APPLICATION OF INFORMATION TECHNOLOGY AND DEVELOPMENT OF BANKING INDUSTRY IN NIGERIA

The study examined the application of Information Technology (IT) and development of Banking Industry in Nigeria. ICT has been acknowledged as the building block for any organization in order to maximize profit, ensure customer satisfaction and minimize cost. This study was aimed to access impact of ICT on performance of Bank in the United Bank for Africa Plc, Osogbo, Osun State. The source of data is primary source obtained through the administration of structured question to the sampled respondents. The sample size was twenty (20) drawn from a population of forty-three (43). Non-parametric statistical techniques (chi-square) were employed for the analysis of the data, while simple percentage was used to test the hypotheses under study. The result of the study indicates that there is significant relationship between software component and organizational performance. Also, ICT has impact on organizational performance. The study recommends that banks should acquire or make use of modernized and 21th century software, hardware, and network in order to increase organizational performance and customer satisfaction which will eventually resulted to diversification of the organization. Top management should establish the right roles and processes, set clear goals and relevant measures and review progress at every stage. Innovation experience and opportunities may occur through unexpected occurrence, ingenuities, process needs, industry and market changes, demographic changes, changes in perception and new knowledge. All these when properly understood and managed promote technology innovation.