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Impacts of Internet banking in achieving financial standard in Nigeria

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Impacts of Internet banking in achieving financial standard in Nigeria



Background of Study

Internet Banking System is one of the products of electronic system, which allows a consumer to perform banking functions online. The term “internet banking” covers both computer and telephone banking, it is referred to the use of information and communication technology by banks to provide services and manage customer relationship more quickly and most satisfactory (Charity-commission, 2003)

Internet banking holds the potential to fundamentally change banks and the banking industry. An extreme view speculates that the Internet will destroy old model of how bank services are developed and delivered (Deyoung, 2001). The World Wide Web availability of Internet banking is expected to affect the mixture of financial services produced by banks. Banking through internet has emerged as a strategic resource for achieving higher efficiency control of operations and reduction of cost by replacing paper based and labour intensive method with automated process thus leading to higher productivity and profitability.

Internet banking is described an electronic connection between bank and the customer in order to prepare, manage and control financial transaction (Burr,1996). Internet banking according to (Al-Abed, 2003) is an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick and mortar institution. (Lustsik, 2004) described Internet banking as a variety of the following platform: electronic banking, telephone banking, TV-based banking, mobile phone banking and personal computer banking.

For the purpose of this research, it is found that Internet banking is concerned with the delivery of banking services and products through the use of electronic means irrespective of place, time and distance. Such products and services include: deposit-taking lending, account management, the provision of financial advice bill payment, the provision of other electronic payment product and service such as electronic money.

Statement of the Problem

In Nigeria, customers of banks today are no longer concerned about the safety of their funds and increase returns on their investments only, but they demand efficient, fast and convenient services. Customers want a Bank that will offer them services that will meet their particular needs (personalized Banking) and support their business goals for instance; businessmen want to travel without carryout cash for security reasons. They want to be able to check their balance online, find out if a cheque is cleared, transfer funds among accounts and even want to download transaction records into their own computer at workplace or home. Customers want a preferential treatment and full attention by their choice Bank. All these are only achievable through electronic Banking.

In line with rendering qualities and acceptable services that most Banks in Nigeria are gearing toward and investing large sum of money in information and communication Technology, expectedly such Banks services have been improved It also seeks the challenges involved in internet Banking and Best industrial practice and the approach of implementing them in Nigeria Banking system.

The researcher is interested in investigating on the impacts of Internet banking in achieving the financial standards in Nigeria.

Purpose of the Study

The major purpose of this study is to investigate identify the impacts of Internet banking in achieving financial standard in Nigeria. Specifically, the study sought to:

  1. Investigate the impact of Internet Banking.
  2. Determine the benefits of Internet Banking.
  • Determine the extent of Internet Banking in achieving the organizational objectives in banking industry.
  1. Determine the factors that affect Internet banking.

Significance of the Study

The study would enable the banks executives and indeed the policy makers of the banks and financial institutions to be aware of Internet banking as a product of electronic commerce with a view to making strategic decision.

The research is equally significant because it would provide answers to factors militating against the implementation of internet banking in Diamond Bank; prove the success and growth associated with the implementation of internet banking highlight the areas of banking operation that can be enhanced via internet banking and also be an invaluable tool for students, Academician, institutions, corporation managers and individuals that want to know more about electronic banking trends especially in Nigeria.

Research Questions

The following research questions were formulated to guide the study.

  1. What are the impacts of Internet banking in Nigeria?
  2. What are the benefits of Internet banking?
  • To what extent is Internet banking achieving the organizational objectives in banking industry?
  1. What are the factors that affect Internet banking?

                                                   CHAPTER TWO


This chapter was discussed under the following sub-heading;

  • The concept of internet banking
  • The view on internet banking
  • Function of internet banking
  • Internet Banking and the common banking products
  • Telephone and Pc-banking products
  • The card system
  • The Automated teller machine (ATM)
  • Cheque
  • The benefit or importance of internet banking
  • Internet Banking and Bank performance
  • Threats of cyber-crime on Nigeria banking premises
  • The regulatory challenges
  • Review of Empirical Study
  • Summary of Reviewed Related Literature
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