The Role of Information Technology in the Marketing of Bank Services in Nigeria.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Information technology (IT) is a strategic resource that facilitates major changes in competitive behaviour, marketing and customer service (Kotler, 2007:312). In other word, it is the automation of processes, controls, and information production using computers, telecommunications, software and ancillary equipment such as automated teller machine and debit cards. It is a term that generally covers the harnessing of electronic technology for the Information needs of a business at all levels. Ifezue (2003:38) lists some banking services that had been revolutionized through the use of information technology as including account opening, customer account mandate, and transaction processing and recording.
The financial service industry had been subjected to various major transformations due to advancement in computers and telecommunications. Information technology (IT) infrastructures are rapidly emerging as a vital factor in socioeconomic development and hence, have a crucial role to play in addressing development challenges.
Onyeke (2008:319) wrote on the appreciation of information technology in Nigeria banks and pointed out that information technology is becoming the backbone of banks’ services regeneration in Nigeria. He cited the Diamond Integrated
Banking Services (DIBS) of Diamond Bank Limited and Electronic Smart Card Account (ESCA) of Eco Bank Limited as efforts geared towards creating sophistication in the banking sector.
He also discovered that banking in Nigeria has increasingly depended on deployment of information technology and that
IT budget for banking is by far longer than that of any other industry in Nigeria. He contended that on-line system has facilitated internet banking in Nigeria as evidenced in some of them launching websites.
Olakunori (2003:33) discovered that Nigeria banks since 1980s have performed better in their investment profile and the use of IT systems, than the rest of
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Information technology (IT) is a strategic resource that facilitates major changes in competitive behaviour, marketing and customer service (Kotler, 2007:312). In other word, it is the automation of processes, controls, and information production using computers, telecommunications, software and ancillary equipment such as automated teller machine and debit cards. It is a term that generally covers the harnessing of electronic technology for the Information needs of a business at all levels. Ifezue (2003:38) lists some banking services that had been revolutionized through the use of information technology as including account opening, customer account mandate, and transaction processing and recording.
The financial service industry had been subjected to various major transformations due to advancement in computers and telecommunications. Information technology (IT) infrastructures are rapidly emerging as a vital factor in socioeconomic development and hence, have a crucial role to play in addressing development challenges.
Onyeke (2008:319) wrote on the appreciation of information technology in Nigeria banks and pointed out that information technology is becoming the backbone of banks’ services regeneration in Nigeria. He cited the Diamond Integrated
Banking Services (DIBS) of Diamond Bank Limited and Electronic Smart Card Account (ESCA) of Eco Bank Limited as efforts geared towards creating sophistication in the banking sector.
He also discovered that banking in Nigeria has increasingly depended on deployment of information technology and that
IT budget for banking is by far longer than that of any other industry in Nigeria. He contended that on-line system has facilitated internet banking in Nigeria as evidenced in some of them launching websites.
Olakunori (2003:33) discovered that Nigeria banks since 1980s have performed better in their investment profile and the use of IT systems, than the rest of
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