Intercommunication System In Banking Operation
(Case Study Of United Bank for Africa (UBA), Ilorin)
The intercommunication system plays a crucial role in modern banking operations, facilitating seamless communication and information exchange among different departments, branches, and stakeholders. This system integrates various communication channels, such as email, instant messaging, and video conferencing, to ensure efficient coordination, decision-making, and problem-solving within the banking ecosystem. By leveraging advanced technology and secure protocols, banks can optimize their workflows, enhance customer service, and adapt to dynamic market conditions. The intercommunication system in banking not only streamlines internal processes but also fosters collaboration, transparency, and accountability across the organization, leading to improved operational efficiency and competitive advantage in the financial services industry.
COVER PAGE
APPROVAL PAGE
DEDICATION
ACKNOWLEDGEMENT
TABLE OF CONTENT
CHAPTER ONE
1.0 INTRODUCTION
1.1 AIM OF THE STUDY
1.2 OBJECTIVES OF THE STUDY .
1.3 STATEMENT OF PROBLEM.
1.4 SIGNIFICANT OF STUDY
1.5 SCOPE OF THE STUDY
1.6 ORGANIZATION OF THE REPORT
1.7 TECHNICAL TERMS OF THE STUDY STANDARD ACTIVITIES
CHAPTER TWO
2.0 LITERATURE REVIEW
2.1 BASIC CONCEPTS IN BANKING OPERATION
2.2 IMPORTANCE OF INTERCOMMUNICATION SYSTEM
2.3 COMPUTER IN INTERCOMMUNICATION SYSTEM
2.4 LITERATURE REVIEW
CHAPTER THREE
METHODOLOGY
3.0 SYSTEM ANALYSIS AND DESIGN
3.1 RESEARCH METHODOLOGY
3.2 METHOD OF DATA COLLECTION
3.3 ANALYSIS OF THE EXISTING SYSTEM
3.4 PROBLEMS OF THE EXISTING SYSTEM
3.5 DESCRIPTION OF THE PROPOSED SYSTEM
3.6 ADVANTAGES OF THE PROPOSED SYSTEM
3.7 DESIGN AND IMPLEMENTATION METHODOLOG
CHAPTER FOUR
4.0 DESIGN, IMPLEMENTATION AND DOCUMENTATION TO THE SYSTEM
4.1 DESIGN OF THE SYSTEM
4.2 IMPLEMENTATION OF THE SYSTEM
4.3 DOCUMENTATION OF THE SYSTEM
CHAPTER FIVE
5.0 SUMMARY CONCLUSION AND RECOMMENDATION
5.1 SUMMARY
5.2 EXPERIENCED GAINED
5.3 CONCLUSION
5.4 RECOMMENDATION
1.0 INTRODUCTION
Communication is the transfer of information from one person known as the sender to another person, known as the receiver. The role of communication in human life cannot be over emphasized. A result of this, there is a need for computer to be used as a mean of recording system in the bank; this gave rise to “intercommunication system in banking operation”.
Intercommunication system in banking operation can be defined as the process of carrying out the basic activities in a bank in order to perform the desire function.
This project describes the possibility of the operations of the united bank for Africa (UBA) with the use of forms and frames to accept data and save it into the database. It also describes the operation of banks which include keeping of account for their customer.
Having considered some of the operations of this bank. This project helped to perform the basic operation of the banks and provides facility by which all the bank activity can be accessed through the same database.
Through information and communication technology (ICT) service available to united bank for Africa (UBA) Ilorin, it can now give its customers a unified access to manage their personal financial information. The adoption of information and communication technology (ICT) by this bank has increased its operational efficiencies, reduced cost through high utilization rate in ICT environment to ensure compliance with changing time and to gain competitive advantage. Method of handing financial services has to change from old manual transactions and data processing to a faster, more effective and highly efficient electronic data processing and electronic fund transfer (EFT) i.e. deposits withdrawals, bills-pay-in, purchases of draft, valve for cheque, third-part transactions, fund transfer and inquiries are all done electronically within seconds. The adoption of information and communication technology (ICT) has also helped some other standard banks in Nigeria to keep the peace with the changing customer.
The complex nature of the banking system, its products and services have made it necessary for banks to embrace changing as quick as possible since this medium of banking has proven to be very efficient in most countries of the world (for example American) and Nigerian is no exception.
This research work is therefore on attempt to determine the intercommunication system in banking operations on Nigeria banks.
1.1 AIM OF THE STUDY
Intercommunication system in banking operation drives development and modernization of our payment system and other transaction on line, to improve effectiveness of monetary policy in managing inflation and economic growth.
1.2 OBJECTIVES OF THE STUDY
- To reduce long queue in accessing customer records.
- To support good customer relation.
- Data storage is centralized updates to that data are far easier to administer.
- Ability to know the number of customers patronizing the bank.
- Ability to eradicate the stress passed through by the staffs.
- Ability to update and access staff details whenever it is needed.
- STATEMENT OF PROBLEM.
LIMITED ACCESS
1.3 STATEMENT OF PROBLEM
LIMITED ACCESS
It may result from a lack of connections to company’s intranet, ignorance of user names for the accounting system, or restrictions on certain files or other document which are stored electronically.
SECURITY ISSUES
Computer security is a common issue when conducting operation with computer. Computer can ruin files or have incompatibility problems; the loss of a laptop can result in a client’s information being available for compromise.
MANUAL SYSTEMS
Not all business has computerized accounting systems in place for their financial operations. This can result in computers being somewhat worthless during auditing process. Auditor may need to conduce manual calculations and then enter the data into the computer; increasing time spent on the calculations.
1.4 SIGNIFICANT OF STUDY.
Intercommunication system in the banking sector have enhanced customer service and productivity regarding account management, while stream living back office activities. The biggest impact is in the area of competition. Small banking institutions can access the same technology as large banking institutions and therefore, can complete with them more effectively for business.
1.5 SCOPE OF THE STUDY
This research work is limited to the basic operation of the United Bank for Africa (UBA), but it does not made any reference to the rate at which the bank give interest on certain amount of money deposited into their bank at a particular point in time due to the fact that the bank did not give raw fact on this area. It is also restricted to savings and fixed account operations.
1.6 ORGANIZATION OF THE REPORT
This project is divided into five distinct chapters. chapter one describe the introduction, aim and objectives, significance of the study, problem of the study, scope and limitation, the organization of the report as well as the definition of technical terms.
The second chapter talks about the basic concept of banking operation, importance of intercommunication system in banking operation, computer in intercommunication system, appraisal of literature review.
The third chapter deals with the method of data collection, analysis of data and the existing system, description the proposed system and the advantages of the propose system.
The second of the last chapter deals with the design of the system which entails the output, input, database and procedure design of the system, the implementation of the system, the implementation comprises of the hardware and software support and the documentation, operating the system which comprises of program documentation, operating tye system, maintaining the system.
The last chapter deals with the summary, experience gained, conclusion and recommendation.
1.7 TECHNICAL TERMS OF THE STUDYSTANDARD ACTIVITIES
Banks act as payment agent by conducting checking or current accounts for customers paying cheques drawn by customers on the bank, and collecting deposited to customer’s current accounts. Banks also enable customer payments via other payment methods such as automated clearing house (ACH), wire transfer or telegraphic transfer and automated teller machine (ATM).
Banks can create new money when they make a loan. New loans throughout the banking system generate new deposits elsewhere in the system. The money supply is usually increased by the act of lending and reduced when loans are repaid faster than new ones are generated.
Banks provide different payment services, an a bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account.
CHANNELS
Banks offer many different channels to access their banking and other services:
- Automated teller machines
- A branch is a retail location
- Call center
- Mail: most banks accept cheque deposit via mail and use mail to communicate to their customer e.g. by sending out statements.
- Mobile banking is a method of using one’s mobile phone to conduct banking transactions.
- Online banking is a term used for performing multiple transactions, payment e.t.c over the internet.
SHARE PROJECT MATERIALS ON:
Intercommunication systems play a vital role in the efficient operation of banking institutions. These systems facilitate communication and information exchange within and between various departments, branches, and levels of the bank. Here are some key aspects of intercommunication systems in banking operations:
- Internal Communication:
- Intra-Branch Communication: Intercommunication systems help bank branches communicate with each other. For example, a customer can deposit money in one branch and withdraw it from another branch of the same bank.
- Interdepartmental Communication: Different departments within a bank, such as teller services, customer service, loan processing, and risk management, need to communicate seamlessly. Intercommunication systems ensure efficient communication among these departments.
- Customer Service:
- Customer Inquiries: Customers often have questions or concerns related to their accounts, transactions, or financial products. Intercommunication systems enable bank employees to access customer information quickly and provide accurate responses.
- Customer Complaints: When customers have complaints or issues, these systems help route the complaints to the appropriate department or personnel for resolution.
- Transaction Processing:
- Real-Time Transaction Updates: Intercommunication systems ensure that all branches and departments have access to real-time transaction data. This is crucial for maintaining accurate account balances and preventing fraud.
- Payment Processing: For services like wire transfers, intercommunication systems facilitate secure and swift processing between the customer’s account and the recipient’s account, both within the same bank and across different banks.
- Security and Fraud Prevention:
- Alert Systems: Banks use intercommunication systems to send alerts about potential security breaches or fraudulent activities. This allows for quick responses to mitigate risks.
- Access Control: Access to sensitive data and systems is controlled through intercommunication systems, ensuring that only authorized personnel have access to critical financial information.
- Compliance and Reporting:
- Regulatory Reporting: Banks must comply with various financial regulations and report their activities to regulatory authorities. Intercommunication systems help consolidate data from different sources for accurate and timely reporting.
- Internal Auditing: Internal audit departments use these systems to monitor and assess the bank’s operations for compliance with internal policies and external regulations.
- Management Decision-Making:
- Data Analytics: Intercommunication systems collect and process data from various sources, providing valuable insights that can assist bank management in making informed decisions about strategy, risk management, and customer service improvements.
- Remote Banking Services:
- ATMs and Online Banking: These services rely on intercommunication systems to provide customers with access to their accounts and the ability to perform transactions remotely.
- Disaster Recovery:
- Data Backup: Banks need robust intercommunication systems to ensure data redundancy and backup capabilities. This is crucial for disaster recovery and business continuity planning.
In summary, intercommunication systems are the backbone of modern banking operations, enabling efficient and secure communication, transaction processing, customer service, compliance, and decision-making. They are essential for providing customers with reliable and convenient banking services while maintaining the integrity and security of financial transactions and data.