This research work is to investigate on the role of information communication technology in the development and growth of an organization, this research work has chosen Zenith bank Plc Owerri as a study though the findings of this research work can vividly and validly be applied to all banking sectors at large. In a bid to realize the objectives of this research work, is to determine the extent to which inefficient use of information communication technology leads to organizational failure; to determine the major problem facing Zenith bank which is lack of software upgrading, to find out the causes of frequent failure on fund transfer through e-channel in Zenith bank. Questionnaire as a distillated tool was employed, 75 questionnaires out of 80 were returned and data were presented and analyzed tabular. Chi-square was adopted in testing of hypothesis. Thus, the researcher hypothesized that lack of upgrading of software has a relationship between low growth and development in zenith bank plc. Thus; the researcher concluded that information technology is an important aspect of the organization management, and recommended that the organization should expand upgrade and equip all its satellites training centers for maximum benefit utilization.

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Information technology is an essential which tool in organization building. It is the key to the organization future, is high class technology to meet the needs of both customers and the organization as a whole.

Communication in today”s world has grown greatly through the help of information technology. It has gained great grounds in today”s banking sector with use of fax, telephone, electric mail (e-mail) etc. Information technology, which is the transfer of data resources into variety of information technology to be part of the wind of change of every organization. Information technology has the vital components that can keep an enterprise on the target to meet its business plan. It helps in globalization. Many organizations planning on becoming a global enterprise have to be information technology oriented so as to reach the global market for their product and services using the global production facilities to manufacture or assemble its products raising money in Global capital market forming alliance with global partner and batting with Global competitors for customers.

Business process Re- engineering information technology has being used to restructure work by transforming business processes. Information technology has done so much for the world and the banking sector generally.

1.1.1    HISTORICAL BACKGROUND OF ZENITH BANK PLC

Zenith Bank Plc. was established in May 1990, and commenced operations in July of the same year as a commercial bank. The Bank became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offering (IPO). Zenith Bank Plc. Currently has a shareholder base of about one million and is Nigeria”s biggest bank by tier-1 capital. In 2013, the Bank listed $850 million worth of its shares at $6.80 each on the London Stock Exchange (LSE).

Headquartered in Lagos, Nigeria, Zenith Bank Pfc. has over 50O branches and business offices in prime commercial centers in all states of the federation and the Federal Capital Territory (FCT). In March 2007, Zenith Bank was licensed by the Financial Services Authority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited as the United Kingdom subsidiary of Zenith Bank Pic.

Zenith Bank also has subsidiaries in: Ghana, Zenith Bank (Ghana) Limited; Sierra Zenith Bank Pic. blazed the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers.

The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking. Driven by a culture of excellence and strict adherence to global best practices, the Bank has combined vision, skillful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers” expectations; enable businesses to thrive and grow wealth for customers.

Zenith Bank Pic. founded by Jim Ovia in 1990, has since grown astronomically to become one of the leading financial institutions in Africa. Zenith Bank Plc. currently ranks as the 6th biggest bank in the continent. The Bank grew its shareholder”s fund of f*20million in 1990 to H509.25bil!ion as at year end 2013. Today, the Bank continues to thrive on the strong values, brand equity, corporate culture of professionalism and service excellence which are the foundations upon which the bank was built.

1.2    STATEMENT OF PROBLEM

Information technology in recent days has been the major contributor to the development and growth of an organization. But it is observed that:

Some organizations fail in their operation due to in efficient use of their information technology.

That some organizations like Zenith bank, requires competent personnel to handle the aspect of their information technology.

There have been frequent failures of fund transfer through the e-channels in Zenith bank.

Lack of upgrading of software has also been the observed problems facing Zenith bank plc.

1.3   OBJECTIVES OF THE STUDY

The major objective of this study is to find out the role of information communication technology play in development and growth an organization.

Other specific objectives include:

1.         To examine the extent to which the E-banking can increase the market share of the organization.

2.         Examine the relationship between the E-banking and organizational profitability.

3.         To examine the effect of frequent failures of fund transfer through e-channel on the growth of the organization.

1.4       RESEARCH QUESTIONS

1.         To what extent can E-banking increase the market share of the organization?

2.         What is the relationship between E-banking and organizational profitability?

3.         How does frequent failure of fund transfer through E-channels affect the growth of the organization?

1.5       RESEARCH HYPOTHESES

HO: E-banking does not increase the market share of the organization.

HO: there is no significant relationship between e-baking and organizational profitability

HO: frequent failure of fund transfer through e-channels does not affect the growth and development of the organization.

1.6       SIGNIFICANCE OF THE STUDY

This research work will be immense benefit to all employees and management staff of information technology, communication in banking sector, and also people that will research further on or related topic.

Information system with the moving and meet up with intending competitors. It also makes management know the best way in getting information and storage and to be more guarded in communication network system.

1.7       SCOPE OF STUDY

This is concentrated on Zenith Bank plc Owerri issue of the role of information communication technology in the development and growth of the organization is the topic under discussion. And the study will be covering all the employers of the organization.

1.8    DEFINITION OF TERMS

i.   EFFECTIVE COMMUNICATION:   W.   Griffin  (1984)  process  of sending a message in such a way that the message received in close in meaning to the message intended,

ii. INFORMATION SYSTEM: is an organized combination of people, hardware, and software communication network and disseminates information in an organization.

iii. COMMUNICATION: According to Fillip Edwin, it is the act of transmitting verbal and non-verbal meaning, Feeling and attitude between two groups with the aim of [producing a favorable response,

iv. INFORMATION TECHNOLOGY: This is the communication of information from one region to faster information link from people to people,

v.   INFORMATION SYSTEM: This is the transforming of data resources into a variety of information products (management).

The act of using people and resources to achieve organizational goals:

•    Act of organizing, condition of being organized

•    Organized body of person, organized system performances. Notable actions: achievement of persons or group of persons.

vi. SOFTWARE: it is organized information in form of operating systems utilities, programs, and application that enable computer to work.

Vii. RE- ENGINEERING INFORMATION: is simply the process of reviewing all the different levels of an information ways of doing business and considering how to improve things.