A vibrant and proactive sector on which the economic system of any state depends on is the banking sector. The Banking sector thrives on the proviso of an enabling environment for concern minutess and farther betterment of its services portfolio to its clients. Strategic planning in the banking sector encourages bank growing which affect prosperity ; it involves a long term planning taking into attending,
The Banking sector represents a trading unit of an economic system. It strives on supplying an enabling environment for concern dealing and uninterrupted betterment of its client services. Strategic planning in banking enhances the growing of Bankss, which later effects prosperity. It involves a long term planning with consideration for chances and menaces posed by the external environment.
In order for Bankss to accomplish its aims efficaciously and to guarantee the satisfaction of its clients, good defined schemes are required during determination devising and policy formulation/application. Katuri ( 2005, p.1 ) province that promotions in engineering nevertheless, has brought about a paradigm displacement from traditional banking patterns by Bankss to offering Internet based banking services such as Automated Teller machine [ ATM ] , Electronic banking, Mobile Banking which jointly ease trouble in banking like cost effectivity and timely bringing of minutess other merchandises and services
As farther emphasized by Nair ( 2005, p.151 ) , the utility of information engineering in the field of banking has become intensive. Nair ( 2005 ) besides opines that engineering has become an enabler for the demands of clients and Bankss to be met particularly, as demands of clients ‘ lifestyle support changing overtime. The growing of engineering has bridged the constrictions in merchandise bringing to clients. Nair ( 2005 ) believes the embrace of engineering by Bankss as a strategic and deliberate effort to better productiveness, net incomes, decrease of operational cost and efficiency.
ABA ( 2004 ) and Fox ( 2005 ) likewise believe that electronic banking services rendered by the banking sector are frequently customized towards the keeping of bing clients, acquisition of new clients and finally betterment in productiveness degrees, so as to derive a competitory border in client keeping over traditional Bankss ( who do non readily encompass e-banking ) .
The extreme concern in a universe of developed information engineering is how the spread of clip, distance can be bridged while at the same clip keeping effectivity and truth. New tendencies in information engineering have indicated that barriers such as clip and distance could be bridged while efficaciously keeping efficiency in the proviso of banking services to clients.
The age of cyberspace detonation has been a great alleviation to the factors restraining the effectivity and consciousness in both societal and dealing universe. Ganti ( 2005, p.56 ) stated that the debut of -banking shows a paradigm displacement in the client relationship selling environment for Bankss. It has repositioned the modern banking sector, later making limitless chances with clients going sophisticated.
In the transactional universe, the epoch of cyberspace detonation has enormously improved the banking sector through the system Known as – ELECTRONIC Banking. In recent old ages the Banking sector witnessed the coming of age in Electronic banking and diminution of traditional manner of banking patterns, research carried in 2004 by American bankers Association [ ABA ] grounds shows that Bankss offering electronic based banking services addition higher advantage in serving
Electronic banking use by Bankss are targeted at cut downing operational cost thereby prolonging efficiency and increasing market portion while retaining its clients ( ABA 2004, Fox 2005 ) .Despite the detonation, a new market based services is being offered by Electronic banking.
The Stewart & A ; Brandley ( 2002 ) in their instance survey titled “ A Delphi survey of drivers and inhibitors of cyberspace banking ” indicates that states of the universe have been able to encompass the system ; while some states have advanced enormously, others are yet fighting with restraints.
The advanced states known as technologically developed states such as UK and USA have maximized the potencies of Information Technology in banking while developing states such as Nigeria and Egypt are yet to to the full follow the new tendency in banking engineering. Ovia ( 2001 ) states that the factors restraining the growing of Electronic banking in developing states are:
High cost of Telecommunication
Lack of consciousness
The above listed restraints are immense hindrances towards the acceptance of e-banking in Nigeria. The survey about Nigeria shows pinpoints the bulk of Nigerian subjects as rural inhabitants, hence a good enlightenment run will ensue in a singular addition in the banking sector and the subsequent use of electronic banking service offerings.
However, it is worthy to flatly province that technological promotion has been a major driving force of “ GLOBALISATION ” . The effects of globalisation on e-banking is such that technology-related promotions achieved via e-banking has provided a solution to the jobs of distance and clip later guaranting that clients can transact concern and addition entree to new markets easy.
1.2 AIMS AND OBJECTIVES
The survey aims to place and discourse the impact of information engineering on clients in the retail banking industry with particular accent on the Nigerian environment as a instance survey. Besides, factors that influence the clients in the acceptance of engineering, low consciousness degrees of technological offerings will be discussed. The affinity of Nigerian Bankss toward the information engineering platform would besides be considered.
Definition of e-banking and the analysis of the progresss in e-banking since its debut in the Nigerian banking industry.
Designation of the advantages e-banking brings to the banking industry.
Discussion of the consequence e-banking has on clients and an penetration into their degree of electronic use or experience.
Research and analysis of e-banking products/services/portfolio provided by Bankss to their clients.
Identify grounds for under-development of e-banking in Nigeria
To do recommendations for the modernisation and development of the e-banking platform.
1.3 MOTIVATION BEHIND RESEARCH TOPIC
In recent old ages the technological promotions has necessitated the move towards technological development in Nigeria. It is a underdeveloped state with a population of about 140 million people, and it ‘s a state with immense telecommunication growing in Africa over the past 10 old ages. The state has experienced an impressive degree of development in tele-density ( figure of telephone lines per population unit, normally 100 people ) from a tele-density of 0.73 in 2001 to 46.80 in 2009 ( Nigeria Communications Commission [ NCC ] , 2009 ) .
The detonation in tele-density has vastly improved the growing rate obtained in assorted industries. However, despite the detonation in telecommunication activities in the Nigerian environment, Nigeria is still to run into up with the promotion in engineering like other developed states such as the United land.
However, ( Ovia,2001 ) besides believes that the move towards technological promotion is hampered due to miss of proper substructure such as power supply, communicating and security is besides a major job. These are recognized as potentially immense hindrance to the economic development and promotion in engineering
1.4 SIGNIFICANCE OF RESEARCH TOPIC
The importance of this research is such that it emphasizes the virtues and demerit of e-banking in the Nigerian retail banking industry. Subsequently, information gathered and researched would supply a good starting point towards suggestions on the betterment of banking services in Nigeria, but most significantly the preparation and execution of policies that will integrate technological betterments such as e-banking in the pot-pourri of banking services available to the Nigerian populace.
The Nigerian banking sector has non been spared with the banking roar epoch of the 90s which did non last long- a state of affairs which saw many Bankss shuting down and the eventual loss of public assurance in the banking industry, accordingly taking to the creative activity of the failed bank tribunal by the authorities.
The banking roar is back but the Bankss are confronting stiff competition in retaining their clients, their client keeping ability will depend on the information engineering substructure available. However, planetary recession in 2008 was marked coincidently by failures of Bankss and unstable faux pas in economic statistics.
Based on these premiss, the planetary recession will non impact e-banking services in Nigeria due to its comparatively new debut to the Nigerian retail banking industry, and as illustrated by Fox ( 2005 ) and ABA ( 2004 ) grounds proves that Bankss offering these cyberspaces based pot-pourri of services are better positioned in retaining clients than traditional non – electronic banking Bankss.
1.5 Undertaking CONSTRAINTS
Time: Handiness of clip will be at a premium all through the continuance of the undertaking. Factors to besides see in the appraisal of available clip towards the undertaking are coursework from other taught units and scrutinies.
Non-commitment from respondents: Low or no response from client that are to be interviewed or non acquiring the information needed because is position as classified paperss by the client company. Besides respondents non reverting questionnaires are a major restraint.
1.6 RESEARCH METHODOLOGY
The research methods that will be adopted are the primary and secondary informations methods. Primary research method will affect the usage of studies for informations aggregation: statistical informations. The research technique shall be questionnaires given out indiscriminately to people in the Lagos city and bank forces.
However, the secondary research shall be based on informations aggregation from different web sites of Bankss and on bing factors to back up the research work. Besides, the University library and the cyberspace will be a major beginning of information.
1.7 STRUCTURE OF THE PROJECT
This research begins with an debut in chapter 1. Chapter 2 centres on the reappraisal of related literature. Subsequently, it covers elaborate account on facts outlined, advantages and disadvantages. Chapter 3 shall explicate the different research methodological analysiss and grounds for utilizing the chosen methodological analysis.
The rating of secondary research will be included. And chapter 4 shall give a full analysis and reading of consequences from primary research information and the hereafter of electronic banking in Nigeria. While chapter 5 shall look at the research findings and chapter 6 looks at the decision and recommendations.
3.1 RESEARCH METHODS
The research methodological analysis is classified into two groups and the information gathered is analyzed as quantitative or qualitative informations.
The primary research involves communicative interaction with people. The information gathered will be analyzed to guarantee its utility to reply the research inquiry and for the research intent. The information needed will be collected by questionnaire studies, focal point group, content analysis and observation.
The secondary research entails the processing of information that has been antecedently analyzed and used for farther analysis. This information can be assembled from anterior research surveies, diaries, books, articles and on-line stuffs.
Both methods have advantages and disadvantages and the suited attack is to understand the principle for the rating of the study, the needed information and the figure of respondents required to get at a decision on research findings. The credibleness and day of the month of publication must besides be put into consideration when using secondary informations to avoid erroneous results.
Since the chief purpose of the research is to choose a method that meets the research aims, secondary informations may non hold dealt with the current subject or may be outdated so it is indispensable for a primary research. That notwithstanding, some disadvantages of the primary method is it is clip devouring because information is critically analyzed to acquire truth in consequences.
3.2 METHOD CHOSEN
With respects to this research, both methods were used because Electronic banking is still comparatively new in modern-day networking circles and old research in this country is limited in comparing to other related subjects. One ground for taking the primary informations is because it is believed to be various and flexible in nature. “ The public presentation normally has a more profound consequence on the study consequences than has any other individual component of study ” ( Alreck – Settle 2004, p.89 ) . While secondary research allows for comparism of informations collected from old surveies, they are required for counsel of the primary research ( Frankfort – Nachmias 1996, p.306 ) . However the usage of merely secondary research will non give the needed consequences.
Through secondary research, Bankss acceptance of Electronic banking in relation to the degree of client acceptance and service rendered and the rating of secondary research informations have aided in size uping jobs associated with the research subject. Furthermore, analysing to what extent Electronic banking is adopted by Nigerian Bankss and client ‘s degree of acceptance of these services.
Valuable information was retrieved from secondary research in the analysis of the research subject. However, some restrictions were that collated information was non plenty to sum up and pull decisions and so the usage of primary method ( Questionnaire ) was applied to determine the genuineness of information obtained from secondary informations was accurate. However the restriction of utilizing a primary research is slow response from respondents and some non even returning the questionnaire.
The aims of the primary research is
To place the degree of acceptance of clients to Electronic banking.
To research and analyze the grade of Electronic banking services offered by Bankss.
The questionnaires were distributed via electronic mail. Another format for this was personal interview with Bankss with some unfastened ended inquiries such as “ What steps are on land to heighten cyberspace banking security? ” This allowed for respondents to reply the inquiries freely without limitation of options. The information retrieved was accurate because all Bankss have typical security package in operation. The 2nd format, the stopping point ended questionnaire, was for respondents to make full, with a figure of options to take from. This is fast and easy to return without hold.
3.3 THE RESEARCH Plan
The research program is a design of trying unit, trying frame, trying processs and design. The sample unit was in signifier of a study carried out within the bosom of commercialism in Nigeria, Lagos province. The sampling frame comprises of all the Bankss in the Lagos city and with a sample size of ’10 ‘ to enable good response for truth than tonss of questionnaires filled falsely. The method used was stratified trying to guarantee diverse groups of people were good represented in the sample and to besides increase truth degree in the appraisal of parametric quantities. The sampling process was in two parts with focal point aimed at two groups. The first is the service supplier i.e. the Bankss, consisting of the old and new coevals Bankss. The 2nd is the service users i.e. clients. The sum of questionnaires that were distributed was 80 and 68 was returned. The inquiries were directed toward the pupils, working category and to the general populace every bit good as tailored inquiries towards internet usage handiness and electronic banking service consciousness. The research worker gathered utile information with the acceptance of this method and the same inquiry was sent to all respondents for easiness of analysis and because the viability and dependability of a research survey mostly depends on information consistence to obtain dependable consequences.
3.4 ANALYSIS OF SECONDARY DATA
Data assembled from old research was good in measuring the research subject. When sing secondary research, the informations analyzed does non run into the research worker ‘s demand as consequences were non wholly accurate in carry throughing the purposes of the research. Despite this restriction, a careful scrutiny was made to guarantee that informations collected were from beginnings that could warrant precise information and to besides guarantee accurate certification of findings is presented right after rating. The secondary information was analysis on plants done at Nigerian establishments, Obafemi Awolowo University and the University of Benin. However, the research purpose differs from the research undertaking as the focal point was Electronic banking in Nigeria. Nonetheless, of import information was retrieved for the purpose of pulling decisions.
In the methodological analysis chapter, the assorted available research methods have been examined and have been used to warrant a chosen method. A sample size would hold generated a more accurate consequence but despite this and the restrictions faced, measuring secondary information has assisted in consolidating research findings.
In this chapter, analysis will be carried out on informations that are gathered from the study findings. Primary informations of Questionnaire A was to the service users or users. This was oriented for the handiness of the cyberspace and holding cognition of electronic banking. And Questionnaire B of the primary information was to the service provider or suppliers. And to analyze the secondary informations and comparing solutions from primary informations in order to interrupt down the findings and to look into if the research inquiry has been right answered.
In order to affect all the classs of respondents the questionnaires were indiscriminately sent out and was n’t for merely a peculiar group. With this method the research worker will be able to garner information required for the research purpose, and the research findings will be good analysed. The sum of questionnaires that were distributed was 80 and 68 was returned, electronic banking users were 72 % while non electronic banking was 28 % . Regardless of the small figure of that responded, due to response, the rates of questionnaires are normally below 40 % and consequences should still be loosely acceptable stated by ( Cano, 2008 ) which has guide the research worker to decide that a 30 % response rate would be regarded valid for this research and consequences purpose.
4.2 Questionnaire Angstrom
For easier and more elaborate analysis of the information gathered, the consequences of questionnaires were put into charts and graph. Harmonizing to Nachmias and Guerrero ( 2006, p.329 ) utilizing a chart from the consequences gives manner for simpler account for apprehension.
4.2.1 Questionnaire Consequences
Question 1: What is your Gender?
Male = 43 responses
Female = 25 responses
In figure 4.1 the chart below shows the norm of male and female respondents. The male respondents were averaged up to 65 % while the female respondents were 35 % . This indicates the addition of male users of electronic banking is more than the female users.
Figure 4.1 Male and Female Respondents.
Question 2: What age class do you fall into?
18 – 30 = 28 responses
31 – 40 = 21 responses
41 – 50 = 12 responses
51 – 64 = 7 responses
65 and Above = None
In figure 4.2 the graph below, is the representation of age respondents who brought back questionnaires, 42 % falls under the ages of 18 – 30 old ages, 32 % falls under 31 – 40 old ages and another 18 % was 41 – 50 old ages while ages 51 – 64 was 8 % but they was no feedback on the 65 and supra. Research made shows that ages 65 and above autumn under the retirement phase or age and bulk of them do non grok the public-service corporation of new engineerings. However, Matilia & A ; Pento ( 2002 ) indicates the bulk of electronic banking users are relatively immature and have been educated to utilize computing machines and the cyberspace. This besides shows that electronic banking in the society is chiefly members of the on the job category.
Figure 4.2 Age Category of Respondents.
Question 3: What your degree of instruction?
O ‘ Levels = 9 responses
BSc = 31 responses
OND = 4 responses
HND = 15 responses
MBA = 9 responses
In figure 4.3 this chart below shows the different respondent ‘s educational degree is shown. 50 % are University alumnuss ( Bsc ) holders, 20 % are higher national sheepskin ( HND ) holders while maestro concern disposal ( MBA ) and O ‘ degree holders portions the same norm with 12 % each. This shows that electronic banking users are educated. Sathye ( 1999, p.326 ) aver that people utilizing electronic banking are good and extremely educated.
Figure 4.3 Educational Levels of Respondents.
Question 4: What is your business?
Accountants = 11 responses
Doctors = 8 responses
Engineers = 11 responses
Lawyers = 4 responses
Others = 20 responses
Students = 11 responses
Teachers = 4 responses
In figure 4.4 the chart below is a representation of different respondent ‘s business from questionnaires that were returned. Accountants, Students and applied scientists portion the same per centum with 16 % each, Lawyers and Teachers besides portion the same per centum with 8.5 % each, Doctors were 10 % and for respondents with other businesss which are non listed like husbandmans, bargainers and so on were 25 % .
Figure 4.4 Occupations of Respondents.
Question 5: Do you hold internet experience?
Yes = 52 responses
No = 17 responses
In figure 4.5 the chart below represents the norm of respondents that has experience with the cyberspace which is 85 % while the norm of respondents without internet experience is 15 % which makes a immense difference between them.
Figure 4.5 Respondents With Internet Experience.
Question 6: Do you hold internet entree?
Yes = 45 responses
No = 23 responsses
In figure 4.6 the chart below is the representation of the entire norm of respondents that gave on questionnaires. In this chart 72 % agreed and said yes to hold entree to the cyberspace while 28 % said NO they do n’t hold entree to the cyberspace.
Figure 4.6 Respondents With Internet Access.
Question 7: How often do you utilize the cyberspace?
Often/Daily = 24 responses
Few times a hebdomad = 19 responses
Once in 2 hebdomads = 11 responses
Once in 4 hebdomads = 8 responses
Once in 6 hebdomads = 6 responses
Once in 2months = 2 responses
In figure 4.7 the frequence of internet use is shown in the chart below. 35 % of respondents use the cyberspace often/daily, many respondents which average to 40.5 % use the cyberspace a twosome of times a hebdomad, 10.5 % use the cyberspace one time in two hebdomads, 8 % use the cyberspace one time in a 4weeks, 4 % use the cyberspace one time in 6 hebdomads, while 2 % use the cyberspace one time every 2months.
With research on respondents that are under classs 40.5 % and 35 % were people who have full-time office occupations and have internet entree in their workplace and some who could afford cyberspace in their places.
Figure 4.7 Frequencies of Internet Users.
Question 8: Are you cognizant of electronic banking?
Yes = 59 responses
No = 9 responses
In figure 4.8 the chart below the norm of respondents cognizant of electronic banking are shown. 92 % of the mean represents those cognizant of electronic banking while 8 % were non cognizant of electronic banking.
Figure 4.8 Awareness of E-Banking of Respondents.
Question 9: Do you hold experience with any electronic banking service?
Yes = 49 responses
No = 19 responses
In figure 4.9 the norm of respondents that use electronic banking. 74 % of respondents said yes for utilizing one signifier of electronic banking or the other, and 26 % of respondents said no. However 25 % out of the 74 % respondents said they do n’t cognize the type of electronic banking they use, and they were added to the 74 % because the answer yes on inquiry on if they have used any signifier of electronic banking service.
Figure 4.9 Respondents That Have Experience With E-Banking.
Question 10: Which type of electronic banking service do you utilize?
Online Banking = 14 responses
ATM = 32 responses
Telephone banking = 11 responses
Post banking = 7 responses
Branch banking = 4 responses
In figure 4.10 this chart shows the entire norm of respondents utilizing any signifier of electronic banking. The Automated Teller Machine ( ATM ) has the highest sum of respondents with 60 % . The ATM is virtually the most utilised beginning of electronic banking for the respondents. The ATM is a individual machine that has several characteristics such as cheque onscreen balance, pays hard currency, prints account statement and so on. The ATM is widely known and is the most popular electronic banking beginning and the ground for this is that it ‘s easy to utilize and its convenience for accessing your history anyplace 24 hours a twenty-four hours 7 yearss a hebdomad without stepping into the bank. 17 % of respondent ‘s utilizations online banking and another 15 % of respondents use telephone banking. These two beginnings of electronic baking are chiefly used by concern people or companies for dealing, direct debit and so on. 3 % of respondents besides use station banking and 5 % usage subdivision banking.
Figure 4.10 E-Banking Preferred Options By Respondents.
Question 11: How often do you utilize electronic banking services?
Often/Daily = 32 responses
Few times a hebdomad = 20 responses
Once in 3 hebdomads = 10 responses
Once in 6 hebdomads = 8 responses
Once in 2months = 6 responses
In figure 4.11 this chart shows the frequence of electronic banking use is shown below. 54 % usage e-banking service really frequently, 24 % of respondents use e-banking service one time a hebdomad, 15 % usage electronic banking one time in 3 hebdomads, 4.5 % use the service one time in 6 hebdomads while 2.5 % usage electronic banking service one time in 2 months. This shows that users are progressively accommodating to the manner of electronic banking.
Figure 4.11 E-Banking Uses of Respondents.
The study consequences have really shown the degree of internet experience and the handiness to internet by customers/clients. The customers/clients consciousness of electronic banking was besides shown ; it could be viewed by the norm of respondents utilizing some of the electronic banking system such as Automated Teller Machine, Online banking and Telephone banking. With the machine-controlled Teller machines ( ATMs ) holding up to 60 % of electronic banking consciousness merely means it ‘s the most normally used service. The ATM is easy to utilize and could be accessible anyplace 24 hours a twenty-four hours 7 yearss a hebdomad.
However a important sum of respondents do n’t cognize the sort of electronic banking service they use ; shown in the questionnaires that was returned. So therefore it is the Bankss duty to educate customers/client on these electronic banking services and their benefits.
4.3 Questionnaire B
In this portion inquiries are being directed to the Bankss to mensurate the sorts of electronic banking services they offer, and what they benefit from the services. Besides, for any advertizement to pull new clients and to better client satisfaction.
The two Bankss that were interviewed had one signifier of electronic banking system or the other. Both Bankss are being categorized into two different categories, old coevals bank and new coevals bank. The tabular array below shows both Bankss that were interviewed and the electronic banking services they render, and they are into Mobile or Telephone banking service, Automated Teller Machine ( ATM ) service, Branch banking service and Online banking service. Nevertheless, both Bankss are non into Post banking service. One of the inquiries asked is if electronic banking has improved their topographic point in the banking universe and both Bankss replied with the same reply yes, that means the aid of electronic banking has increased their in the industry and has given them the border over rivals that have non yet applied these new engineerings.
However, the satisfactory degree for clients has besides increased and one of the grounds for that is because clients now have 24 hours entree. The Bankss themselves has besides benefited from the debut of electronic banking in the sense that it has been helpful to cut down cost and adult male power. Research consequences from the Bankss that were interviewed shows that the Bankss has invested so much on security for the safety of clients to protect them from electronic larceny. So therefore the installing security package ‘s has given Bankss the chance to protect clients ‘ personal information and to derive trust from their clients. Another inquiry asked was if they have any advertisement or betterment programs on electronic banking services, and both Bankss said yes to the inquiry and are doing programs for presenting internet entree with a nomadic phone and advertisement it in public topographic points such as shopping promenades, station office and fuel Stationss for the betterment of electronic banking to catch the attending for new clients. Then the last inquiry asked was how much is their estimated annually turnover since electronic banking was introduced. The tabular array shows consequences in a clearer apprehension.
Electronic banking services
Electronic banking services provided
Has it Enhance Position
Decrease of operational
Plans for betterment
Union Bank PLC
Online banking, telephone banking, ATM and Branch banking
Internet entree with nomadic phone
Guarantee Trust Bank
Online banking, telephone banking, ATM and Branch banking
Internet entree with nomadic phone
4.4 Secondary Data Analysis
In this subdivision the focal point is on two assorted research study carried out by some Nigerian establishments. After analysing this research, it will be utilized in consequences comparison from primary research. Franfort ( 2006, p.206 ) suggests more credibleness will be gain on research happening if it comes out in figure of studies and when collected information is analyzed in different times. It can besides be utilized to explicate and depict alteration. Nevertheless, some specific research intent was non met by research worker in the study from early research. Alternatively, it is more focussed on the acceptance of electronic banking and supplying the usage of electronic payment services in Nigeria. This is seen in the secondary research as a major restriction, irrespective of this restriction the usage of secondary research was utilized as a proficient compliment reappraisal of literature and primary research for the purpose of verifying and proving consequences. These license research workers to do conclusive findings.
4.4.1 Research Survey 1
The acceptance of electronic banking in Nigeria was the name of the rubric of this research which was handled by chiemeke in 2006, a Nigerian senior lector of computing machine scientific discipline section in the University of Benin Nigeria. The purpose of this research is to mensurate the phase of electronic banking services rendered by Bankss after deregulating the banking society and constituent that affects its acceptance. The method used in the study has a similarity with Diniz, ( 1998 ) theoretical account for measuring position of the Bankss web sites for dealing channels, Information bringing, Security degree and client relationship.
220.127.116.11 Consequences from Finding
The research consequence on electronic banking services reveals that it has been rendered from the basic degree of cardinal interaction. In the rating, out of 12 points score the consequences was between 4.5 and 11 points which means the basic degree were high. However, as the interactivity degree increases the tonss reduces. Likewise, the result of functionality which was between 4 and 9.5 out of a sum of 12 points, which indicate all Bankss do hold information sites. However, they were low tonss on the transactional degree of functionality which was between the scope of 0.5 and 4.5. These indicate that electronic banking services rendered were on a low degree. In add-on, the mark for the security degree were besides low with 47.7 per centum adopted security degree. However, some other known facts impacting electronic banking in Nigeria were hapless power supply and unsatisfactory operational substructure.
The purpose of the research was at the Bankss and the acceptance of electronic banking services rendered such as client relationship, Transaction channels, Security degree and information bringing and with the clients degree of consciousness of on-line banking service had no attending. The research inquiries of research workers were non answered, but however the dealing degree of functionality inquiries were partially answered on the research inquiry. This ground is likely because the two Bankss questioned are already offering one signifier of electronic banking service or the other.
4.4.2 Research Survey 2
The rubric of this research was called Telephone – banking services and electronic payment system in Nigeria. Agboola conducted this research in 2006, another Nigerian senior lector in the Obafemi Awolowo University Nigeria. The rating of Telephone banking service and electronic payment system offered and used by Nigerian Bankss was the purpose of this research. The method used on the research was the distribution of questionnaires and interview of Bankss forces. As at that clip chosen sample size was 36 Bankss out of the 89 Bankss.
18.104.22.168 Consequence from Findingss
The acceptance rate of e-payment services consequences from analysis revealed that the most adoptive engineering is the Local Area Network ( LAN ) out of the 36 Bankss interviewed 35 Bankss adopted it. Likewise, out of the 36 Bankss interviewed 34 Bankss have adopted MICR checks and already set to full usage. Nevertheless, some engineerings had low acceptance rates. Telephone banking was one for them with a low acceptance rate of 22 % , the acceptance rate for Automated Teller Machine ( ATM ) was 16.7 % while the Home and office e-banking was 19.4 % . This research supports the Chiemeka ( 2006 ) determination of unequal power supply and hapless operational substructure.
Consequently, the focal point of this research was on electronic payment devices used by Bankss and non on the awareness degree of clients or e-banking acceptance. However, to some extent the research inquiry was answered, this observation could be seen from consequences with the acceptance rate on telephone banking and 22 % and the ATM holding 16.7 % . this shows that the Bankss are bit by bit following to these services.
Designation of some signifier e-banking back uping the primary research has been identified by both research study. This clearly indicates the gradual procedure of clients adoption to these services and e-banking is been offered by the Bankss to some extent.
In this chapter, decisions will be drawn on research findings and analysis from old chapters will function as a reappraisal mechanism for the purposes and aims of this undertaking.
5.2 RESEARCH FINDINGS
The non acceptances of electronic banking were the cardinal elements that were discussed from the reappraisal of associated literatures. In old research, indicants demoing the immense hindrance to non acceptance of electronic banking were deficiency of consciousness and security. Meanwhile electronic banking from retail Bankss point of position is seen as a competitory advantage retaining their clients and the Bankss will greatly depend on their new engineering acceptance in the banking sector and with the promotion of engineerings they can vie and be in front of their rivals, this clearly means acceptance electronic banking services has greater advantages over its disadvantages.
The purposes of the research were to analyze the degree of client ‘s consciousness to electronic banking services and the rate of acceptance of electronic banking service by Nigerian Bankss. Consequences from study shows that electronic banking services are already in usage by the two Bankss that were interviewed but both Bankss were non into station banking and the two Bankss are besides presenting internet entree with a nomadic phone and advertisement it in public topographic points such as shopping promenades, station office and fuel Stationss for the betterment of electronic banking to hold a competitory advantage in the market, to retain bing clients and to catch the attending for new clients.
However, the acceptance of electronic banking and the degree of consciousness from client shows 72 % of respondents have entree to internet while 28 % do non hold entree to the cyberspace. The degree of internet experience and frequent usage of computing machines in their workplace allows handiness to the cyberspace by customers/clients. On electronic banking degree of consciousness and the use of its services, the per centum of respondents that are cognizant of electronic banking 92 % and merely 8 % were non cognizant, and with another big 74 % claim they are electronic banking users while 26 % do non do usage of electronic banking, and to a surprise 25 % out of the 74 % do non even cognize the type of electronic banking service they are utilizing and this was because the electronic banking services listed on the questionnaire were non known as types of electronic banking by these respondents which still falls back to clients deficiency of consciousness.
Consequently, the Automated Teller Machine ( ATM ) has up to 60 % acceptance harmonizing to questionnaire consequences on the types on of electronic banking services being used, the ATM is easy to utilize, has 24 hours entree and really convenient it is besides said to hold met clients ‘ demands. This research findings has endorsed ( Agboola, 2006 ) on following machine-controlled payment systems bit by bit and less usage of hard currency. Likewise, an interesting point noticed from the questionnaire consequences is the difference between male and female users utilizing electronic banking services. These consequences shows that they are more male users utilizing electronic services than the female with 65 % male respondent s utilizing these to 35 % female, and this is because more male find the involvement of traveling to the cyber cafe and utilizing the cyberspace and by utilizing the cyberspace they get to really cognize more about electronic banking services. However, questionnaire consequences for the educational degree and age scope of respondents shows that between ages 21 – 30 and 31 – 40 are extremely educated and utilize the cyberspace often, and their educational degree in the questionnaire consequences, research findings indicates that users utilizing electronic banking are educated and immature. ( Pento, 2002 ) findings indicate that users of electronic banking are good educated and have good experience utilizing the cyberspace, and most of them have entree to the cyberspace in their topographic point of work and for those that can afford it acquire it hold it in their places. And a major barrier still impacting the acceptance of electronic in Nigeria is still illiteracy harmonizing to ( Ovia, 2001 ) .
From the secondary informations findings of the research shows that the Bankss simple phase has low acceptance rate of electronic payment systems, Bankss should hold enlightening web sites instead than Transactional web sites. However, primary research findings indicates that the bank interview all have electronic banking services rendered and have besides laid down programs on how to better electronic banking services in the hereafter and evidently from the research consequences the Bankss and clients has made progressive credence on electronic banking services.
On research findings from the above treatment, it ought to hold been seen that the debut of electronic banking by Bankss has given them the chance to derive competitory advantage to pull new clients and to retain old 1s and besides to take up proficient challenges. However, it is of import that the Bankss educate their clients ‘ on the benefits and importance electronic banking could convey and to ever upgrade their web sites to be transactional and besides to do their operational substructure acquire better. But if they do n’t the Bankss have the job of clients low acceptance will stay.
In decision, some issues have to be addressed for the hereafter of electronic banking in developing states such as Nigeria, is the creative activity of consciousness, security and restraints like hapless substructure. Consequently, if these issues are addressed more clients will follow electronic banking and the Nigerian Bankss would be able to derive planetary presence. Consequences from reexamining literature on electronic banking shows its jussive temper to look into, the clients degree of acceptance in Nigeria and suggests cardinal solutions to the restraints impacting electronic banking in Nigeria. All the same electronic banking has come to remain and has been good appreciated in the universe and has given developing states a hereafter in the planetary economic system.