1.1 Background of the Study
Since the history of human development, information has played a prominent role in our lives. The robust development in science &technology has immeasurably increased the role of information in every facet of human endeavor. The rapid expansion of a mass of diversified information has given birth to the term “information explosion” and a rise to the scientific approach in information management and in the interpretation of the concept of information.
The concept has been broadened to include information exchanges not only among men but also among machines as well as the exchange of signals in the animal and plant worlds. The pace of change brought by new technologies has had significant effect on the way people live, work, and play globally.
Today’s business environment is very dynamic and rapid changes as a result of creativity, innovation, technological changes, increased awareness and demands from customers. Business organizations,especially the banking industry of the 21st century operates in a complex and competitive environment characterized by these changing conditions and highly unpredictable economic climate with Information andCommunication Technology (ICT) at the centre of this global change curve.
Laudon and Laudon (2014) contended that managers cannot ignore information systems because they play acritical role in any contemporary organization. They point out that the entire cash flow of most Fortune 500companies is linked to information system. The application of information and communication technology concept, techniques, policies and implementation strategies to banking services has become a subject of fundamental importance and concerns to all banks and a prerequisite for local and global competitiveness. ICT directly affects the various management functions of planning, organizing and the nature of services offered inthe banking industry. It has continuously changed the way banks organized their corporate relation worldwide with the variety of innovative devices available to enhance the speed and quality of services delivery.