the 21st century. What is news, it that many professionals in developing countries like Nigeria do not seem to be ready or prepared to embrace this information technology or revolution and join its superhighway as a means for survival and that many practitioners are among such luggards. This is quite unfortunate because the world of business and governance in the information age is further complicated by such concepts like democratization, competition, deregulation privatization, commercialization, liberalization, globalization, internalization and computerization. That makes it impossible for an organization or country to survival and develops
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Information for the modern organization is a resources paralled in importance to land, labour and capital. It is very vital and a prices less resources. For centuries, man has tried to collate, store, process and retrieve information and most importantly distribute or communicate it by the available fast test mean. It follows, therefore that man has tried various ways and methods to record and disseminate information in his attempts to proffer solution to competing tasks over the centuries. Information therefore is data that have been processed into meaningful and usable form, and it contains knowledge that reduces uncertainly in particular situation (Senn, 1999). However, Information Technology (I T) is a term, which generally covers the harnessing of electronic technology for the information needs of business at all levels. It is a computer based system as well as telecommunication technology for storage, processing and dissemination of information, (Princhard and Cole 1997), it is no longer a news that we are now in information age that is characterized by an ever-changing information technology revolution and an information superhighway on which every corporate entity and profession must more, if it is to survive in the 21st century. What is news, it that many professionals in developing countries like Nigeria do not seem to be ready or prepared to embrace this information technology or revolution and join its superhighway as a means for survival and that many practitioners are among such luggards. This is quite unfortunate because the world of business and governance in the information age is further complicated by such concepts like democratization, competition, deregulation privatization, commercialization, liberalization, globalization, internalization and computerization. That makes it impossible for an organization or country to survival and develops