Essay On A Better Banking Sector In Nigeria

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Essay Bank Accounting Information System And Electronic Banking

4510 Words19 Pages

Bank Accounting Information System And Electronic Banking

Introduction

Information technology has had as much impact on our society as the industrial revolution. In the information age, companies are finding that success or failure is increasingly dependent on their management and use of information. Therefore, companies need a good information system that enabled an efficient and effective use of information to give them more competitive advantage (Moscove, Simkin, & Bagranoff, 1999).

An information system is a set of interrelated subsystems that work together to collect, process, store, transform, and distribute information for planning, decisions making, and control. An information system need not be a computerized…show more content…

The use of computer network has made it possible for the treasury managers to get the information needed almost at anytime if all of the bank’s branches are online. Therefore, the bank’s liquidity management could be performed more timely and efficiently based on accurate information (Deakin, Goddard & Welch, 1999).

Among reasons why people use a bank’s services are to obtain convenient access to cash and to obtain interest payments and other return on investment. The banks serve the needs of the customers by providing a system that enables the customers to check their account balance, to deposit and to withdraw cash, and to make payment in a convenient way. The system must also provide up to date and accurate information of customers’ account. The introduction of information technology had improved the quality of banks services to the customers. Various new banks’ services, which are made possible by the use of information technology in their AIS, are usually called electronic banking.

History of Electronic Banking

Banking technology appears to have been applied first at the centre of the United States banking system. One of the earliest uses of electronic technology was the Federal Reserve Communication System (Fed Wire), which recorded over 700,000 transfers in

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