THE IMPORTANCE OF EFFECTIVE MANAGEMENT INFORMATION SYSTEM IN THE BANKING INDUSTRY IN NIGERIA.
THE IMPORTANCE OF EFFECTIVE MANAGEMENT
INFORMATION SYSTEM IN THE BANKING
INDUSTRY IN NIGERIA.
TABLE OF CONTENTS
Title page i
Table of contents vi
1.1 Aims and objectives of management information system 1
1.2 Purpose of the study 2
1.3 Significance of the study 2
1.4 Scope of the study 3
1.5 Historical background of Wema Bank 3
2.0 Literature Review
2.1 What is management information system?
2.2 Functions of management system
2.3 Developing a computer based management information
system for the bank 7 – 8
2.4 Area of application of computer based management
information system. 8 – 9
3.0 Research Methodology 10
3.1 Source of data 10
3.2 Sample design 11
3.3 Research questionnaire 11
4.0 Presentation and analysis of data and results 12
4.1 Percentage distribution of variables 12 – 17
5.0 Summary, conclusion and recommendation 18
5.1 Summary 18
In banking, as we have in all industries the need for information is so important. This is simply because all things being equal, good quality information aids good decisions and it leads to effective performance of managerial function and is in turn should lead to the attainment of the organizational goal.
This age had been tasked information age because managers have all a sudden become very aggressive with their chase for quality information quick and accurate decision must be made. This requires timely and suitable information and bank must react quickly to change in interest rate and other volatile variables in their operation.
Extra come must be taken by bank in their decision making exercise because any wrong step can lead to loss of million of naira which is irrevocable unlike in some other industries (wrong decision can result to inadequate and imprecise information of computer to the industry). Indeed the banking industry has employed computer earlier than other industries. There are several reasons for this early introduction of computer i.e. to process an manage the information system of the bank. The need to automate this system many be of two reasons viz (a0 Excessive work as a result of an over load of operations which the manual method cannot handle properly. (b) It may be as a result of the banking industry with an aim improving its competitive position.
The banks Insurance company, broker age houses, saving institutions etc. offers similar services to their customers. This exposures of its customers to many different satisfying or similar services makes them very difficult to stay in business, therefore better services have to be offered by the bank and these come from good decision making which is itself is a good information system product. Good information can only be obtained by proper management of the information system when one can only consider the function of commercial banks in Nigeria such as:
- Granting of credit facilities to customers
- Creating money
- Safe keeping of valuable items
- International trade advisory services
1.1 AIMS AND OBJECTIVES OF MANAGEMENT INFORMATION SYSTEM (MIS)
The basic aims and objectives of management information system (MIS) in banking industry and to reduce the problem or barriers of effective communication and processing of data in the banking industry other objectives are as follows: