Using Management Information System To Improve Customer Services And Growth In The Banking Industry
(A Case Study Of Inter-Continental Bank)
Implementing a robust Management Information System (MIS) is pivotal for enhancing customer services and fostering growth within the banking industry. By leveraging advanced data analytics and reporting capabilities, banks can gain valuable insights into customer preferences, behavior patterns, and market trends, enabling them to tailor their services to meet evolving needs effectively. Through the optimization of internal processes such as account management, loan processing, and risk assessment, MIS empowers banks to streamline operations, minimize errors, and expedite service delivery, thereby enhancing overall customer satisfaction. Moreover, by harnessing the power of predictive analytics and business intelligence tools offered by MIS, banks can anticipate customer needs, identify cross-selling opportunities, and personalize marketing strategies, leading to increased customer retention and revenue generation. Additionally, MIS facilitates regulatory compliance by ensuring accurate and timely reporting, thereby mitigating risks and enhancing the credibility and trustworthiness of the institution. Overall, the strategic implementation of MIS enables banks to cultivate a competitive edge in the dynamic banking landscape by delivering superior customer experiences, driving sustainable growth, and maximizing profitability.
This research work was carried out in order to examine the extent of using management information system (Mis) to improve customers service and growth in inter-continental bank Enugu with so much emphasis on the impact of computerization on its operation.
This survey made are of information from oral interview questionnaires and certain analysis of published materials.
The following are the highlights of result:
1) There are various operations of the bank ranging from current account maintained by the bank to customers such as cooperate and financial adviser has become cumbersome as regards to various dot a records to be processed.
2) The bank would be able to keep and maintain records of various accounts and customers records as well as management and staff of the company by the use of modern electronic processor the computer.
Based on these findings the following recommendations are made:
The bank should ensure that every of its staff is computer literate so that their unable goods or objectives is achieved.
There should also be an automatic uninterrupted power supply (ups) to guard information loss or disruption of work process in the event of power failure.
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
List of tables
List of figure (if any)
CHAPTER ONE
Introduction
1.1 Background of the study
1.2 Statement of problems
1.3 Purpose of the study
1.4 Scope of the study
1.5 Research question
1.6 Research hypothesis
1.7 Significance of the study
1.8 Limitation of the study
1.9 Definition of terms
Reference
CHAPTER TWO
Literature Review
2.1 Brief history of banking in Nigeria
2.2 Banking operation in Nigeria
2.3 Origin of money
2.4 Origin of banking
2.5 Development of banking
2.6 Growth of banking
2.7 Account maintained by Inter- continental trust banks
2.8 Ways in which the bank keep its information system improve customers service
Reference
CHAPTER THREE
Research Design Methodology
3.1 Research Design
3.2 Area of the study
3.3 Population of the study
3.4 Sample size
3.5 Instrument for data collection
3.6 Validation of the instrument
3.7 Reliability of the instrument
3.8 Method of data collection
3.9 Questionnaire distribution and retrieval
Reference
CHAPTER FOUR
Data Presentation and Analysis
4.1 Presentation and analysis of data
4.2 Testing of Hypothesis
Reference
CHAPTER FIVE
Discussion, Recommendations Conclusion
5.1 Discussion of result and findings
5.2 Conclusion
5.3 Recommendations
5.4 Suggestion for further research
Reference
Bibliography
Appendix
INTRODUCTION
BACKGROUND OF THE STUDY
The business world has been impacted by a variety of changes population have been growing rapidly; markets have been expanding often to the multinational level; customer expectations have been rising and expanding government demands have been multiplying social responsibility, ecological concern and public institutions have been growing. As might expected, such changes are creating intensive competitive pressure, posing complex decision situations and squeezing available resources organization have responded in various ways diversifying goods and services rearranging organizational structures. Incorporating new technology participating a community action programs and last but not least reexamine information systems.
Development in information related equipment techniques and concepts collectively called information technology have been occurring at a breathtaking pace new version of computers terminals, and other devices are announced almost daily in business new techniques for solving business problems, based upon such disciplines as communications theory and operations research are described in various technical journals. Many of these developments promise to improve the effectiveness of information system and the quality of managerial decision making.
These changes and developments have both stimulated the need for more useful information and provided the means of attaining it. Consequently information systems are exhibiting varied and interesting effects. For instance, computers and related equipment are being applied to the collection, processing and dissemination of information. Decision models are being employed to organized data for decision making reports are being tailor made for managers upon demand.
Other effects of an organizational nature are appearing, for instance information system functions are being organized to mange information system also, functional information system are being installed alongside accounting and other information systems eg personnel information systems.
Since each member of this combined group focuses upon information for managerial decision makers, he resulting combination is known as the management information system. The MS is an important portion of a firm’s communization eg banks overall information system.
Management information system is a system stores and retires information and data, processes them and presents them to management as information to be used in decision making. It must serve the basic functions of management which include planning, organizing, staffing, directing and controlling.
Since the development of management information system there have been numerous challenges of business computers were brought in to solve specifically technological or organizational problem and their use was perfectly accepted. It improves organization junctions and affect the basic structure and principle of the organization. As data manipulation and information are critical in the management of organization, computers play a key role in storing, retrieving and manipulating of data they are essential in operation of the organization.
1.2 STATEMENT OF THE PROBLEM
Despite the fact that management information system with its varied and interesting affects (eg computers and related equipment) revolutionalize management, provide answers to its problems and add a large new innovation to the organization yet a lot of banks are still ineffective in their operation.
1.3 PURPOSE OF THE STUDY
The purpose of this study is to discover a viable means by which management information system improve customers service and growth in banking industry.
Specifically, the study is to:
(a) Examine the impact of full application of management information system.
(b) Identify the extent to which management information system solve the ineffectiveness in banking operation
(c) Determine how the varied effects (eg computer and related equipment by management information system affect banking industry
1.4 SCOPE OF THE STUDY
The researcher focus on commercial banks especially on inter-continental bank.
1.5 RESEARCH QUESTIONS
This study is to be guided by the following research questions:
i) to what extent will management information system improve customer services in the banking industry?
ii) To what extent will the efficient use of varied and interesting effects of management information system improve customer services in the banking industry?
iii) To what extent will management information system help banking and industry see beyond the temporary changes and handle the ineffectiveness of their operation.
iv) Will management information system render human skill obsolete
1.6 RESEARCH HYPOTHESIS
The following hypothesis were formulated and will be tested
Ho: Management information system will not improve customer services in the banking industry.
HI: Management information system will improve customer services in the banking industry
Ho: Efficient use of varied and interesting effects of management information system will not improve customers service in the banking industry.
HI: Efficient use of varied and interesting effects of management information system will improve customer service in the banking industry
Ho: Banking industry has not applied and utilized the role of management information system and its varied and interesting effects to a significant extent
HI: Banking industry has not applied and utilized the role of management information system and its varied and interesting effects to a significant extent.
1.7 SIGNIFICANCE OF THE STUDY
From the result of the study, the extent to which management information system techniques have been utilized int eh banking industry and how far this has affected the overall performance of the bank will be determined.
It is expected that the result of the study will enable the banking industry in particular inter-continental bank to achieve it’s desired objectives (customer satisfaction).
1.8 LIMITATION OF THE STUDY
While carrying out the study of the researcher encountered several difficulties.
(1) Transportation: The delays encountered trying to reach the banks in session in several occasion failed as a result of non-availability of transportation
(2) Finance: The researcher found it difficult to raise sufficient money needed in the early stage of this research.
(3) Time Factor: The research relied much on hired personnel during distribution and collection of questionnaires due to some official engagements.
In addition some questionnaires sent by poor to respondents in the above banks were not responded to and those who responded left vital information unanswered.
1.9 DEFINITION OF TERMS
(1) Management information system: It is a system that stores and retrieves information and data, processes them and present them to management as information to be used in decision making.
(2) Revolution: Radical change
(3) Innovation: Introduction of a new method
(4) Effective: Producing the intended result
(5) Efficient: Satisfactory result
Using Management Information System To Improve Customer Services And Growth In The Banking Industry:
Leveraging a Management Information System (MIS) can significantly enhance customer service and drive growth in the banking industry. MIS involves the use of technology and data to gather, process, store, and distribute information that supports decision-making and business operations. Here’s how banks can utilize MIS for these purposes:
Customer Data Management:
Collect and store comprehensive customer data, including transaction history, preferences, and feedback.
Use data analytics and customer relationship management (CRM) systems to gain insights into customer behavior and preferences.
Personalized Services:
Utilize customer data to offer personalized banking services and product recommendations.
Send targeted marketing messages and offers to customers based on their financial needs and behavior.
Efficient Operations:
Streamline internal processes and workflows with Management Information System to reduce errors and operational bottlenecks.
Automation of routine tasks, such as account verifications and transaction processing, can lead to faster and more accurate service.
Real-time Updates:
Provide customers with real-time access to their account information, balances, and transaction history through online banking and mobile apps.
Implement SMS or email alerts for important account activities, such as large transactions or low balances.
Enhanced Security:
Implement robust security measures within the MIS to protect customer data and financial transactions.
Regularly update security protocols to stay ahead of evolving threats.
Customer Support:
Use MIS to track and manage customer inquiries, complaints, and feedback.
Implement chatbots or AI-driven virtual assistants to provide 24/7 customer support.
Risk Management:
Utilize data analytics to identify and mitigate risks, such as fraud or default.
MIS can help in real-time monitoring of transactions to detect anomalies.
Market Analysis:
Analyze market trends and economic indicators using MIS to make informed decisions about expanding services or entering new markets.
Assess the competitive landscape to identify opportunities for growth.
Customer Insights:
Conduct surveys and gather customer feedback through Management Information System to understand their needs and preferences.
Use this information to tailor product offerings and improve service quality.
Compliance and Reporting:
Ensure regulatory compliance by using Management Information System to track and report on various regulatory requirements.
Generate reports for internal and external stakeholders, such as auditors and regulators.
Strategic Planning:
Management Information System can provide data-driven insights for long-term strategic planning and goal setting.
Banks can identify areas for growth and allocate resources accordingly.
Training and Development:
Use MIS for employee training and development programs to ensure staff is well-equipped to provide excellent customer service and use MIS effectively.
Implementing and maintaining an effective Management Information System requires investment in technology, training, and ongoing data management. However, the benefits in terms of improved customer service, enhanced operational efficiency, and growth opportunities in the banking industry can be substantial, ultimately leading to increased customer satisfaction and loyalty.