EUROPEAN JOURNAL
OF
SOCIAL SCIENCES
ISSN: 1450-2267
A quarterly Journal for Social Sciences
Editor-in-Chief
• Adrian M. Steinberg, Wissenschaftlicher Forscher
Editorial Advisory Board
•
•
•
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Leo V. Ryan, DePaul University
Richard J. Hunter, Seton Hall University
Said Elnashaie, Auburn University
Subrata Chowdhury, University of Rhode Island
• Teresa Smith, University of South Carolina
• Neil Reid, University of Toledo
• Mete Feridun, Cyprus International University
• Jwyang Jiawen Yang, The George Washington University
• Bansi Sawhney, University of Baltimore.
• Hector Lozada, Seton Hall University
• Jean-Luc Grosso, University of South Carolina
• Aii Argun Karacabey, Ankara University
• Felix Ayadi, Texas Southern University
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• David Wang, Hsuan Chuang University
• Cornells A. Los, Kazakh-British Technical University *
• Jatin Pancholi, Middlesex University
Teresa Smith, University of South Carolina
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• Chiaku Chukwuogor-Ndu, Eastern Connecticut State University
• John Mylonakis, Hellenic Open University (Tutor)
• M. Femi^yadi, University of Houston-Clear Lake
•
•
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•
•
Wassim Shahin, Lebanese American University
Katerina Lyroudi, University of Macedonia
Emmanuel Anoruo, Coppin State University
H. Young Baek, Nova Southeastern University
Jean-Luc Grosso, University of South Carolina
Yen Mei Lee, Chinese Culture University
Richard Omotoye, Virginia State University
Mahdi Hadi, Kuwait University
• Maria Elena Garcia-Ruiz, University of Cantabria
• Zulkarnain Muhamad Sori, University Putra Malaysia Indexing / Abstracting
EUROPEAN JOURNAL OF SOCIAL SCIENCES
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Current and Past issues
Volume 3 No 1 June 2006
Volume 2 No 2 February 2006
Volume 2 No 1 January 2006
Other current and past issues are available here
European Journal of Social Sciences - Volume 3, Number I (2006)
European Journal of Social Sciences
Volume 3, Number 1
June, 2006
Contents
Information Utilization on Cocoa Production Techniques by Farmers in
Oluyole Local Government Area of Oyo State, Nigeria……………………..
1-7
Adereti, F.O, Fapojuwo, O.E and Onasanya, A.S
Terrorism: Threat to Democracy, Human Rights and Global Peace............
8-24
A. Idowu
Decentralisation and Poverty Alleviation in Nigeria.....................................
25-36
Olu Okotoni
Policy Analysis of Oil Sector in Nigeria........................................................
37-48
O. A Bamisaye and A. S. Obiyan
Programmes for Educating Vocational Technical Teachers in Nigeria.......
49-56
C.S. Oni
African Music Theory in the Music Education Curriculum of Nigerian
Tertiary Institutions………………………………………………………………
57-60
Femi Adedeji
A Review of the Enrolment and Performance of Male and Fenale Students in
Education / Economics Programme of Obafemi Awolowo University, Ile-Ife,
Nigeria………………………………………………………………………......
61-65
BamideleA. Faleye and Odusola O. Dibu-Ojerinde
The Imperative of National Security and Stability for
Development Process in Contemporary Nigeria.........................................
66-79
Sunday Idowu Oladeji and Benjamin Ayodele Folorunso Governance,
Taxation and Fiscal Policy in Nigeria..........................................................
80-94
Olu Okotoni
Intra-Household Resource Management by Rural Households in
Osun State, Nigeria: A Gender Analysis...................................................
95-112
K.O. Soyebo
Constitutional Issues in Nigerian Federalism..........................................
113-122
Olugbemi Fatula
Bush Btffning as Perceived by Rural Communities in Delta Central
Agro-Ecological Zone.....……………………………………………………
123-129
Ofuoku A.U andAgbogidi, O.M
Banking in the Milenium: Nigerian Experience........................................
130-138
Akindele.RJ, Aderibigbe.Pade, Olujide andAdeyemi
European Journal of Social Sciences - Volume 2, Number 2 (2006)
Banking in the Millenium: Nigerian Experience
AkindeIe.R.I
Department of Management and Accounting
Obafemi Awolowo University Ile-Ife
Nigeria
Aderibigbe.Pade
Department of Management and Accounting
Obafemi Awolowo University Ile-Ife
Nigeria
Olujide Jackson
Department of Business Administration
University ofllorin Nigeria
Adeyemi.K.S
Department of Business Administration
University ofllorin Nigeria
Abstract
This work examined the banking in the new millennium, the Nigerian experience. It focused on
the examination of the challenges especially the need for better customer services and better
technology in the banking sector in Nigeria. The study is a descriptive study and data where
collected using both primary and secondary, via questionnaire and oral interview. The findings
revealed that banks have developed to content with the changes wrenching the banking industry.
Most banks are getting ready and have developed strategies such as new technology, and
improved telecommunications, new products and services for improved performance and
profitability in the 21st century.lt was concluded that strategic management practices are not
sufficient for the improved performance of the banks in the 21st century; it must be combined
with competent human resources, technology, improved services and products.
Key word: Banking, Millennium, Performance and Nigerian
Intorduction
The global economic environment of the 1990s is very different from that which prevailed in the previous
decades. This change is expected to continue into future decades. Professions and disciplines of all kinds
banking inclusive have been affected by these challenges and to provide opportunities in the banking
professions, which requires; positioning those banks against in the next 10 years and as pivotal
institutions in the economic development, banks need to check the competition they may face in the new
millennium. Since the industrial revolution, the bank has been an intermediary between society and the
industries. Industries use accumulated capital to invest in providing goods and services; the bank
accumulates capital from depositors. The role of an intermediary is to correct a mismatch between where
the capital is accumulated and where it is needed, this makes banks service organization's which involve
retail banking private banking, wholesale banking treasury-derivates and
130
European Journal of Social Sciences - Volume 2, Number 2 (2006)
of causes universal banking (which is the latest development in the banking industry). Banking industry a
sub-sector of the financial sector see themselves as being part of a business: know what they are
producing know who their competitors are in the market, know what product management means, how to
accomplish it, how marked is been reached what are their next products? Banking is an important activity
in economic growth and development in a nation, because it is a catalyst in the process of growth and
development in such a nature.
The constant phenomenon in the banking industry has therefore posed challenges to and provided
opportunities for the banking industry in order to say afloat. Baking deals essentially with the business of
providing service, it includes safekeeping of money, conversion of currencies (domestic into and from
foreign currencies). '
The New Millennium
A millennium is a period of 1000 years, the word millennium is derived from the Latin words "mille"
which means "thousand" and "annus" which means:" years" The new millennium, the third so far was one
of the most typed in the history1 of mankind. The last century of the last millennium was marked by the
fasted growth in technology known to man, developments and inventions such as health
telecommunications, and of course financial and banking methods. The twentieth century heralded the
shrinking of the world into a "global village" with the use of the worldwide web also known as the
Internet.
The advent of the Interment led to the casing of hurdles of world financial dealings. The decision
to expand the frontiers of banking services coincided with the advantages recorded by mankind in
telecommunications, these not only the banking industry but also every share of human endeavor. New
technology has allowed for a broad based type of banking where a customer can do business anywhere
his/her bank has a branch, which was impossible in Nigerian as recent as ten years ago.
Banks have availed themselves the use of the information super highway to advertise themselves.
The new millennium has also heralded the use of card money adopted as smart cards to reduce excess
liquidity and keep cash transitions that is receiving deposits on current account, saving accounts or other
similar accounts, paying or collecting cheques drawn by or paid in by customers and provision of
financial or such other businesses.
The new millennium has here, everybody including banks have been planning for us arrival for
many years and as we proceed in the new millennium there is in essence a need for banks to evolve better
strategies to create and implement new banking paradigm to reflect the interrelated characteristics of the
new banks organizations and capitalize on advances in the science of banking, the new approach
established banking! as a business philosophy rather than just one of the business functions
Successful banking in the 21st century (new millennium) will-Jiave to be less hierarchical, more
cross-functional banks, empower the individuals and departments within them have a global perspective,
be networked, base themselves on information technology and be customer-driven (Webster Jr 1992)
stated "forget about being market-driven, the future belongs to companies that are customer value-driven"
the implementation of a number of technology related projects have indeed enhanced the efficiency and
effectiveness of service rendered by banks in recent times.
No doubt for any bank to meet the demand of the millennium and have the competitive edge, the
management^ of such banks must give their information technology department a continuous attention
and sup'port since it is basic to a bank's ability to compete effectively in modern day banking, (Burton
1998) point out that in modern banking sector, the task of the storage and retrieval of vast amount of
customer's information has been taken over almost by computer banking system. Computer access to such
storage information raises questions of great importance to modern baking sector. Banks that intend to be
successful in the new millennium must have to re-think their strategies so that they
131
European Journal of Social Sciences - Volume 2, Number 2 (2006)
reflect the characteristics of modern banks and recent identified that the constant phenomenon in the
banking industry in order to stay in afloat. Banking deals essentially with the business of providing
financial services. It includes safekeeping of money, conversion of currencies (domestic into and from
foreign currencies), lending of money at interest and acceptances of bill of Exchange. It also include the
whole system of establishing, regulating, and executing the financial process which takes in fund,
principally as deposits repayable on demand or at short notice and which it employs to make advances by
ways of order drafts and loans and by discovering bills and to hold other financial assets that are
marketable.
The number of service provided by bank have increased and transformed over time; however, risk
taking, which is a fundamental nature of baking remains unchanged. The main source of inevitable funds
remains bank deposits, while loan and investments services and the main outlets. Likewise the major
source income and profitability of baking remain the difference between the rate which funds are
borrowed and which they are invested. All this, together with maturity transformation, which is another
fundamental feature of banking, makes risk taking synonymous with banking. In the new millennium a lot
of banks have foreseen challenge ahead of them with the need for better customer services and better
technology. As we proceed in ,the new millennium most banks are making frantic effort to phases out the
almost moribund banking concepts because most of the new millennium, as in is place banks are adopting
more nascent philosophies that will enable them improve the level of customer service and eliminate
unnecessary cost though an in-depth study of the process involved in developing and delivering customer
values.
This research work is done to evaluate some of the current issues and trends affecting the banking
industry in the late 1990s and the new millennium which include bankers respond to these major trends
strategically and to ascertain the problem inherent in the new trends. The information technology
revolution allows banks and other to transect such over the counter businesses as getting bank balance
statement, opening account, seeking foreign exchange rates and other bank rate, information technology
has also sped up the rate of transaction such as money counting and withdrawals, savings and deposits
and other transactions.
Literature and Theoretical Frame Work
Lancaster, F.W and Worner (1999) defined banking as a type of transaction carried on by any individuals
of firm engaged in providjng financial services to customers, business, to government enterprises in the
broadest sense. Banking consist of safeguarding and transfer of funds lending or facilitating loans,
guaranteeing credit worthiness and exchange of money. Such institutions as banks, saving banks, trust
companies and finance companies or other institutions engaged in investment banking, provide these
services. A narrower and common definition of banking is the acceptance, transfer and most importantly,
creation of deposits.
(Webster jr, 1992) restated the claim that for business to survive in the future they have to be
customer focused, market driven, global in scope and flexible to deliver superior value to customers
whose preferences and expectation change continuously as they rre exposed to new product offerings and
communicating about them. He notes that global competition is not a fact of economic life for the
industrialized nations as well as for the developing corporations.
Strategic Bank Management
Strategic management as defined by David, (1995) is the art and science of formulating, implementing
and evaluating cross-functional decisions that enable an organisation to achieve its objective. Strategic
management focuses on integrating management and computer information systems to achieve
organizational success
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European Journal of Social Sciences - Volume 2, Number 2 (2006)
Pelu (1998) sees strategy as a deliberate, conscious set of guideline developed well in advance of
the specific situation to which-it applies, it strategy, cases, activities to happen rather than just a reaction
to current happenings. Stevens (2000), says that competition should be a great stimulus in formulating
banking strategy, but banks have to strengthen their position by changing from the acquired to the
acquiring, offer new products to stay independent and prosperous, decide whether money/funds are
among our big competitor, devise strategy which will give them a run for their money: lets give burselves
much efficient then our competitors.
Global considerations have impact on virtually all strategic 'decisions, the boundaries of countries
can no longer define the limits of our imaginations to see and appreciate the world from the perspective of
others have become a matter of survival of business. It is also considered that the natural environment has
become an impotent strategic planning. Strategy as been identified as a master plan against an opponent,
as such, it integrates planning resources, marketing and sales, products appeal and life cycle and
technology competence. Technology is enabling tool to reach the other planes and goals. Strategic
planning is a polyvalent enterprise from market perception to sustained profit.
Banking Strategy
Four components of any strategy as identified by'character (2000), as the fundamental component of any
master plan, a.re
•
FINANCIAJ iST^fRATEGY: how to plan ahead in spite of uncertainty and turbulence to protect
and grow our economic resources.
•
MARKETING STRATEGY: how to identify out market and develop a plan to reach it
•
PRODUCTS STRATEGY: what is the range of service we offer to the market, how we price
them, how well we support them, though computers and communications.
•
MANAGEMENT STRATEGY: how to identify and recruit key members of management team.
In essence what detailed long range planning really involves, how we are going to attach6 the
survival strategy, a master plan that integrates other strategies focused by an area of endeavor.
Human resources, market, technology financial and products all produce corporate strategy.
To position our banks against the forces of the next 10 years, we must raise our eyes
above the day-to-day commitments and face out broader responsibilities:
•
Establishing and explaining objectives.
•
Defining long term policies
•
Developing milestone plans
Banking Globiviization
A key problem of our time is globalization. The explosive rate of global trade and international bank
competition has led to the gradual 'disintegration of cultural difference and geographical hegemony with
the arrival of television satellite broadcasting fax machines, telephone link ups and global computers,
banks have led to expend their market and supply services. This is a mater of having a global concept and
corresponding local and global strategy. It's no longer the old philosophy of "think global and act local"
but rather "think and act globally, regionally and locally"
According to Wiston, 'national borders are no longer defensible against the invasion krtowledge,
ideas or financial business, the currency markets are fathered by controls, raised by technology and grow
as refugees from national attempts to allocate credit and capital which have little or no relation with
financial and economics, there is no power on earth like t he power of free market place government hate
it because they cannot control it". Globalization is the transformation of the relations between, state,
institution groups and individuals. Globalization refers to the global restructuring of capitalist relations in
contemporary time, Okefemi (1999) in his assessment of the concept of globalization as the contemporary
international political economics. It is the coax in most
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European Journal of Social Sciences - Volume 2, Number 2 (2006)
social science concept globalization is need in sees used in several ways, but individual in suing in a
process of making global or being present world. In this context globalization is such as spread of ideas,
life styles products and movement.
Global competition is no longer a national rivalry among banks in our country. Tapping financial
resources is a worldwide process; winners must be measuring up to the returns on capital achieve by all
industries in all counties. To succeed in becoming global investment banks, financial institutions need
three key strengths.
(1)
Big Solid capii-;i base-which is known and appreciated.
(2)
A broad technology-enriched, efficient distribution network, and
(3)
Top-quality people versatile in multination business.
Another high point in the nature of banking is fierce competition. This has arisen from the
deregulation in the«'major international capital market diversification of funding and investment,
techniques sluggish demand for capital from traditional borrowers, concentrations of saving with
sophisticated institutional investors and
Information and High Technology as A Cometitive Weapon
Information technology, like an octopus has spread its tentacles to all facets of human endeavor it is hard
to over estimate the strategic importance of the new information technology. The technology is
transforming the nature of products, processes, bank industries and even competition itself. Until recently,
most managers treated information technology as support service delegated it to E.D.P (electronic data
processing) department.
Now, however every bank must understand the broad implications of technology and how it can
create substant and sustainable competitive advantages. Information technology is sweeping through our
economy and no company can escape its effect, banks inclusive. As dramatic reductions in costs of
obtaining-processing and transmitting change the way we do business. IT has however become the
cornerstone of growth and survival of any business.
Davis 1989 says, the revolution of information technology for the banking sector has confronted
bank management with an issue, which has vast but uncertain consequences for costs, product quality,
and management of information for existence in banking. What used to be term E.D.P (Electronic Data
Processing) has been transformed into IT? This change in technology reflect an equivalent transformation
of the use of the company from automation of paper flow to reduction of unit cost, the replacement
product delivery to tee retail or corporate customer; The evaluation of client and product profitability and
analysis of historical price and yield relationships to develop new risk arbitrage products. The need to
achieve results through computer, technology is thus obviously better service. Overlaying these virtues
becoming a battleground in which technological superiority will enable a few bank to emerge as the
industry's low cost producers. In a sector like banking according to David, with minimal product different
and deregulation lowering entry barriers, conventional wisdom affirms that being the low cost producer is
one of the few possible successful strategies. George points out that "the difference between superior and
other competitors will focus on the low cost producers the edge in relate coVts is becoming very powerful
in a freely competitive market, low cost producer will do best".
'
Chorafas (2000), looking at technology in the 21st century, technology is not just at IT operation,
it is the force driving your growth and survival, and therefore it is an integral part of running your
businesses. For this reason technology choices must respond to your strategic objectives. During the last
50 years every decade had is own characteristic technology. A. 50-year transition.
•
Computation in the 1950s/1960s
•
Information 1970s management information system.
•
Knowledge 1980s expert system
•
Communication 1990s network
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European Journal of Social Sciences - Volume 2, Number 2 (2006)

identification 2000 + smart accounting.
Methods
The study is a descriptive research and survey method implored to elicit relevant information. . In
understanding this work; primary data were collected through the use of questionnaire and in realizing the
objectives of the study. The 'respondents were taken from twenty-five banks in Nigeria after
recapitalisation and consolidation efforts of the apex bank. Chi-square (x ) test was used to analyze the
findings.
Results.
Achievements ofperformance of banks in the millennium was critically looked in to, and
The following questions addressed the issue of banks performance in the millennium and the
results are as stated bellow Questions:
Q5:
The mounting capability of computer has provided a largo and broader market in your •
bank?
Ql1: does your banks practice e- banking?
Q12: if yes, has it improved your banks profitability?
Q13: technology has played a major role in shaping banks for the 21 st century
Table 1: contingency table showing observed values (0).
Questions
Yes
No
Not sure
Total
5
67
7
4
78
11
50
18
8
76
12
52
8
18
78
13
69
3
3
75
Total
239
36
33
305
Source: Primary Date
Contingency table observed values (eO and expected values EO)
Questions
Yes
No
Not sure
Total
5
67(60.4)
7(9.15)
4(8.38)
78
11
50(58.92)
18(8.91)
8(8.17)
76
12
52(60.47)
8(9.15)
18(8.38)
78
13
69(58.14)
3(8.97)
3(8.06)
75
Total
238
36
33
305
Source: Primary Data
Decision rule accept HO If X2 st<x2 par. Here x2 st>x2 par 35.5195> 12.593.
Therefore HO is rejected while HI is accepted that technological development will lead to
improved performance and achievements ofperformance standards in the new millennium.
•
Does your bank pursue customers beyond the burdens?
Table 2: showing the extent of market (Global isations)
Responses
Frequency
Percentage %
Yes
32
40
No
30
37.5
Not Sure
18
22.25
Total
80
100
Source: Primary Data
This table indicates that 40%|of the respondents accept that banks pursuer customers beyond their
borders, i.e GLOBALISATION. This percentage does not represent the sample, as 60% of the
respondents do not agree that bank has globalised services. Thus it forms a representation of the sample.
135
European Journal of Social Sciences - Volume 2, Number 2 (2006)
On the introduction of new products the following questions were asked and their responses
tabulated bellow.
Q3
Has your bank introduced new products and services to serve its customer in the 21st
century?
Q7
Has the introduction of new products and service in your bank increased its profitability?
These are tested as follows
Table 3:
contingency table showing observed values (o)
Question
Yes
No
Not sure
Total
3
64
7
9
80
2
74
1
2
77
Total
138
8
11
157
Source: Primary Data
Contingency table showing observed and expected values (O) and (E)
Question
Yes
No
Not sure
Total
3
64(70.32)
7(4.08)
9(5.61)
80
7
74(67.68)
1(3.92)
2(5.39)
77
Total
138
8
11
157
Source: Primary Data
Decision Rule Ho is rejected HI is accepted that introduction of new products and
Improved services will increase profitability
On whether Strategic management practice is a viable and appropriate tool for the performance of
banks in the 21st century. Emerge from a combination of questions in the questionnaire as follows
Q16
What rating would you apportion to strategic management practices in your banks
Q17
What is the potential of strategic management practices as a viable and appropriate tool
for performance of your bank in the 21st century?
Table 4:
Contingency table showing observed values (O)
Questions
Very high
High
Low
Total
16
25
40
14
79
17
34
36
10
80
Total
59
76
24
159
Source primary data
Summary, and Conclusion
This study is an analyzes of the banking industry in Nigeria. Recently innovations have become a critical
attempt to achieving and sustaining competitive advantage in the banking sector. This sub-sector falls
within the service industry which should see themselves as being part of a business; know that goods and
services they are providing; know who their competitors are in the market; know what product
management means, how to accomplish; what to do to improve them; what are their new products. All
these make therefore, banking as an important activity in the economic growth and development of a
nation.
Efforts were made to determine the relationship between technology, modern
teleco'mmunications and banking in the new millennium, to create awareness about the changes
emanating and the need for the providers of the services to turn to the change in the demands of the
customers; to evaluate banking as a new philosophy of management of the corporate success.
Finally, the result of the analysis 'showed that banks have really developed new ideas to contend
with 'changes wrenching the banking industry, most banks are getting ready and have developed
strategies such as new technology, and improved telecommunications, new products and services for
improved performance is profitably thq 21st century. It was also found that strategic management
practices are not sufficient for the improved performance of the banks in the 21st century, it must be
136
European Journal of Social Sciences - Volume 2, Number 2 (2006)
combined with competent human resources, technology, improved services and products, globalised
services and efficient banking strategic such as strategic branch location.
Conclusion
The study is a review of the rapid transformations affecting banking and the trend of banks in the new
millennium. There is no doubt that a different banking environment is necessary to meet the challenges of
the new millennium .To survive the future, banks and financial institutions have to-adopt a new banking
concept which will be customer focused, market driven, having realized that costumers are now global,
whose wants and demands continuously changes and they are exposed to new products, services and
telecommunications. '
In conclusion, the existence of the foregoing would not in itself guarantee success of the banking
industry in the 21st century unless the overall socio-economy condition is supportive of initiatives and
drive. Economy growth needs to be "pushed up" to dovetail into other sectors of-the economy including
banking in such a way that the inter-set oral relationships would be positive and contributing to the
overall economic output hardly would a virile banking industry exist when all the other sectors of the
economy are low in capacity utilization and output, as the banks would enjoy little or no patronage from
these sectors|in any form. The existing sect oral imbalances should therefore be adequately addressed.
Our Naira exchange rate has constrained the acquisition of tradable good, which are for the econo'my to
move forward, specifically, access to modern technology. The infrastructure based needs to be greatly
improved upon. Power supply that has been sporadic and inadequate in supply should be made to meet
the developmental needs of the country; besides, the irregular functioning of telecommunication services
need to also be corrected it is also important for success banking in the 21st century.
Recommendations
For continuity in the 21st century, banks must be sensitive to the types of customers they serve and the
pricing of their product in accordance with demand and supply. Smart selling of financial services should
thereby be adopted by building relationship with customers. Therefore relationship officers should go the
extra mile with customers.
Banks in Nigeria need to implement fully and immediately strategic management policies and
practices as they are systematic approach to major and increasingly important responsibility of general
management to position and relate ttye bank to its environment in a way which will ensure its continued
success and security against surprise. Global services should be embraced upon, as the key problem of our
time is globalization, basically how to build a truly global service organization that draws on economics
of scale yet meet unique and constantly changing local demand. With the arrival of television, satellite
broadcasting, fax machine, telephone link UPS. And global computers (internet) banks need to expand
their marked and supply services across their borders.
Strategic management practices will not in it self ensure improved performance by banks in the
21st century but an application of sufficient and efficient banking strategy will do. It is recommended
here that combination of strategic management practices and technology and .improve
telecommunication, new and improved products and services, the competent human resources and
mounting of branches at strategic locations to increase patronage will in all form appropriate tools for the
performance of banks in the 21st century.
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European Journal of Social Sciences - Volume 2, Number 2 (2006)
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