ABSTRACT
This
study is on the computer age and it’s impact on financial institutions. In
other words, it reflects on the difference between when the use of manual
machine was passed out and when the modern technology computer was introduced
whether there is any improvement 0as regards the success in settlement of
claims arising.
The
researcher vigorously and extensively studies the extent to which typical Nigeria
financial institution made use of computer in the operational system of some of
their department and the effect of such on the profitability and growth of the
financial institution.
Although
the research was conducted among only the financial institution that operate
with computer in Aba.
Municipality, the researcher believer that the result of this study gives true
and fair picture of the typical financial institution.
The
study is divided into three chapters the first chapter deals with the
introduction, chapter two under takes a review of related and relevant
literature on this area of study.
The final chapter consists of
research methodology. Also follow by the finding recommendation and conclusion,
which embrace all the work done.
TABLE OF CONTENTS
Title page II
Approval page III
Dedication IV
Acknowledgement V
Abstract VI
Table of contents VI
CHAPTER ONE
Introduction 1
1.1
Background of study 1
1.2
Statement of problem 2
1.3
Purpose of study 4
1.4
Significance of study 5
1.5
Definition of terms 6
1.6
Scope and limitation of scope 7
CHAPTER TWO
2.1 Introduction of computer
science 11
2.2 effects of computer in
financial organization 13
2.3 Computer In human Resources
management 16
2.4 Effect of modern information
technology on departmentalization and workflow patterns 19
2.5 The impact of computer
technology on organizational power structures 20
2.6 Management information system 21
CHAPTER THREE
3.0 Summary of findings, conclusion
and recommendation 23
3.1 Summary of findings 23
3.2 Conclusion 26
3.3 Recommendation 27
3.4 Bibliography 30
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF STUDY
For centuries record keeping was be
manual. These record-keeping manual, developed through the ages of machines in
the previous years when ARACUS is being used. This use of Abacus and other
machines is being assisted into the present day use of computer automation in
recording and keeping.
The
research, wants to highlight more on the extent to which, this modern machine
(computer) has generated and its usage by those financial institutions banks,
insurance companies accounting firms etc, since most of them claim that they
have fully computerized their service during their advertisement on the radio
and television set.
Thus,
computerization of service in our financial institution mostly our banking and
insurance industries, seems a worthwhile venture and will help in recent call
for technological advancement in our great country Nigeria. According to Palmer and
Moris book computer science (19980. in his explanation on the importance of
computer said that this enable high qualify decision making and successful
attainment of business objective. It can be seen that usage of computer service
will enable the enterprise maximize benefit and minimize costs.
The
preponderance of vast usage of computer.
1.2 STATEMENTS
OF PROBLEMS
Although computer knowledge has
been spreading rapidly in the developed nations, in Nigeria the pace is slow due to
some technical problem. They includes:
a)
Awareness problems: So many firms in the financial
institution especially insurance companies are the importance in the awareness
on the importance of computer.
b)
These ideas of introducing this modern technology
computer or its installation have great impact on labour.
This
comes as a result on the general belief that computer would throw off people
for their job.
c)
These
are also going to arise the orientation problem, which requires the departments
of section to be computerized.
d)
Also
affected is the operational problem, that is the shot coming and the need for
mass production policy documents the making list for removal notice and other
correspondences.
Service in the Nigerian financial
system and the ever-growing importance of that automation. Often substantial
reason for the study and highlight of their operational problem, its impact and
possible solution with these achieved, they will be better equipped to assist
in the economic, social and political development of the country. It is their
realization that has been the researcher major filling of hopes that all the
completion of this study, a relationship should be establish between the level
of the operational efficiency or effectiveness of the underwriters and the
extent of utilization of computer automation in the insurance industry, so as
to recommend to both the government and financial house for a change of policy
towards the employment of slaved an competent computer analyst in their
respective firms base on our findings.
The
researcher believes that the study will give general reading more in sight into
the need for installation of computer. Also employment of qualified skilled and
competent computer, analyst to man the computer of computer services of the
insurance industry is necessary.
1.3 PURPOSE OF STUDY
The essence of this study cannot
be our emphasized as the use of computer in our insurance firms has been major
issue among financial houses and beyond.
Thus, the research study is aimed
specifically at,
a)
Determining
the extent to which financial institution has adopted. Computer system while
affecting office automation of the firm.
b)
Examining
the problem facing computer system in the financial institution precisely most considerateness managers see
the use of computer in financial firms as a threat to their job.
c)
Appraising
the operational performance of the computer system since the introduction bill
date. In the actuarial fill the possibilities of a computer an immense and it
was due to this automation that companies have been able to under take manual,
valuations and make manual declaration of bonus.
d)
Examining
how the information, which was formerly, provided can be supplied very much
more promptly and presentably.
1.4 SIGNIFICANCE OF STUDY
It is hoped that this study will
benefit various interest groups on its successful completion some of which are:
i)
The
financial institutions
ii)
The
government and its relevant agencies.
iii)
The
financial marketers.
iv)
Those
in ventral field.
THE FINANCIAL INSTITUTIONS:
The study will no doubt highlight
the existing disadvantages of the current practices of to them will help them
to affect certain in their approach to employment of personal and maintenance
to computer automation. Such charge will improve the overall efficiency and
profitability of the firm.
The
government and its relevant agencies: Based on the finding of the researcher
recommendation will be made to the government regarding the lapse in the
current legislation guiding he establishment and operation of the in financial
institutions and alike.
THE INSURANCE MARKETS:
This study will highlight the
financial marketers on storing information about financial market as whole, for
company rates with completions and for forecasting company profits.
Actuaries: This study will no
doubt highlight the companies/actuaries department on how to another take
annual valuation and make annual declaration of bonus.
1.5 DEFINITION OF TERMS
Most of the terms use to not has
a definition that is universally accepted, thus the arise the next to define
some of the terms used in their work, based on the objectives of the study the
definition are as follows:
HARD WARE: This is computer equipment for example control processor or
peripherals (disks drive magnetic tope drive, printers).
SOFT WARE: This is a collective term for
instruction (programs) that makes a computer work.
DISK: Floppy disk is a flexible
plastic disk used for the 0recording of undertaken.
MAGNETIC TAPE DRIVE: These enables data to be written
on ot read from, magnetic tape at very high speeds.
ON-LINE DIRECT: Access to the processing unit
and the processing are to handle by batch sequence.
1.6 SCOPE AND LIMITATION OF STUDY:
This study will not directed at
explaining or providing solution to all the encounters as result of inadequate
utilization of computer services.
The study will be narrowed done
trying to determine to what extent to researcher of success attained b these
financial institution to their varying degrees of operational efficiency and
effectiveness.
However,
the research in the course will be contained to five financial institutions
located around metropolis.
The financial institution
randomly selected. A number of problems we encountered by the research during
the course of this work.
These were inform of,
i)
Time
constraints
ii)
Insufficient
funds
iii)
Non-response
problems
iv)
Inadequate
accessibility of materials
TIME CONSTRAINTS: In this study, the research
intents to use some branch offices because of the true and difficulties
0involved in reading the head offices.
INSUFFICIENT FUNDS: A lot is required to be research
on or talk about but due to some financial involvement and its nature of the
economy the researcher is subduing to limit the study.
NON RESPONSE PROBLEMS: During the course of the
research work, the staff of those institutions were initially very reluctant
the information expected or needed from them due to fear of either revealing
their business strategies or their secret. They argued that the public might
loses confidence in them, should they learn what is not meant for their
competitors may capitalize on that and gain advantages over them.
However,
after persistent dialogue of the objectives of the study, they become fairly
available and ready to release some of the information they know about computer
system in financial institutions.
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