THE CONTRIBUTIONS OF INFORMATION TECHNOLOGY IN THE OPERATIONS OF BANKS IN NIGERIA

Information technology has already become the nervous system of banks the world wide. Banks all over the world realized that only those that overhaul the whole of their payment and services delivery systems and operations are likely to survive and prosper in this global world of technology. This is due to the pressure of globalization, consideration, deregulation and rapidly changing technology. In order to properly place themselves in favourably  positions to be reckoned with in the new country, banks are making use of information technology (IT).
They realized that the banking industry requires more of electronic manipulation and shuffling of bits based money and other banking transaction instead of paper. In order words, paper-based transactions. Whether a bank would be successful or not, depends on the total to which it is investing in IT and using IT in an innovative manner. The reason for this is the  fact that in the  future, banking transactions would be conducted in a cyber space.
Generally, the banking industry in Nigeria has witnessed an unprecedented growth in the past decade. Banks have expanded their branch networks at a very rapid rate and there are now far more employees, larger customers and staff databases, more robust computer system and generally high level of automation and computerization. In view of the expansions, the followings are enumerate by the  researcher as the problems associated to the banks: -
a.  Lack of integrated computer data base in the Nigerian banks.
b. Failure of banks to share ideas about new break though in IT world, they rather use it as a competitive advantage.    
c.  Incessant downtimes experienced by most banks
d. Too much reliance on external consultants for the maintenance of the systems and operations
This work is aimed at analyzing THE CONTRIBUTIONS OF INFORMATION TECHNOLOGY IN THE OPERATIONS OF BANKS IN NIGERIA to compete favorably with the counterparts  across the world. The research would serves as frontier of knowledge to the bank staff, customers, investors and management about future of banks in relations to the new information techniques which facilitates the applications of banks products and services.
This research work focuses on the problems and prospects of IT in the banking sub-sector of the economy. With particular reference to First Bank of Nigeria Plc.
The banking industry as an industry that touches the life of everybody, if not as an employee, then as one that benefits from its services. On the other hands, IT refers to the new technology of gathering, storing, manipulating and transferring information.
This study will be of use to the followings: -
It shall enable banks management to know the variants of IT available that would increase the efficiency of online real time banking operations. Similarly, the research shall be of importance to bank staff, is it will add to their knowledge and experience about the prospect of applying new IT for to increase their productivity. It shall also be of importance to the existing and prospective shareholders by enabling them to know how  well the bank is doing before investing their wealth in it. Lastly, the research shall provide frontier for further research on the re-engineering of the industry with the and of IT.
Hypothesis I  
H1: Application of IT is responsible for increase in productivity of FBN Plc.          
Ho: Application of IT is not responsible for increase in productivity of FBN Plc     
Hypothesis II 
H1: Application of IT affects the profitability of the Bank
Ho: Application of IT does not affects the profitability of the Bank
Hypothesis III                                
H1: Information Technology application improve customers satisfaction of the Bank.
Ho: Information Technology application does not improve customers satisfaction of the Bank.
This project work is  divided into  five chapters.
Chapter one deals with  background to the study, statement of the problems, objective of the  study, significance  of the study, scope of the study and definition of terms. Chapter two is dedicated to literature review. It covers the legislations of banks, origin of bank in Nigeria, problem of IT in Nigerian bank and prospects of IT in the future of  banks in Nigeria.  Chapter three deals with the research methodology, it discusses sources of data, method of data collections research methods, techniques of  data analysis and justification of the method use. Chapter four looks into the history of first bank of Nigeria Plc. the chapter further presents, analyses and interprets data collected for the study. Chapter five covers summary, conclusion, recommendation, limitation of the study and areas for further study. 
- Information technology: Is the study or use of electronic process for storing  information and making  it available.
- Information: it consists of data that have been retrieved, processed, interpreted  and understood by the end user.
- Internet: Is a computer system that allows millions of computer users around the world to exchange information.      
- Automated teller machines (ATM: These are electronic terminals that allow banking almost anytime, to withdraw cash, make deposits or transfer cash/funds between accounts, of payment of utility bill and purchase of recharge  cards.
- Smart of Cards: small sized pieces of plastic devices (measuring 85.6m x 53.98 x 0.76mm) with embedded integrated circuit and used as payment instruments for numerous financial schemes.   
- E-Banking: Refers to trading electronically over electronic network through the network.
- Networking: A communication between individual computer systems which otherwise maintain a degree of autonomy.
- Online banking: This allows the access of the bank’s web, it gives room for transfers from one account to  another and access the states of customers accounts from their door step.