CHAPTER ONE

1.0       INTRODUCTION

The greatest innovation that has taken place in the twenties century is in the realm of information technology. This is currently made possible by the introduction of the digital computers, which has been observed in the field of communication to be increasingly inseparable from communication to be increasingly from communication. This linkages often referred to as convergence is risen driven by technology and amplified by business trends the technology and business, foster growth in network systems that use communication links to connect subsidiary system (nodes) which may send, receive, direct and redirect information to, fro, sender and receiver.

            Taking of the Internet a couple of years ago would have sound link a fair table but today the Internet is pervasive in almost every field of human endeavor changing the fundamentals of how are conduct national as well as international businesses. Few years of existence, the internet has shown that it can sliver the long sought after goal of electronic commerce.

            It is worth noting that companies in developed countries world – wide have recognized the business potential of the internet and are getting connected to the network of networks in their million.

            The financial Institution (Bank) is one of such organizations. Banking constitutes one of the most prominent life wire for socio – economic growth and development in any given nation. It support and assists in the supply of long and short term loan accept both current saving and fired deposits both foreign transaction, advice and facilitates transactions between client, workers, agents, firms, buyers, and sellers by providing payment services not excluding the issue of undertaking risk on behalf of their client, only to mention but few.

            The Internet housing founds its application and acceptance in the banking profession has particularly put the banking industry on an accelerating pace of development. The Technological high may (Internet) has become an enable in achieving high level productivity and in handling volumes of transaction which would have been impossible without the use of On – line banking (E – Commerce)

            This technology facilities linkage with clients both through the provision of information and quality service delivery as well in reducing barriers to entry into payment system and retail banking. Online banking allows clients to engage in formal transaction relationship, which would have taken long distance travel or movement of document with the attendant risk of loss. With the On – line banking (Internet) you can at your convenience at home and at any time, review balances and transaction services and contact customer services but just to mention but few. An over view of the benefit and prospects of the On – line banking suggest that for banks to be relevant to their customers in terms of the services they provide in the twenty first century and in the future most append this services provide by E – Commerce in the banking system in order to stay in competition. Now that an on –line banking is the on thing bank should get up and invest in internet Technology to reap bounteously the benefit accruing from Online banking.

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