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Information technology (IT) as defined by Wikipedia is the application of computers and telecommunications equipment to store, retrieve, transmit and manipulate data, often in the context of a business or other enterprise.
As technology evolved, there is an increase in demands for quick, efficient and reliable services;industry players are increasingly deploying technology as a means of generating insights into customers’ behavioural patterns and preferences. Highly developed outsourcing support functions are increasingly being used to provide services and manage costs. A good example of this is the use of Automated Teller Machine networks, cards processing, Point of Sales machine etc.
THE NIGERIAN BANKING INDUSTRY
The banking industry in Nigeria has in the recent past undergone series of financial reforms that shook its very foundation and sparked a lot of changes and uncertainty. But as the  banks adjust to this changes, most them seem to have emerged stronger than they were before the storm.
The structure of the Nigerian financial services industry changed drastically during the period of this drastic measure and reform, bringing about significant changes  in the market.
Within the context of current developments and with increased breadth and depth of competition, the task of identifying the unique characteristics that will enable any bank perform excellent above its peers is becoming more challenging.
REVOLUTION OF ELECTRONIC BANKING IN NIGERIAÂ
Electronic banking can be described as the act of carrying out the business transaction of a bank using electronic devices. Examples of electronic devices that are used include Computer Systems, Global System for Mobile Communication (GSM), phones, Automated Teller machine (ATM), Internet facilities, Optical Character Recognition (OCR), Smart Cards, etc. E–banking is about using the infrastructure of the digital age to create opportunities, both local and global.
 
E–banking enables the dramatic lowering of transaction costs, and the creation of new types of banking opportunities that address the barriers of time and distance. Banking opportunities are local, global and immediate in e–banking
The emerging of e–banking dates back to the late 80s when the banking sector in Nigeria was deregulated. The result of this deregulation brought far–reaching transformation through computerization and improved bank service delivery.
Competition with new products became keen within the system while customer sophistication posed a challenge for them, hence the reengineering of processing techniques of business activities encourage the automation of financial services especially among new generation of commercial and merchant banks.
In effect, the emergence of new technology (Information technology) in banks has motivated the introduction of high technology in the Nigerian banking system which has greatly impacted of service delivery and profitability of Nigerian banks.
IMPACT OF INFORMATION TECHNOLOGY IN NIGERIA’S BANKING INDUSTRY
The following include some of the major impacts of information technology in Nigeria’s banking system:
MOBILE BANKING:
This mode of e–banking makes use of the Global System for Mobile communication
(GSM) phones as the primary electronic device. GSM has improved the operational efficiency of many banks in the country. The mobile banking services basically allow customers to operate their accounts with the operating banks from mobile phones to a large extent as long as their phones and network support SMS (short messaging service). Banking services available on this platform include checking of account balance, transfer of cash to other bank accounts, e-top of recharge voucher etc.
POINT OF SALE
The point of sale is the time and place where a retail transaction is completed. It is the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service.
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| POS |
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| POS |
AUTOMATED TELLER MACHINES (ATMs)
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| ATM |
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| ATM |
ATMs are a computer–controlled device that dispenses cash, and may provide other
Services to customers who identify themselves  with a Personal Identification Number. ATM dispenses cash at any time of the day and night, unlike the traditional method where customers  have to queue for a very long time  in order to withdraw cash or transfer funds.
ADOPTION OF THE ICT INTEGRATED PROJECT
Banks in Nigeria have successfully completed information and communication technology integration project which enables them to communicate easily a cross as many employees as possible within and outside the country to deliver radically – enhanced customer – centric services.
FUNDS TRANSFER
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| FUND TRANSFER |
Customers can now electronically transfer funds across the globe without any problem or delay as compared to the traditional method before the advent of information technology when funds are seriously delayed before they are delivered to the recipients
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ON-LINE BANKING
With the aid of information technology, online banking provides the opportunity of paying bills and performing transactions of any kind electronically. Electronic payments can be credited or debited the same day.
 
Customers can make payments for goods or services without necessarily coming in contact with physical cash and running the risk of handling a large amount of money.
ELECTRONIC MAIL
Information technology has given rise to electronic mail which improves communication between individuals, external parties and the bank within or across various geographical regions or boundaries. The availability of online information provides bankers and customers with a powerful vehicle for research.
BANKERS AUTOMATED CLEARING SERVICES
This involves the use of Magnetic Ink Character Reader (MICR) for cheque processing. It is capable of encoding, reading and sorting cheques. Also, request for cheque books or purchase of draft can be made and granted via electronic devices that are web–enabled.
Summarily, the impact of information technology in banking industries in Nigeria cannot be over–emphasized. It has provided flexible and convenient services to customers.
Most current e–banking applications make use of the Internet which allows customers to obtain current account balances at any time. Customers do not need to bother themselves once money have been deposited or withdrawn from their accounts as most banks in Nigeria employs the use of short message service (SMS) to intimate customers of their balances immediately the transaction is performed.
Indeed it is no doubts that majority of organizations including the banks have taken the advantage of IT to enhance their operations. Most of them have website on the Internet in order to extend their services globally, provide executive services and promote quality of service delivery. Driven by their ambitious aspirations to dominate the African financial services landscape, and under the leadership of a dynamic and visionary management team through information technology, Nigerian banks has been rapidly transformed from being just a bank to a one –stop shop financial solutions provider.
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Appendices|FORMAT: Microsoft Word| PRICE: N5000| BUY NOW |DELIVERY
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