ABSTRACT
The
study was an exploratory study aimed at understanding the effect of electronic
banking on Nigeria banking sector in one selected branches of one banks in
Adeyemo alakija, Victoria Island, Lagos. The Purposive sampling strategy was
adopted to select 69 customers as well as 29 staff of the selected banks.
Questionnaire was used as the principal tool for the data collection. With the
aid of the SPSS windows software the data was analyzed using basic statistical
tools such as frequencies and percentages. The study among other things brought
to the fore that customers prefer to transact business in the halls in spite of
the long queues largely because of the difficulty associated with accessing
e-banking products. The data analysis also showed that customers of the
selected banks were highly aware of the various e-banking platforms available
at their respective bank. The study revealed that in spite of the difficulties
associated with the use of e-banking products, majority of the respondents
highly patronize these services. This was particularly the case with the use of
ATM machines as respondents alluded. However, ignorance on the part of the
customers regarding the use of e-banking services was a huge challenge. The
study, based on the findings recommended among other things that masse public
(customer) education regarding the usage/ advantages of e-banking products and
services should be embarked by the banks. Also, the researcher suggested that
there should be a widespread citing of ATM machines around vantage points.
TABLE OF CONTENT
CERTIFICATION..................................................................................................................i
DEDICATION.......................................................................................................................ii
ACKNOWLEDGEMENTS...................................................................................................iii
ABSTRACT...........................................................................................................................IV
TABLE
OF
CONTENT..........................................................................................................v
LIST
OF TABLES
.................................................................................................................vi
CHAPTER
ONE:
1.0
Introduction........................................................................................................................1
1.1 Statement of the
Problem....................................................................................................2
1.2 Aims and Objectives of the
Study......................................................................................2
1.3
Significance of the Study ...................................................................................................2
1.4
Scope of the Study .............................................................................................................3
1.5
Limitations of the Study.....................................................................................................4
1.6
Research
Methodology.......................................................................................................5
1.6.1Research Questions...........................................................................................................5
CHAPTER TWO
LITERATURE
REVIEW..........................................................................................................6
2.0 Overview of Electronic
banking...........................................................................................6
2.1 Profile of the Case Study. .................................................................................................8
2.1.1
Guaranty Trust Bank Background……………………………………………………… 9
2.1.2
Guaranty Trust Bank Organization Structure …………………………………………...10
2.1.3
Guaranty Trust Bank Product and Services ……………………………………………..10
2.3
Forms of Electronic Banking ..............................................................................................11
2.3.1
Automated Teller Machines
(ATMs)................................................................................11
2.3.2
Telephone Banking ..........................................................................................................12
2.3.3
Personal Computer Banking
.............................................................................................12
2.3.4
Internet banking ................................................................................................................13
2.3.5
Branch
Networking............................................................................................................13
2.3.6 Mobile Banking....................................................................................................................13
2.4 Benefits of
E-Banking.............................................................................................................14
2.5 Challenges of E-
banking........................................................................................................15
2.6 Empirical review ..................................................................................................................16
CHAPTER THREE:
RESEARCH
METHODS.............................................................................................................18
3.0
Research
Design......................................................................................................................18
3.1
Sampling Procedure
...............................................................................................................18
3.1.1
Population
Universe.............................................................................................................18
3.1.2
Study Population
.................................................................................................................19
3.1.3
Sampling Units.....................................................................................................................19
3.1.4
Sample Size and Sample Selection
.....................................................................................19
3.2Tools
for Collecting Primary Data...........................................................................................20
3.3
Fieldwork
................................................................................................................................20
3.4
Data Handling and Analysis ...................................................................................................20
3.5
Ethical Considerations
............................................................................................................21
CHAPTER
FOUR:
DATA ANALYSIS AND DISCUSSION OF
FINDINGS..........................................................22
4.0
Introduction.............................................................................................................................22
4.1Socio-demographic Characteristics of
Customers. ..................................................................22
4.2 Socio-demographic Characteristics of
Bank Staff. .................................................................25
4.3 Customers and e-banking products..........................................................................................27
4.4 Reasons why customers prefer banking
in the halls to e- banking .........................................27
4.5 Customer awareness of e-banking products/services..............................................................28
4.6
Challenges Associated with E-banking...................................................................................31
CHAPTER
FIVE:
SUMMARY, CONCLUSION AND
RECOMMENDATIONS OF THE STUDY... ..............38
5.0
Introduction.........................................................................................................................38
5.1
Summary..............................................................................................................................38
5.2
Conclusion
..........................................................................................................................38
5.3
Recommendations...............................................................................................................38
5.4
Recommendation for Future
Research................................................................................40
REFERENCES
........................................................................................................................42
APPEENDIX...........................................................................................................................45
CHAPTER
ONE
1.0
INTRODUCTION
(Timothy, 2012) state
that decades back banking was a simple business; consumers were not keeping
money homes but rather saved and received their money from financial
institutions. When customer’s open savings account, they get accounts book from
the bank with which the account would be operated; and when it is a current account,
they get check books for the comparative reason. Today, the banking industry
has moved into a time of menu-driven ultra-generous specialized software
undertakings called electronic banking. Electronic banking can do basically
every single banking operation depending intensely on data accumulation,
stockpiling, and transfers and processing.
The use of
electronic banking products and services to banking operations has turned into
a subject of key significance and concerns to all banks. In any case, it ought
to be understood that electronic banking came out of information and
communication technology that made it visible for service provider and their
customers in developing countries to enjoy the services that is also enjoy in
developing country, Electronic banking service has given banks the chance to
inspire their clients which urge to see a bank in the nation that does not
offer one type of electronic banking service. Developed and developing areas of
the world are now using internet banking services as a competitive strategy as
noted by (Garau, 2002). Banking has been one of the services that provide the
opportunity to use the internet to enhance business transactions that helps electronic
banking in Nigeria.
1.1 STATEMENT OF THE PROBLEM
Even though electronic banking was
adopted by banks so as to ease pressure at the banking hall and provide space
yet this seem not to have been materialized. Some banks in Nigeria have
instituted measures to deter people from the normal face – to – face banking by
imposing some transactional charges on it while making the electronic
transactions virtually free if not little charges. In spite of all these efforts little has it
impacted on the behaviors of many customers and consequently the long queues
and congestions exist at the banking hall.
The question
that arises from the above argument is that why are customers still preferring
being in queues and spending more hours in the banking transactions that being
at their comfort zone and banking electronically? It is against this background
and other related issues that the researcher attempts to answer in this study
by finding out why these problems occur.
1.2 AIM
AND OBJECTIVES OF THE STUDY
Aim and
objective of this study is to find out the effect of electronic banking service
on Nigeria banking sector. And the objectives are:
1. To
assess customers‟ preference between banking in the halls and e-banking in
Nigeria
2.
To
investigate whether or not customers are aware of the electronic service
products in Nigeria.
3. To
determine the level of customer patronage of electronic banking services
4. To
examine the benefits and challenges associated with electronic banking.
1.3 SIGNIFICANCE
OF THE STUDY
Literature on
electronic banking is scarce in developing countries such as Nigeria is scarce
if not non-existing. This study, therefore, shall contribute to knowledge and
serve as source of reference in the academia. For this future researcher can
read the methodology as well as the findings of this study. This study seeks to
help stakeholders in the banking industry identify and formulate strategies
that will promote e-banking. For example, study will be useful for government
such as Bank of Ghana as well as non -governments like Consumer Protection
Agency in drafting policy framework on electronic banking. Here they will be
informed on the empirical challenges and benefits of electronic banking service
delivery. Closely related to the above stated point is the fact that various
banks that offer electronic banking can tap on the findings of this study and
determine how they can improve on electronic banking service delivery.
This is especially so
for the three individual banks being studied. They will benefit immensely on
the finding of the study. They as well shall be informed by the strength and
the weaknesses of the service they are providing. One major benefit to them
shall come from the recommendations of the study. These recommendations if
implemented by them will help them to grow their businesses. Finally, having
studied electronic banking in class, the study would afford the researcher an
opportunity to learn at firsthand what happens at the work environment and
thus, bridge the gap between theory and practice and it also saves time spent
in bank, It provide ways for international banking,It provide banking
throughout the year 24/7 days from any place that have internet access,It
provides well organized cash management for internet optimization.
1.4 SCOPE
OF THE STUDY
This study
concentrates on the effect of electronic banking on Nigeria banking sector,
Choosing (Guaranty trust Bank) as a case study. There are numerous and emerging
types of electronic banking such as Automated teller machine (ATM), internet
banking, mobile phone banking, debit cards, E-switch telephone banking, SMS
banking, home banking, and network banking just to mention a few. However, four
of the numerous electronic banking systems have been selected i.e. SMS service;
ATM service, Mobile banking, and Internet banking were selected.
1.5 LIMITATUON
OF THE STUDY
Limitations
are those conditions beyond the control of the researcher that will place
restrictions on the conclusions of the study and their application to other
situations. This study is, therefore, constraint by the wide area the study is
supposed to have captured, shorter period for the completion of the study,
inadequate funds for this study and bureaucratic rules in the study settings.
The study as a matter of fact should have captured all the customers of major
banks in Ghana if not Africa. This is, however, impractically impossible due to
many factors such as a huge research team and many other factors. The
researcher per the rule of the university is supposed to complete this study
within one semester. This is a rule ought to be complied with strongly.
This condition is
beyond the control of the researcher as he is expected to present the report of
this study within a relative shorter period. One major limitation of this study
is the lack of fund. The researcher as an individual student has to manage his
meager income in undertaking this study. It is a known fact that there is lack
of financial support for research in Africa of which Nigeria is of no
exception.
There are a lot
of banks that offer electronic banking to their customers in Nigeria hence the
study will be limited to geographical scope of Guaranty Trust Bank, limited
bank within
GTB are many and
as such it is practically impossible for the researcher to study all the banks
and customers.
1.6 RESEARCH
METHODOLOGY
Self-administered
questionnaire was used as the main tool for primary data collection. The same
sets of questionnaire were administered – one each for the selected banks. The
choice of self-administered questionnaire was used because the researcher
anticipated that all the respondents patronizing electronic banking were
literate and could, therefore, read, comprehend and write to answer questions.
The data was analyzed and presented statistically using frequency tables, pie
charts, bar charts and making inferences.
1.6.1 RESEARCH QUESTIONS
-Why do customers prefer the
banking halls to electronic banking?
- Are customers aware of the
existence of the various electronic products?
- At what level do customers patronize
electronic banking services?
- What are the benefits and challenges
associated with electronic banking services? Order for full projects: #2000
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