THE ROLE OF COMPUTER IN FINANCIAL INSTITUTIONS
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Many offices in an organization play an important role in the day to day running of activities of the organization. And this is done in form of communication between management, employee and Clients in financial institutions.
In offices, plans are devised, instruction raised, information coordinated and result compiled, offices provided a focal point of activity for the public receiving and using communiqués, handling files and finances.
Computer is now mostly used in offices as one of the equipment in financial institutions. And this computer performs many functions apart from calculating function. It also performs different functions as data analysis, prediction, the identification of trend and even the creation of new approaches and ideas.
Computer is a machine with power to manipulate symbols which represent information such as names and numbers. And in that case, we can view that computer is a symbol Manipulation device (SMD). Computers are used worldwide to perform thousand of different jobs. It helps engineers in designing, e.g. bridges and also helps in Bank during Computation of Accounts.
Computer can store variety of information recorded by people and almost instantly recall it for use. They can calculate ten millions of things faster than the human brain and solve in seconds many problems that would take batteries of experts’ tears to complete.
1.2 STATEMENT OF THE STUDY
Ajaegbu N.T. (1993) in his manual defined statement of the study (problem) as “a theoretical position of a speculation on the ways in which different factors or element of problems interest or relate one to other in the context of the problem being investigated”.
The major problems to businessman are the risk and uncertainty behind business. And in other to produce these uncertainties, modern financial institutions have found computer useful in day to day running of the business.
The question that is of most importance to observe is “How effective are computers used in financial to achieve their aims and objectives.”
This is the climax of the study. The researcher will in the light of this address the following major research questions.
- How effective are computer used in financial institutions?
- What are the limitations that institutions come across while using computer in the others?
- What risks are taken by computers users in all institutions?
- To what extent has Government Bank considered the service of computers more lucrative than those of human hand
- What problems (Social, Political and Economics) are created as a result of the increase in the use of computer in financial institutions?
1.3 OBJECTIVES OF THE STUDY
The objectives of this study are to:
- Present an overview of financial institution in terms of definition structure.
- Explain the relative importance of the major computer in financial institutions.
iii. Trace the temporal direction, the government have provided for financial institution’s development.
- Explain the problems inhibiting computer development in the financial institutions.
- Recommend suggestions to investment decision makers as to how the computer can effectively and efficiently contribute to the financial institution development.
1.4 SIGNIFICANCE OF THE STUDY
Profit is the primary objective of any financial institution and the most important management function is data processing decision which seeks to improve the growth and overall performance of financial institutions. Yet in this dynamic and turbulent sea of this changing world, every organization or institutions therefore has to try to skin out the possible ways of survival.
The study will help the institutions to analyze the case-benefit of computer, highlighting their advantages and disadvantages and their repercussion to the general performance of financial institutions activities. Further, the study is significant in terms of improving potentials and real investors’ ability to appreciate the role played by valuations projects in the context of making sound computer investment decision thus facilitating sound statement.