In The Sri Lankan Freight Forwarding Industry Marketing Essay

In The Sri Lankan Freight Forwarding Industry Marketing Essay After the three decades of the war ended the political situation in the country is stable and the current government enjoys 2/3 of majority of the parliament and president remains the most popular person of the country. But the political turmoil surrounding the Middle East and Iran affecting the local export market since most of the tea products were export to the Middle East market. Also the economic sanctions impose by United States and European Union on Iran affecting the local export market. 2.2 Economical Environment The fluctuating exchange rates are affecting the local produces since most of them imports the raw material from china and India and produce their main products .also the world economic downturn affecting the local economy. On the plus side opening of the new port and expansion of the Colombo port will bring more vessels to the Colombo port. This will definitely increase container volumes to the country. 2.3 Legal Environment The government has introduced a system to regulate the shipping and freight forwarding industry in the country. All shipping and freight forwarding agents must register with Merchant Shipping department. Where they will categorise to two separate groups and issue licences. This is renewable yearly. 2.4 Technological Environment The Sri Lanka customs department has introduced the new EDI (electronic data interchange) system to update shipping manifest through the entering in to customs department website , which will benefit the industry where cost and time of the forwarders will be saved .previously the manifest were submitted by manually and separate person should allocate to do the job. Also this will help the accuracy and duplication of work. 3 ANALYSIS OF THE INDUSTRY THOUGH PORTERS FIVE FORCES The Threat of entry In the Sri Lankan freight forwarding industry the threats of new entry is rather high because there are no legal requirements other than registration as a company with register of companies. Any one or any party can enter in to the industry with only requirements are recognition in the industry, business contact and Agent network with minimum capital can enter in to the industry . When new entry enters in to the market it is a burden for the existing freight forwarders in the market. Since the industry is already overcrowded with so many players with in the industry completing for slow growing export market and everyone have e to share the existing customer base with new entries to the industry. The entry barriers to the market can be arisen due to new entry to the industry unable to get economies of scale at once since they do not have the volume advantage at the start of the business. Another barrier is the new regulation by the government which comes under the Merchant Shipping Department. The forwarders must have the licence to carry out the business with in the local Market. The Treats Of Substitutes The substitutes service can be provided by the carriers and air lines by way of value additions or part of the supply chain to the customers. Ware these carriers can provide additional services like warehousing, transportation, inventory control etc. The Maersk the world leading carrier has started their own arm to provide the additional value added services to the customers by in the name of DAMCO international .this will surely make the adverse effect on the current forwarding market in the country. The Bargaining Power Of The Buyers In the Sri Lankan freight forwarding market the bargaining power of the buyers are very high. when comes to the export market in year 2011 countrys export containers were around 260047 and for a month it is around 21680 .other than forwarders the main carriers are also competing to get the business direct from the customers. The freight forwarder has to convince the buyers and must offer more value for the money. When relating to the concerned company the 10 major customers bring about 26.38% of the total income of the company so there buyer power high and the profit margins from these customers are thin. The Bargaining Power Of Suppliers The suppliers for the freight forwarders either shipping lines, airlines, ware house provider or Logistics Companys provide services to the freight forwarders.in Sri Lanka the shipping lines and air lines are dominating the market .if other than the freight forwarder has large volumes they can bargain with the shipping lines and air lines other than that the bargain power of the suppliers are very high. When come to the concerned company same theory is applied to some destinations not for the all destinations. Competitive Rivalry Among Exciting Firms As per the merchant shipping department there are 296 freight forwarding companies in the local freight forwarding market. But there is other freight forwarders operating in the market without licences also. There is high competition among the forwarders since the export market is only expand around 6% in year 2011and import market did expand by 17% when compared to 2010 as mentioned by the Sri Lanka Freight Forwarders Association (SLFFA).in the industry there are lot of equal size competitors in the market and this will result intense competition with in the market .and there are few major size competitors competing in different sectors of the market .most of these competitors complete in the appeal and tea sector since those are the most exported commodities in the country. When analysing the five force frame work in the freight forwarding industry in Sri Lanka there is little information about the individual performance of the rival organisation. And there is no ranking system to identify who the best company is providing the forwarding services in the industry. Even though there is association in the industry it has only 84 members and where government has issued over 296 licences to practice as freight forwarders. And there is lack of understanding among competitors with in the industry about the growth and there is no growth forecast with in the industry. When analysing the above finding there are lot of competition in the market for sea freight export since the sea freight export growth rate is about 6% but the sea freight import growth rate is high about 17% .most of the freight forwarders concern about the full container cargo (FCL Containers) in market and less about the loose cargo load (LCL) and multi country consolidation (MCC). 4. VALUE CHAIN ANALYSIS To achieve the competitive advantage organisation must deliver the value to the customers below are the value chain analysis for the CWT Globelink Colombo 4.1 Primary Activities 4.1.1 Inbound Logistics When comes to the export of goods organisation provide transport from shippers place of production to the organisations ware house. Fumigation, obtaining relevant certificates for the export purposes is other parts of the job. In the import sea freight communication with relevant shippers in the various destinations, picking up the relevant good, storing in the ware houses in the relevant destinations till it ships to the Colombo or various other ports. 4.1.2 Operations In sea fright exports the operation is stuffing the relevant cargo inside the container according to the stuffing plan.in this case the Cargo must be stuffed to the container without any damages and relevant cargo must be send to the relevant containers accordingly. And should send to the relevant ships accordingly.in import sea cargo must be DE stuffed accordingly. 4.1.3 Outbound Logistics When is come to the import shipments after receiving the goods to the Colombo port the organisation must issue the relevant documents to the relevant consignees to clear the goods from the relevant ware houses operated by the Sri Lanka ports authority. Also must help the consignees to track down the cargo from the ware houses. 4.1.4 Marketing and Sales Promoting sea freight business with relevant rate to the direct and cooperate customers, overseas agents and shippers with value added services are the part of the sales and marketing 4.1.5 Services Tracking the customers cargo till its deliver to relevant parties, issuing Delivery orders, Bill of ladings, surveying for the damage cargo and issuing relevant letters to obtain the insurance claims and sending arrival notices some of the additional services provided by the company. 4.2 support activities 4.2.1 Technology Development The firm provide tracking system to all their customers to track their cargo through new innovative system .using this system customers can see where their cargo are currently lying on or which vessel the shipments are on and time this shipments will be delivered to the destinations. 4.2.2 Firm Infrastructure and Human Resources Management The firm has a good reputation among the customers. The organisation poses a good customer centric culture. The MIS support the innovation and responsiveness to the customer needs. 5. THE SOURCE OF COMPETITIVE ADVANTAGE THROUGH ONION MODEL THE GOOD ONION MODEL 5.1.2 The Agent Network The organisation poses a worldwide agent network .the organisations has 40 associate offices in 13 countries and cargo ships to over 120 countries reaching more than 1200 destinations worldwide which unmatched by the local competitors . 5.1.2 Superior Rate Structure The organisation offers the most competitive rate in the LCL cargo sector in the market and most of the other freight forwarders in the market co-load their shipments with company since they do not have the capabilities match the rate offered by the firm. 5.1.3 Leading Multi Country Consolidator The organisation is the innovator of the large scale of operations of the multi country consolidation among the competitors. Firm is the leading MCC to Indian sub-continent. 5.1.4 Innovative Cargo Tracking System The customers can track their cargo through the system only the have to do is enter the bill of leading numbers to the system and will able to get the full details about their cargo 5.1.5 Customer Centric Culture The organisation is fully focused on customers needs and requirements. Organisation have separate department focusing the customer care and even has customer complaint line which is first for the Sri Lankan freight forwarding industry. 5.1.6 Cost Leadership in LCL market The organisation provide special services for the like packing transport fumigation entry passing as a whole package which includes the freight charges. The organisation always provides the more service for the money charge for the customer. THE BAD ONION MODEL 5.2.1 Parochial Top Management Mind Set Even though the organisation very centric towards the customers and customer need they are not much focused on the developing business to the next level or stepping up for the next level. They poses very narrow set of business vision for the company and does not want step outside the comfort zone their currently in and change the current business dynamics. 5.2.2 Employee Engagement The organisation lacks the motivation to achieve its goals .where employer wants employees to do their best work and drive the organisation towards its goals.to do that employer must engage with the employees and find the ways to get more from the employees other than the primary work set they have been assigned to do . 7. THE SWOT ANALYSIS 7.1 Strengths of the Organisation 7.1.1 Agent Network As mentioned earlier organisation has good agency network around the world. Using this network firm can import and export any cargo according to the customer requirements. 7.1.2 Rate Structure Since the firm operates most parts of the world with various agents organisation can offer the cheapest LCL rate in the market. Most of the agents the firm work are the market leaders in those destinations and the have the lowest tariff with in that particular destination .with the collaboration with them organisation can offer the best rate in the market. 7.1.3 Transhipment Cargo Volume The Colombo port is a strategic transhipment point in the world.so most of the cargo to Europe from Indian sub-continent tranships through the Colombo port and most of the European Cargo to Indian sub-continent tranship through Colombo port. most of the agents send their transhipment cargo to consolidate in Colombo send to the various destinations previously mentioned. 7.2 weaknesses Of the Organisation 7.2.1 Working Capital Inadequacy The firm always works with the thin profit margins with credit to the customers sometimes with low volumes will create a loss situation where it will affect the working capital requirements of the company. The other scenarios is there more imports to firm than exports and the firm has to pay to the agents and should provide credit to the customers this will also create working capital inadequacy. 7.2.2 Human Resource Management The firm not very keen in developing good human resources management process .this will lead to the less employee engagement and will hinder the achievement of organisations goals through performance. 7.3 External Opportunities 7.3.1 Development of Colombo and Hambantota Port The development of Colombo port efficiency and increase of the handling of the containers will affect the industry also opening of the new port in Hambantota will increase the vessel calling specially the car carriers are promoted in the new port. Expansion of the Colombo port to will attract more vessel to the port and will benefit the local industry by more volumes and less cost 7.3.2 Stable political Environment The ending three decades of the war and stable political environment will attract more investors to the country. The more investment comes and starts new business will create more imports and exports from the country. 7.4 External Threats 7.4.1 Weak Economic Development of United States and European Union The European Union and United States economic crisis were affected to the local garment and tea and other sectors badly and this crisis has been effected to the freight forwarding industry also the export market were grown only by 6% in last year. 7.4.2 Turmoil in Middle East and Sanctions to Iran One of the best export market for the country is middle East and Iran .the current turmoil in Syria, Egypt ,Libya has halted the export to those countries also the sanction by the US and EU to Iran also effected the industry . VISION To Be A World-Class Corporation With Global Logistics Capabilities MISSION To Excel As A Leading Logistics Solutions Provider Delivering Best Value To Customers (http://cwt.listedcompany.com/misc/ar2011/ar2011.pdf) 8. THE VISSION, MISSIONS, CORE VALUES OF THE COMPMANY The Colombo office uses the same vision statement as head office in Singapore. This is for a border group with different SBUs and freight forwarding is a one SBU among other business units. Colombo office should have a different vision for its objectives. Modified vision statement for the firm would be TO BE A ONE OF LEADING FREIGHT FORWERDING COMPANY IN SRI LANKA WITH GLOBAL FREIGHT FORWERDING CAPABILITIES. The mission statement by the head office will be the mission to the company since to become the leading freight forwarding company in Sri Lanka the firm must move to the other sectors of the logistics to provide best value to the customer. 8.1 Core Values 8.1.1 Service Reliability Provide the best service to customers and to improve the service levels and consistently upgrade the service levels 8.1.2 Competitiveness To provide competitive freight rates in the market and pass any reductions possible to valued customers so they can keep their cost down to the minimum levels. 8.1.3 Customer Focus To understand the customers requirements and utilise the knowledge of the organisation to deliver quality, committed service to the customer 8.1.4 Teamwork As an reputed organisation it is value the strength of an individuals and combined together to deliver the objective of the firm 8.1.5 Quality The firm to ensure customers receive a standard of service which provides quality and assurance that can be deliver time and time again. 9. GROWTH TARGETS As per the attached Annexure Below the firms average import turnover increase about 28% and export turnover were increase by 41% .but the firms import volume was only increased by 9% and export volume was down by 34% .the export volume decrease is mainly due to the low volume exported during year 2010 recession period .even though year 2011 and 2012 shows an increase of 42% and 22% respectively. These are the growth targets set for the next 3 years 2013 2014 2015 Export tus 3300 3630 3993 Import tus 4,696 5,165 5,682 2013 2014 2015 Export turnover 477,276,792.67 525,004,471.93 577,504,919.13 Import turnover 41,796,722.88 46,394,362.40 51,497,742.26 Export profit 37,495,029.33 41,244,532.27 43,306,758.88 Import profit 30,887,954.40 30,887,954.40 30,887,954.40 After analysing the market trends for the year 2008/2009/2010/2011/2012the growth target was set. The average turnover and profit were nearly about 11% for the export and imports therefore the target was set as 10% increase for income and profit for two sectors. For the volume the fluctuations are very high and it was very difficult to set an accurate target therefore the 10% was taken to the volume target also STRATEGY OPTION TO ACHIVE THE GROWTH 1. The Ansoff Approach 1.1 Market Penetration Increasing the sales volume through new marketing recruitments, encouraging the customers to purchase more services, attracting the customers with price and differentiation and gaining the market through expense of the competitors will help the organisation to penetrate more in to the market 1.2 Market Development Firm can enter in to the new market segments like supply chain management to the garment industry and telecommunication industry. Also can enter in to the market such as Maldives and Afgenistan where there are less competition and high profit margins. 1.3 Product Development Firm can combine their import and export business together and provide services such as imports goods from one country and export the same goods to an another country .bundling the products together and offering as a one product (freight, transport, packing ,entry passing together as one product ) 1.4 Diversification Firm can move in to a commodity markets where they can buy and sell commodities 2. The Porters Approach 2.1 Cost Leadership Currently the firm provides the lowest cost in the market. Where firm cut the costs to the minimum and pass the savings to the customer with lower price .this help to attract more volumes to the organisation. 2.2 Differentiation The firm can differentiate their product and services more attractive than the competitor .this can be create through customer service, image of the organisation, faster services to the one destination to another. STRATEGY FOR THE GROWTH The firm to use hybrid strategy for the growth .the organisation need to penetrate in to the market using differentiation and cost leadership and must move in to the new products to grow in the market . Currently firm offers the best rate in the market. Offering the best rate will help organisation to gain the cost leadership in the market. Gaining the cost leadership will help secure more volumes from the customers and attract the customers from the competitors. With the cost firm can encourage the customers purchase more products and services and these will help the firm to penetrate in to the market with same products catalogue. Currently firm only offers few services such as freight, transport, packing and entry passing. This will limit the growth opportunities. Firm can enter into a new market segment using supply chain management. This will help the firm to tap in to the appeal industry which is one of the largest import and export market in the country. The growth target was set for the next ten years is 10% for the profit and volume. Through new product development firm can attract more customers and volumes to achieve the set target. Combining few product and services as new product and offering to the customers services like imports from one destination to other destination without importing the goods to Colombo will be a new product development to the firm REFERANCE LIST www.slffa.com http://www.dgshipping.gov.lk

Reform Movements in the United States Sought Essay

As Americans entered an era of transition and instability, they sought to expand democratic ideals in the society. In response to sudden changes occurring and traditional values being challenged, various reform movements during 1825-1850 began to focus on democratic ideals. The rise of religious revivals, movements for equal rights and protecting liberties of different social groups, want to advance society technologically, and desire to bring order and control helped reform the society to live up to the nation’s founding ideals. Teaching them (I don’t get who â€Å"them† is) the habits of thrift, orderliness, temperance and industry was a way to not only better their lives but a way to instill certain democratic values and advance the perfection of society as a whole. The rise of popular religion and a series of religious revivals reinforced American democracy and liberty. The Second Great Awakening was a huge religious reform movement that sought to re-captivate religious interest in America. One of its new breakthroughs is its representation of democratic ideas, or: â€Å"a reworking of traditional religious institutions to better match the average American’s sensibilities and frontier lifestyles (Second Great Awakening). † In this attempt to capture interest, this new theology differed from the previous Calvinist viewpoint that people’s predestined path to heaven or hell could only be altered by God’s choosing, in that the new theology emphasized individual free will, and equality in God’s eyes- a characteristic of democracy. These new theologies emphasized: â€Å"human choice. Reform of the individual human heart and also broader social institutions was indeed possible (Second Great Awakening). † Church ministers were elected and churches believed in a â€Å"priesthood of all believers. † Such religious reforms sought to expand democratic ideals into the churches. The theology of the Second Great Awakening can be divided into many different subdivisions which all spread out and became part of many reform movements to come. Before examining such future movements, it must be noted that The Progress of the Age was also a reform movement that spread democratic ideals of around the same time frame as the Second Great Awakening. The Progress of the Age empowers all the new American technologies and social reforms in its time (around 1825-1846). New technological reforms included adapting the time conserving sewing machine, and harnessing the potential of the locomotive. Religion, politics, the economy, and virtually everything else in America was being influenced by echnological reforms, turning life in American as something Senator Webster describes: â€Å"The world has seen nothing like [it] before (A Discourse, Delivered at Plymouth 61). † The significance of all these technological advances lies in the inevitable social advances they initiated. The Progress of the Age focused on improving everyday life with the adaption of machine labor, allowing for: a large range of agricultural goods for the co mmon man, increasingly cheaper goods, less expensive books/newspapers, and faster travel. As these technological revolutions led to revolutions in habits, opinions, and moral values, people began to realize: â€Å"If machinery could be brought to such a state of perfection, why not society (Maier 369)? † With all the social ideas related to technological progress, none were associated with the Progression of the Age, as the expansions of democratic ideals were. With the new leaps in technological advances, people built the impression that: â€Å"No reform is now deemed impossible, no enterprise for human betterment impracticable (Maier 369). Of all the social ideas, the democratic ideas of striving for social equality, and benefitting the common good fit the technological age of progress best. Along with technological advancements, American literature was advancing too. New values such as favoring nature over â€Å"America’s turn towards industrial capitalism and worst of all, the crass, money-grubbing materialism that seemed to grip more and more of their countrymen (Maier 371),† as described in novels of James Fenimore Cooper, and Washington Irving were exposed to their readers. The Transcendentalist movement, founded by Ralph Waldo Emerson was populated by his essay Nature, as well as other works such as Henry David Thoreau’s Nature. The increasing quality and affordability of such books as well as newspapers, with new perspectives and philosophies printed by new machines, allowed the common people access to new knowledge. Society was now exposed to knowledge such as: philosophy, current events, and political information which brought up the level of education of the common man. Not only were books made cheaper and more available, an abundance of higher quality goods and services such as better foods, clothes, and a better transportation system now became available to the society. As Horace Greenley of the New York Tribune accounts: â€Å"We have universalized all the beautiful and glorious results of industry and skill†¦ We have made them a common possession of the people†¦. We have democratized the means and appliances of a higher life (Art and Industry 58). Greenley is saying that the Progress of the Age has brought high quality goods previously only for aristocrats down to the common people, raising the living standard of the common people: a true democratic value. Out of all these technological breakthroughs, the railroad became the symbol of the Progress of the Age and the expansion of democratic ideals. Even artists of the Hudson River School such as Thomas Cole recognized the locomotive in their paintings. In River in the Catskills, Thomas Cole blends the locomotive with nature, suggesting a natural harmony between them as Americans civilized the new lands. The locomotive became a symbol of the drive of civilization, spreading it and America’s democracy to new, unseen horizons. These unseen horizons were discovered through the reforms in the Antebellum Era, whose roots were mainly evangelical – religion tied into the belief that equality and salvation should be offered to everyone. This brought back tensions between the North and South when slavery became an issue with those ideals, which made the acted reforms not just a movement towards equality, but towards democracy as well. One of the most important reform movements in American history was the creation of the American Anti-Slavery Society in 1833. The Declaration of Sentiments was established and those who wished to join the society had to sign the document which pledged to â€Å"secure to the colored population†¦all the rights and privileges that belong to them as men and as Americans. † This reform was different than most, because the people involved decided to use the old tactic of â€Å"moral suasion† instead of violence. These society members campaigned across the U. S. especially aiming to influence the South. They published abolitionist newspapers and other literature to raise awareness, attempted to make antislavery societies in every state and every town, and eventually brought so many petitions to Congress that although the â€Å"Gag Resolution† tabled them, the awareness it raised about slavery occurred everywhere. Not only was this the effect of the society, but it also showed Americans that all people could make a difference if joined together, not just the government, which expanded ideas of democracy. William Lloyd Garrison, among other strong abolitionists, acted as a leader in the fight for all-around equality in the United States. He dedicated his life to slavery abolition, publishing the newspaper, The Liberator and writing in it, â€Å"On this subject, I do not wish to think, to speak, or write, with moderation†¦I am in earnest – I will not equivocate – I will not excuse – I will not retreat a single inch – and I will be heard. † Not only did his words anger people enough to cause the bloody slave revolt in Virginia led by Nat Turner, but it also made abolitionists of others as well. His words inspired Frederick Douglass to publish his newspaper, North Star, at Rochester. They inspired Theodore Dwight Weld to declare an end to slavery and leave the Lane Seminary and their white society with 75 others by his side, naming themselves the â€Å"Lane Rebels. † He spent the rest of his life being a devoted member of the Ohio Antislavery Society and giving speeches throughout Ohio and Pennsylvania, encouraging the establishment of other antislavery societies. Abolitionists for women’s rights like Henry B. Stanton who was also a â€Å"Lane Rebel†, and his wife, Elizabeth Cady Stanton were also strong leaders, as well as the Grimke sisters in taking on the roles normally given to men. These powerful reformers were able to influence the population to join them in reforms, creating the sense that they could all make a difference together, and reform the republic government to a democratic one instead. With the idea of equality comes the idea of democracy, so when reform movements for slavery abolition and women’s rights began, so did the widespread belief of a new democratic government.

Study And Analysis On The Banking Sector Finance Essay - Free Essay Example

Sample details Pages: 20 Words: 6087 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? A vibrant and proactive sector on which the economy of any nation depends on is the banking sector. The Banking sector thrives on the provision of an enabling environment for business transactions and further improvement of its services portfolio to its customers. Strategic planning in the banking sector encourages bank growth which affect prosperity; it involves a long term planning taking into attention, The Banking sector represents a trading unit of an economy. Don’t waste time! Our writers will create an original "Study And Analysis On The Banking Sector Finance Essay" essay for you Create order It strives on providing an enabling environment for business transaction and continuous improvement of its customer services. Strategic planning in banking enhances the growth of banks, which subsequently effects prosperity. It involves a long term planning with consideration for opportunities and threats posed by the external environment. In order for banks to achieve its objectives effectively and to ensure the satisfaction of its clients, well defined strategies are required during decision making and policy formulation/application. Katuri(2005, p.1) state that advancements in technology however, has brought about a paradigm shift from traditional banking practices by banks to offering Internet based banking services such as Automated Teller machine [ATM], Electronic banking ,Mobile Banking which collectively ease difficulty in banking like cost effectiveness and timely delivery of transactions other products and services As further emphasized by Nair (2005, p.151), the usef ulness of information technology in the field of banking has become intensive. Nair (2005) also opines that technology has become an enabler for the needs of customers and banks to be met especially, as needs of customers lifestyle keep changing overtime. The growth of technology has bridged the bottlenecks in product delivery to customers. Nair (2005) believes the embracing of technology by banks as a strategic and calculated attempt to improve productivity, profits, reduction of operational cost and efficiency. ABA (2004) and Fox (2005) likewise believe that electronic banking services rendered by the banking sector are often customized towards the retention of existing customers, acquisition of new customers and ultimately improvement in productivity levels, so as to gain a competitive edge in customer retention over traditional banks (who do not readily embrace e-banking). The utmost concern in a world of developed information technology is how the gap of time, distance ca n be bridged while at the same time maintaining effectiveness and accuracy. New trends in information technology have indicated that barriers such as time and distance could be bridged while effectively maintaining efficiency in the provision of banking services to customers. The age of internet explosion has been a great relief to the factors constraining the effectiveness and awareness in both social and transaction world. Ganti (2005, p.56) stated that the introduction of -banking shows a paradigm shift in the customer relationship marketing environment for banks. It has repositioned the modern banking sector, subsequently creating unlimited opportunities with customers becoming sophisticated. In the transactional world, the era of internet explosion has tremendously improved the banking sector through the system Known as ELECTRONIC BANKING. In recent years the Banking sector witnessed the coming of age in Electronic banking and decline of traditional way of banking practi ces, research carried in 2004 by American bankers Association[ABA] evidence shows that banks offering electronic based banking services gain higher advantage in servicing banking. Electronic banking usage by banks are targeted at reducing operational cost thereby sustaining efficiency and increasing market share while retaining its customers (ABA 2004, Fox 2005).Despite the explosion, a new market based services is being offered by Electronic banking. The Stewart Brandley (2002) in their case study titled A delphi study of drivers and inhibitors of internet banking indicates that countries of the world have been able to embrace the system; while some countries have advanced tremendously, others are yet struggling with constraints. The advanced countries known as technologically developed nations such as UK and USA have maximized the potentials of Information Technology in banking while developing countries such as Nigeria and Egypt are yet to fully adopt the new trend i n banking technology. Ovia (2001) states that the factors constraining the growth of Electronic banking in developing countries are: Illiteracy Poor infrastructure: High cost of Telecommunication Power supply Security Lack of awareness Illiteracy The above listed constraints are huge impediments towards the adoption of e-banking in Nigeria. The study about Nigeria shows pinpoints the majority of Nigerian nationals as rural dwellers, therefore a good enlightenment campaign will result in a remarkable increase in the banking sector and the subsequent usage of electronic banking service offerings. However, it is worthy to categorically state that technological advancement has been a major driving force of GLOBALISATION. The effects of globalization on e-banking is such that technology-related advancements achieved via e-banking has provided a solution to the problems of distance and time subsequently ensuring that customers can transact business and gain acce ss to new markets easily. 1.2 AIMS AND OBJECTIVES 1.2.1 AIMS The study aims to identify and discuss the impact of information technology on customers in the retail banking industry with special emphasis on the Nigerian environment as a case study. Also, factors that influence the customers in the adoption of technology, low awareness levels of technological offerings will be discussed. The affinity of Nigerian banks toward the information technology platform would also be considered. 1.2.2 OBJECTIVES Definition of e-banking and the analysis of the advances in e-banking since its introduction in the Nigerian banking industry. Identification of the advantages e-banking brings to the banking industry. Discussion of the effect e-banking has on customers and an insight into their level of electronic usage or experience. Research and analysis of e-banking products/services/portfolio provided by banks to their customers. Identify reasons for under-development of e-banking in Nigeria To make recommendations for the modernization and development of the e-banking platform. 1.3 MOTIVATION BEHIND RESEARCH TOPIC In recent years the technological advancements has necessitated the move towards technological development in Nigeria. It is a developing country with a population of about 140 million people, and its a country with huge telecommunication growth in Africa over the past 10 years. The country has experienced an impressive level of development in tele-density (number of telephone lines per population unit, usually 100 people) from a tele-density of 0.73 in 2001 to 46.80 in 2009 (Nigeria Communications Commission [NCC], 2009). The explosion in tele-density has immensely improved the growth rate obtained in various industries. However, despite the explosion in telecommunication activities in the Nigerian environment, Nigeria is still to meet up with the advancement in technology like other developed countries such as the United kingdom. However, (Ovia,2001) also believes that the move towards technological advancement is hampered due to lack of proper infrastructure such as power supply, communication and security is also a major problem. These are recognized as potentially huge impediment to the economic development and advancement in technology 1.4 SIGNIFICANCE OF RESEARCH TOPIC The importance of this research is such that it emphasizes the merits and demerit of e-banking in the Nigerian retail banking industry. Subsequently, information gathered and researched would provide a good starting point towards suggestions on the improvement of banking services in Nigeria, but most importantly the formulation and implementation of policies that will incorporate technological improvements such as e-banking in the pot-pourri of banking services available to the Nigerian public. The Nigerian banking sector has not been spared with the banking boom era of the 90s which did not last long- a situation which saw many banks closing down and the eventual loss of public confidence in the banking industry, consequently leading to the creation of the failed bank tribunal by the government. The banking boom is back but the banks are facing stiff competition in retaining their customers, their customer retention ability will depend on the information technology infrastru cture available. However, global recession in 2008 was marked coincidentally by failures of banks and unstable slip in economic statistics. Based on these premise, the global recession will not affect e-banking services in Nigeria due to its relatively new introduction to the Nigerian retail banking industry, and as illustrated by Fox (2005) and ABA (2004) evidence proves that banks offering these internet based pot-pourri of services are better positioned in retaining customers than traditional non electronic banking banks. 1.5 PROJECT CONSTRAINTS Time: Availability of time will be at a premium all through the duration of the project. Factors to also consider in the estimation of available time towards the project are coursework from other taught units and examinations. Non-commitment from respondents: Low or no response from client that are to be interviewed or not getting the information needed because is view as classified documents by the client company. Also respondents not returning questionnaires are a major constraint. 1.6 RESEARCH METHODOLOGY The research methods that will be adopted are the primary and secondary data methods. Primary research method will involve the use of surveys for data collection: statistical data. The research technique shall be questionnaires given out randomly to people in the Lagos metropolis and bank personnel. However, the secondary research shall be based on data collection from different websites of banks and on existing factors to support the research work. Also, the University library and the internet will be a major source of information. 1.7 STRUCTURE OF THE PROJECT This research begins with an introduction in chapter 1. Chapter 2 centers on the review of related literature. Subsequently, it covers detailed explanation on facts outlined, advantages and disadvantages. Chapter 3 shall explain the different research methodologies and reasons for using the chosen methodology. The evaluation of secondary research will be included. And chapter 4 shall give a full analysis and interpretation of results from primary research information and the future of electronic banking in Nigeria. While chapter 5 shall look at the research findings and chapter 6 looks at the conclusion and recommendations. METHODOLOGY 3.1 RESEARCH METHODS The research methodology is classified into two groups and the information gathered is analyzed as quantitative or qualitative data. PRIMARY RESEARCH The primary research involves communicative interaction with people. The information gathered will be analyzed to ensure its usefulness to answer the research question and for the research purpose. The information needed will be collected by questionnaire surveys, focus group, content analysis and observation. SECONDARY RESEARCH The secondary research entails the processing of information that has been previously analyzed and used for further analysis. This information can be assembled from prior research studies, journals, books, articles and online materials. Both methods have advantages and disadvantages and the suitable approach is to understand the rationale for the evaluation of the survey, the required information and the number of respondents required to arrive at a conclusion on research findings. The credibili ty and date of publication must also be put into consideration when applying secondary data to avoid erroneous outcomes. Since the main aim of the research is to select a method that meets the research objectives, secondary data may not have dealt with the current topic or may be outdated so it is essential for a primary research. That notwithstanding, some disadvantages of the primary method is it is time consuming because information is critically analyzed to get accuracy in results. 3.2 METHOD CHOSEN With regards to this research, both methods were used because Electronic banking is still relatively new in contemporary networking circles and previous research in this area is limited in comparison to other related topics. One reason for choosing the primary data is because it is believed to be versatile and flexible in nature. The performance ordinarily has a more profound effect on the survey results than has any other single element of survey (Alreck Settle 2004, p.89). While secondary research allows for comparism of data collected from previous studies, they are required for guidance of the primary research (Frankfort Nachmias 1996, p.306). However the use of only secondary research will not give the required results. Through secondary research, banks adoption of Electronic banking in relation to the level of customer adoption and service rendered and the evaluation of secondary research data have aided in scrutinizing problems associated with the research topic. Furthe rmore, analyzing to what extent Electronic banking is adopted by Nigerian banks and customers level of adoption of these services. Valuable information was retrieved from secondary research in the analysis of the research topic. However, some limitations were that collated data was not enough to summarize and draw conclusions and so the use of primary method (Questionnaire) was applied to ascertain the authenticity of information obtained from secondary data was accurate. However the limitation of using a primary research is slow response from respondents and some not even returning the questionnaire. The objectives of the primary research is To identify the level of adoption of customers to Electronic banking. To research and analyze the degree of Electronic banking services offered by banks. The questionnaires were distributed via email. Another format for this was personal interview with banks with some open ended questions such as What measures are on ground to en hance internet banking security? This allowed for respondents to answer the questions freely without restriction of options. The information retrieved was accurate because all banks have distinctive security software in operation. The second format, the close ended questionnaire, was for respondents to fill, with a number of options to choose from. This is fast and easy to return without delay. 3.3 THE RESEARCH PLAN The research plan is a blueprint of sampling unit, sampling frame, sampling procedures and design. The sample unit was in form of a survey carried out within the heart of commerce in Nigeria, Lagos state. The sampling frame comprises of all the banks in the Lagos metropolis and with a sample size of 10 to enable good response for accuracy than loads of questionnaires filled incorrectly. The method used was stratified sampling to ensure diverse groups of people were well represented in the sample and to also increase accuracy level in the estimation of parameters. The sampling procedure was in two parts with focus aimed at two groups. The first is the service provider i.e. the banks, comprising of the old and new generation banks. The second is the service users i.e. customers. The total of questionnaires that were distributed was 80 and 68 was returned. The questions were directed toward the students, working class and to the general public as well as tailored questions towards int ernet usage accessibility and electronic banking service awareness. The researcher gathered useful information with the adoption of this method and the same question was sent to all respondents for ease of analysis and because the viability and reliability of a research study largely depends on information consistency to obtain reliable results. 3.4 ANALYSIS OF SECONDARY DATA Data assembled from previous research was beneficial in evaluating the research topic. When considering secondary research, the data analyzed does not meet the researchers need as results were not completely accurate in fulfilling the aims of the research. Despite this limitation, a careful examination was made to ensure that data collected were from sources that could justify precise information and to also ensure accurate documentation of findings is presented correctly after evaluation. The secondary data was analysis on works done at Nigerian institutions, Obafemi Awolowo University and the University of Benin. However, the research aim differs from the research project as the focus was Electronic banking in Nigeria. Nonetheless, important information was retrieved for the aim of drawing conclusions. 3.5 SUMMARY In the methodology chapter, the various available research methods have been examined and have been used to justify a chosen method. A sample size would have generated a more accurate result but despite this and the limitations faced, evaluating secondary data has assisted in consolidating research findings. RESEARCH ANALYSIS 4.1 INTRODUCTION In this chapter, analysis will be carried out on data that are gathered from the survey findings. Primary data of Questionnaire A was to the service users or exploiters. This was oriented for the accessibility of the internet and having knowledge of electronic banking. And Questionnaire B of the primary data was to the service supplier or providers. And to analyse the secondary data and equating solutions from primary data in order to break down the findings and to check if the research question has been correctly answered. In order to involve all the categories of respondents the questionnaires were randomly sent out and wasnt for just a particular group. With this method the researcher will be able to gather information required for the research aim, and the research findings will be well analysed. The total of questionnaires that were distributed was 80 and 68 was returned, electronic banking users were 72% while non electronic banking was 28%. Regardless of the little number of that responded, due to response, the rates of questionnaires are usually below 40% and results should still be broadly acceptable stated by (Cano, 2008) which has guide the researcher to resolve that a 30% response rate would be regarded valid for this research and results purpose. 4.2 Questionnaire A For easier and more detailed analysis of the information gathered, the results of questionnaires were put into charts and graph. According to Nachmias and Guerrero (2006, p.329) using a chart from the results gives way for simpler explanation for understanding. 4.2.1 Questionnaire Results Question 1: What is your Gender? Male = 43 responses Female = 25 responses In figure 4.1 the chart below shows the average of male and female respondents. The male respondents were averaged up to 65% while the female respondents were 35%. This indicates the increase of male users of electronic banking is more than the female users. Figure 4.1 Male and Female Respondents. Question 2: What age category do you fall into? 18 30 = 28 responses 31 40 = 21 responses 41 50 = 12 responses 51 64 = 7 responses 65 and Above = None In figure 4.2 the graph below, is the representation of age respondents who brought back questionnaires, 42% falls under the ages of 18 30 years, 32% falls under 31 40 years and another 18% was 41 50 years while ages 51 64 was 8% but they was no feedback on the 65 and above. Research made shows that ages 65 and above fall under the retirement stage or age and majority of them do not comprehend the utility of new technologies. However, Matilia Pento (2002) indicates the majority of electronic banking users are comparatively young and have been educated to use computers and the internet. This also shows that electronic banking in the society is mainly members of the working class. Figure 4.2 Age Category of Respondents. Question 3: What your level of education? O Levels = 9 responses BSc = 31 responses OND = 4 responses HND = 15 responses MBA = 9 responses In figure 4.3 this chart below shows the different respondents educational level is shown. 50% are University graduates (Bsc) holders, 20% are higher national diploma (HND) holders while master business administration (MBA) and O level holders shares the same average with 12% each. This shows that electronic banking users are educated. Sathye (1999, p.326) aver that people using electronic banking are well and highly educated. Figure 4.3 Educational Levels of Respondents. Question 4: What is your occupation? Accountants = 11 responses Doctors = 8 responses Engineers = 11 responses Lawyers = 4 responses Others = 20 responses Students = 11 responses Teachers = 4 responses In figure 4.4 the chart below is a representation of different respondents occupation from questionnaires that were returned. Accountants, Students and engineers share the same percentage with 16% each, Lawyers and Teachers also share the same percentage with 8.5% each, Doctors were 10 % and for respondents with other occupations which are not listed like farmers, traders and so on were 25%. Figure 4.4 Occupations of Respondents. Question 5: Do you have internet experience? Yes = 52 responses No = 17 responses In figure 4.5 the chart below represents the average of respondents that has experience with the internet which is 85% while the average of respondents without internet experience is 15% which makes a huge difference between them. Figure 4.5 Respondents With Internet Experience. Question 6: Do you have internet access? Yes = 45 responses No = 23 responsses In figure 4.6 the chart below is the representation of the total average of respondents that gave on questionnaires. In this chart 72% agreed and said yes to have access to the internet while 28% said NO they dont have access to the internet. Figure 4.6 Respondents With Internet Access. Question 7: How frequently do you use the internet? Often/Daily = 24 responses Few times a week = 19 responses Once in 2 weeks = 11 responses Once in 4 weeks = 8 responses Once in 6 weeks = 6 responses Once in 2months = 2 responses In figure 4.7 the frequency of internet usage is shown in the chart below. 35% of respondents use the internet often/daily, many respondents which average to 40.5% use the internet a couple of times a week, 10.5% use the internet once in two weeks, 8% use the internet once in a 4weeks, 4% use the internet once in 6 weeks, while 2% use the internet once every 2months. With research on respondents that are under categories 40.5% and 35% were people who have full-time office jobs and have internet access in their workplace and some who could afford internet in their homes. Figure 4.7 Frequencies of Internet Users. Question 8: Are you aware of electronic banking? Yes = 59 responses No = 9 responses In figure 4.8 the chart below the average of respondents aware of electronic banking are shown. 92% of the average represents those aware of electronic banking while 8% were not aware of electronic banking. Figure 4.8 Awareness of E-Banking of Respondents. Question 9: Do you have experience with any electronic banking service? Yes = 49 responses No = 19 responses In figure 4.9 the average of respondents that use electronic banking. 74% of respondents said yes for using one form of electronic banking or the other, and 26% of respondents said no. Nevertheless 25% out of the 74% respondents said they dont know the type of electronic banking they use, and they were added to the 74% because the answer yes on question on if they have used any form of electronic banking service. Figure 4.9 Respondents That Have Experience With E-Banking. Question 10: Which type of electronic banking service do you use? Online Banking = 14 responses ATM = 32 responses Telephone banking = 11 responses Post banking = 7 responses Branch banking = 4 responses In figure 4.10 this chart shows the total average of respondents using any form of electronic banking. The Automated Teller Machine (ATM) has the highest amount of respondents with 60%. The ATM is virtually the most utilized source of electronic banking for the respondents. The ATM is a single machine that has several features such as check onscreen balance, pays cash, prints account statement and so on. The ATM is widely known and is the most popular electronic banking source and the reason for this is that its easy to use and its convenience for accessing your account anywhere 24 hours a day 7 days a week without stepping into the bank. 17% of respondents uses online banking and another 15% of respondents use telephone banking. These two sources of electronic ba king are mainly used by business people or companies for transaction, direct debit and so on. 3% of respondents also use post banking and 5% use branch banking. Figure 4.10 E-Banking Preferred Options By Respondents. Question 11: How frequently do you use electronic banking services? Often/Daily = 32 responses Few times a week = 20 responses Once in 3 weeks = 10 responses Once in 6 weeks = 8 responses Once in 2months = 6 responses In figure 4.11 this chart shows the frequency of electronic banking usage is shown below. 54% use e-banking service very often, 24% of respondents use e-banking service once a week, 15% use electronic banking once in 3 weeks, 4.5% use the service once in 6 weeks while 2.5% use electronic banking service once in 2 months. This shows that users are increasingly adapting to the style of electronic banking. Figure 4.11 E-Banking Usages of Respondents. 4.2.2 Summary The survey results have actually shown the level of internet experience and the accessibility to internet by customers/clients. The customers/clients awareness of electronic banking was also shown; it could be viewed by the average of respondents using some of the electronic banking system such as Automated Teller Machine, Online banking and Telephone banking. With the automated teller machines (ATMs) having up to 60% of electronic banking awareness simply means its the most commonly used service. The ATM is easy to use and could be accessible anywhere 24 hours a day 7 days a week. Nevertheless a significant amount of respondents dont know the kind of electronic banking service they use; shown in the questionnaires that was returned. So therefore it is the banks responsibility to educate customers/client on these electronic banking services and their benefits. 4.3 Questionnaire B In this part questions are being directed to the banks to measure the kinds of electronic banking services they offer, and what they benefit from the services. Also, for any advertisement to attract new customers and to improve customer satisfaction. The two banks that were interviewed had one form of electronic banking system or the other. Both banks are being categorized into two different classes, old generation bank and new generation bank. The table below shows both banks that were interviewed and the electronic banking services they render, and they are into Mobile or Telephone banking service, Automated Teller Machine (ATM) service, Branch banking service and Online banking service. Nevertheless, both banks are not into Post banking service. One of the questions asked is if electronic banking has improved their place in the banking world and both banks replied with the same answer yes, that means the help of electronic banking has increased their in the industry and has g iven them the edge over competitors that have not yet applied these new technologies. However, the satisfactory level for customers has also increased and one of the reasons for that is because customers now have 24 hours access. The banks themselves has also benefited from the introduction of electronic banking in the sense that it has been helpful to reduce cost and man power. Research results from the banks that were interviewed shows that the banks has invested so much on security for the safety of customers to protect them from electronic theft. So therefore the installation security softwares has given banks the opportunity to protect customers personal information and to gain trust from their customers. Another question asked was if they have any advertising or improvement plans on electronic banking services, and both banks said yes to the question and are making plans for introducing internet access with a mobile phone and advertising it in public places such as shopping malls, post office and fuel stations for the improvement of electronic banking to catch the attention for new customers. Then the last question asked was how much is their estimated yearly turnover since electronic banking was introduced. The table shows results in a clearer understanding. Names Of Banks Electronic banking services Electronic banking services provided Has it Enhance Position Reduction of operational Cost Improved Customers Satisfaction Software in Used Plans for improvement Turn over Union Bank PLC Yes Online banking, telephone banking, ATM and Branch banking Yes Yes Yes Transactional code Internet access with mobile phone 93.7b Guarantee Trust Bank Yes Online banking, telephone banking, ATM and Branch banking Yes Yes Yes Transactional code Internet access with mobile phone 91.2b 4.4 Secondary Data Analysis In this section the focus is on two various research survey carried out by some Nigerian institutions. After analyzing this research, it will be utilized in results comparison from primary research. Franfort (2006, p.206) suggests more credibility will be gain on research finding if it comes out in number of reports and when collected data is analyzed in different times. It can also be utilized to explain and describe change. Nevertheless, some specific research purpose was not met by researcher in the survey from early research. Instead, it is more focused on the adoption of electronic banking and providing the use of electronic payment services in Nigeria. This is seen in the secondary research as a major limitation, regardless of this limitation the use of secondary research was utilized as a technical compliment review of literature and primary research for the aim of verifying and testing results. These permit researchers to make conclusive findings. 4.4.1 Research Survey 1 4.4.1.1 Background The adoption of electronic banking in Nigeria was the name of the title of this research which was handled by chiemeke in 2006, a Nigerian senior lecturer of computer science department in the University of Benin Nigeria. The aim of this research is to measure the stage of electronic banking services rendered by banks after deregulating the banking society and component that affects its adoption. The method used in the survey has a similarity with Diniz, (1998) model for evaluating status of the banks websites for transaction channels, Information delivery, Security level and customer relationship. 4.4.1.2 Results from Finding The research result on electronic banking services reveals that it has been rendered from the basic level of fundamental interaction. In the evaluation, out of 12 points score the results was between 4.5 and 11 points which means the basic level were high. However, as the interactivity level increases the scores reduces. Likewise, the outcome of functionality which was between 4 and 9.5 out of a total of 12 points, which indicate all banks do have information sites. Nevertheless, they were low scores on the transactional level of functionality which was between the range of 0.5 and 4.5. These indicate that electronic banking services rendered were on a low level. In addition, the score for the security level were also low with 47.7 percent adopted security level. However, some other known facts affecting electronic banking in Nigeria were poor power supply and unsatisfactory operational infrastructure. The aim of the research was at the banks and the adoption of electronic banki ng services rendered such as customer relationship, Transaction channels, Security level and information delivery and with the customers level of awareness of online banking service had no attention. The research questions of researchers were not answered, but nevertheless the transaction level of functionality questions were partly answered on the research question. This reason is probably because the two banks questioned are already offering one form of electronic banking service or the other. 4.4.2 Research Survey 2 4.4.2.1 Background The title of this research was called Telephone banking services and electronic payment system in Nigeria. Agboola conducted this research in 2006, another Nigerian senior lecturer in the Obafemi Awolowo University Nigeria. The evaluation of Telephone banking service and electronic payment system offered and used by Nigerian banks was the aim of this research. The method used on the research was the distribution of questionnaires and interview of banks personnel. As at that time chosen sample size was 36 banks out of the 89 banks. 4.4.2.2 Result from Findings The adoption rate of e-payment services results from analysis revealed that the most adopted technology is the Local Area Network (LAN) out of the 36 banks interviewed 35 banks adopted it. Likewise, out of the 36 banks interviewed 34 banks have adopted MICR cheques and already put to full use. Nevertheless, some technologies had low adoption rates. Telephone banking was one for them with a low adoption rate of 22%, the adoption rate for Automated Teller Machine (ATM) was 16.7% while the Home and office e-banking was 19.4%. This research supports the Chiemeka (2006) finding of inadequate power supply and poor operational infrastructure. Consequently, the focus of this research was on electronic payment devices used by banks and not on the awareness level of customers or e-banking adoption. However, to some extent the research question was answered, this observation could be seen from results with the adoption rate on telephone banking and 22% and the ATM having 16.7%. this shows that the banks are gradually adopting to these services. 4.4.3 Summary Identification of some form e-banking supporting the primary research has been identified by both research surveys. This clearly indicates the gradual process of customers adoption to these services and e-banking is been offered by the banks to some extent. RESEARCH FINDINGS 5.1 INTRODUCTION In this chapter, conclusions will be drawn on research findings and analysis from previous chapters will serve as a review mechanism for the aims and objectives of this project. 5.2 RESEARCH FINDINGS The non adoptions of electronic banking were the key elements that were discussed from the review of associated literatures. In previous research, indications showing the huge impediment to non adoption of electronic banking were lack of awareness and security. Meanwhile electronic banking from retail banks point of view is seen as a competitive advantage retaining their customers and the banks will greatly depend on their new technology adoption in the banking sector and with the advancement of technologies they can compete and be ahead of their competitors, this clearly means adoption electronic banking services has greater advantages over its disadvantages. The aims of the research were to analyse the level of customers awareness to electronic banking services and the rate of adoption of electronic banking service by Nigerian banks. Results from survey shows that electronic banking services are already in use by the two banks that were interviewed but both banks were not into post banking and the two banks are also introducing internet access with a mobile phone and advertising it in public places such as shopping malls, post office and fuel stations for the improvement of electronic banking to have a competitive advantage in the market, to retain existing customers and to catch the attention for new customers. However, the adoption of electronic banking and the level of awareness from customer shows 72% of respondents have access to internet while 28% do not have access to the internet. The level of internet experience and frequent use of computers in their workplace allows accessibility to the internet by customers/clients. On electronic banking level of awareness and the usage of its services, the percentage of respondents that are aware of electronic banking 92% and just 8% were not aware, and with another large 74% claim they are electronic banking users while 26% do not make use of electronic banking, and to a surprise 25% out of the 74% do not even know the type of electronic banking service they are using and this was because the electronic banking services listed on the questionnaire were not known as types of electronic banking by these respondents which still falls back to customers lack of awareness. Consequently, the Automated Teller Machine (ATM) has up to 60% adoption according to questionnaire results on the types on of electronic banking services being used, the ATM is easy to use, has 24 hours access and very convenient it is also said to have met customers needs. This research findings has endorsed (Agboola, 2006) on adopting automated payment systems gradually and less use of cash. Likewise, an interesting point noticed from the questionnaire results is the difference between male and female users using electronic banking services. These results shows that they are more male users using electronic services than the female with 65% male respondent s using these to 35% female, and this is because more male find the interest of going to the cyber cafà © and using the internet and by using the internet they get to actually know more about electronic banking services. However, questionnaire results for the educational level and age range of respondents shows that between ages 21 30 and 31 40 are highly educated and use the internet frequently, and their educational level in the questionnaire results, research findings indicates that users using electronic banking are educated and young. (Pento, 2002) findings indicate that users of electronic banking are well educated and have good experience using the internet, and most of them have access to the internet in their place of work and for those that can afford it get it have it in their homes. And a major barrier still affecting the adoption of electronic in Nigeria is still illiteracy according to (Ovia, 2001). From the secondary data findings of the research shows that the banks elementary stage has low adoption rate of electronic payment systems, banks should have informative websites rather than Transactional websites. However, primary research findings indicates that the bank interview all have electronic banking services rendered and have also laid down plans on how to improve electronic banking services in the future and obviously from the research results the banks and customers has made progressive acceptance on electronic banking services. 5.3 SUMMARY On research findings from the above discussion, it ought to have been seen that the introduction of electronic banking by banks has given them the opportunity to gain competitive advantage to attract new customers and to retain old ones and also to take up technical challenges. However, it is important that the banks educate their customers on the benefits and importance electronic banking could bring and to always upgrade their websites to be transactional and also to make their operational infrastructure get better. But if they dont the banks have the problem of customers low adoption will remain. In conclusion, some issues have to be addressed for the future of electronic banking in developing countries such as Nigeria, is the creation of awareness, security and constraints like poor infrastructure. Consequently, if these issues are addressed more customers will adopt electronic banking and the Nigerian banks would be able to gain global presence. Results from reviewing liter ature on electronic banking shows its jussive mood to investigate, the customers level of adoption in Nigeria and suggests key solutions to the constraints affecting electronic banking in Nigeria. All the same electronic banking has come to stay and has been well appreciated in the world and has given developing countries a future in the global economy.

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