Impact of Electronic Banking System Essay

1.0Background of the Study The new millennium brought with it new possibilities in term of information access and availability, simultaneously, introducing new challenges in projecting sensitive information from some eyes, whiles making it available to others. Today’s business environment is extremely dynamic and experience rapid changes as a result of technological improvement, increased awareness and demands Banks to serve their customers electronically. Bank have traditionally been in the forefront of harnessing technology to improve their products and services. The Banking industry of the 21st century operates in a complex and competitive environment characterized by these changing conditions and highly unpredictable economic climate. Information and communication Technology (ICT) is at the centre of this global change curve of Electronic Banking system in Nigeria today (Stevens 2002). Assert that they have over the times been using electronic and telecommunications networks for delivering a side ra nge of value added products and services, managers in Banking industry in Nigeria cannot ignore information system because they play a critical impact in current Banking system, they point out that the entire cash flow of most fortune Bank are linked to information system. The application of information and communication technology concepts, techniques, policies and implementation strategies to Banking services has become a subject of fundamental importance and concerns to all Banks and indeed a prerequisite for local and global competitiveness Banking. The Advertisement in Technology has played on important role in improving service delivery standards in the Banking industry. In its simplest form. Automated Teller Machine (ATM) and deposit machines now allow consumer carry out banking transactions beyond banking hours. With online with banking individual can check their account balances and make payments without having to go to the bank hall. This is gradually creating a cashless s ociety where ADOPTION OF NEW NOMENCIATURE Following the impressive performance of the subsidiaries, a management retreat was held in February, 2009 where it was agreed that unity Bank and its compendium of subsidiaries be adopt an intergrated Group Structure. Therefore, unity Bank Plc and its subsidiaries will adopt a new nomenclature that includes â€Å"Group†. This is now ‘UNITY BANK GROUP’. The members of this Group include SUBSIDIARIES (1) Unity Capital Trust Limited (2) Caranda Management Services LTD (3) Consumers no longer have to pay for all their purchase with hand cash. For example:1 Bank customer can pay for airline tickers and subscribe to initial public offerings by transferring the money directly from their accounts, or pay for various goods and services by electronics transfer of credit to the sellers Account. As most people introduced mobile banking to cater for customers who are always on the move. Mobile banking allows individual to check their account balances and make fund transfers using their mobile phones. This was populated by first Atlantic Bank(now First Inland Bank) through its â€Å"flash me cash† product customers can also recharge their mobile phones Via Sms. E- Banking has made banking transaction easier around the world and it is fast gaining acceptance in Nigeria. The delivery channels today in Nigeria electronic Banking are quite numerous as it is mentioned Automatic Teller Machine (ATM), point of sales (POS), Telephone Banking Smart cards internet Banking etc personal computers in the Banking industry was first introduced into Nigeria by Society General Bank as the popular PC easy access to the internet and world wide web (WWW) and internet is increasingly used by Bank’s as a channel of delivering the products and services to the numerous customers. Virtually almost all Banks in Nigeria have a web presence: this form of Banking is referred to as internet Banking which is generally part of Electronic Banking. The delivery of products by bank on public domain is an indication of advertisement which is known as E- Commerce. Electronic commerce on the other hand is a general term for any type of business or commercial transaction, it involve the transfer of information across the internet. E- Commerce involve individuals and business organization exchanging business information and instructions our electronic media using computers, telephones and other communication equipments. This covers a range of different types of business from consumers to retails products. However Electronic banking as it is a product of E- Commerce in the field of banking and financial services. It’s offers different online services like balance enquiry, request for cheque. 1.1 Book Recording Stop Payment Instructions Balance Transfer Instructions, Account Opening and other form of traditional banking services. The internet allows businesses to use information more efficiency by allowing customers, suppliers, employers and partners to get access to the business information they need when they need it. These internet enabled services all translate to scale and increased efficiency. E- Banking greatest promise is timelier, more valuable information accessible to more people at reduced cost of information access with the changes in business operations as a result of the internet era, security concern move from computer labs to the front page of newspaper. The promise of E- Banking is offset by the security challenges associated with the disintermediation of data access. One security challenge results from â€Å"cutting out the middlemen† that too often cuts out the information security the middleman provides. Another is the expansion of the user community from small group of known vetted users accessing data from the intact to thousands of users accessing data from the internet. Application service providers (ASP) and exchanges offer especially stringent – and sometimes contradictory – requirements of per user and per customer security while allowing secure data sharing among communications of interest. E- Banking depends on providing customers partners and employees with access to information in a way that is controlled and secure. Technology must provide security to meet the challenges encountered by E- Banking. Virtually all software and hardware ventures claim to build secure products but what assurance does an E- Banking have of a products security? E- Banking want a clear answer to the conflicting security claims they hear from vendors. How can you be confident about the security built into a product independent security evaluations against internationally established security criteria provide assurance of vendors security claims. Customer expectation in term of service delivery and other key factors have increased dramatically in recent years, as a result of the promise and delivery of the internet. Even after athe â€Å"dot-comcrash† these raised expectations linger The growth in the application and acceptance of internet – driven is more achievable than ever before, however it is also more complex and fraught with potential costs and risk. The internet introduces customers to a new perception of business time as always â€Å"on available 24/7 and demanding an urgent and rapid response† The challenges for managers is to reconcile their business and their own personal perceptions of time with perceived reality of internet time. The internet has decisively shifted the balance of power to the customer. The internet is revolutionizing sales techniques and perceptions of leading brands and the internet is intensifying competition in all its forms. Banking are continuing to use the internet to add values for their customers but in order for this to work effectively maximizing opportunities reducing risks and overcoming problems an E- Banking strategy is required as an impact. The growth of the web and internet as new channels the growth in their use by customers and the flows of companies entering the market presents a series of key challenges to companies. It is easy and cheap to put up a website. But to create an environment delivering effective service on the web to a significant proportion of your customers base requires an E-Banking strategy. Electronics banking offers different online service like balance enquiry, request for cheque books, recording stop payment instructions, balance transfer instructions, account opening and other form of transitional banking services. 1.2Statement of the Problem In Nigeria, Customers of banks today are no longer worried about safety of their funds and increased returns on their investments but rather demand efficient fast and convenient service. Customers want a bank that will offers them services that will meet their particular needs (persionalized banking) and support their business goods for instance ; businessmen want to travel carryout cash for security reason they want to be able to check their balance online find out if a cheque is cleard transfer funds among accounts and even want to download transaction record into their own computer at work or home. Customers want a preferential treatment and full attention by their choice bank. All those are only achievable through electronic banking In line with rendering qualities and acceptable services that most bank in Nigeria are gearing toward and investing large sum of money in information and communication technology. Expectedly such banks services have been improved. United Bank for Africa (UBA), Zenith Bank, ( to mention view) are in the forefront in the use of IT in rendering services to their customers the Guardian News paper April 18, 200 & 21). It also 12 seeks the challenges involved in electronics banking and best industrial practices and the approach of implementing them in Nigeria system. 1.3Objective of the study The main objectives of the research work is to examine the impact of electronic banking in Nigeria banking system channels as well as different that could enhance the delivery of consumers and retails products, and also how bank choose to support their electronic banking component services internally, such as internet services provider internet banking software, core banking vendor, managed security services provider, bill payment provider, credit business and credit scoring company Specifically the study objective are;- 1 To evaluate the prospects electronic Banking in Unity bank plc 2 To evaluate the impact of electronic banking in Unity Bank plc 3 To examine the effect of electronic banking has it improve the fortune of the bank. 1.4Statement of Research Questions Since the release by CBN, August 2003 and the subsequent policy on the guideline of electronic banking system in Nigeria One of the question that is currently being addressed is the impact of electronic banking on the traditional banking player, there are two view that are prevalent in the market. The controversies that the internet is a revolution that will sweap away the orders, argument in are as follow Electronic banking transaction are much cheaper than the branch transactions. Banks are easy to set up with lots of new entrants. Deposits will go elsewhere because these banks will have to fight to regain their customer base There would be increase in their cost of funds making businesses less viable. Portal providers are likely to attract the most significant share of banking profits. Traditional banks will find it difficult to evolve; they will be unable to obtain additional capital from stock market. E- banking as an evolution than a revolution. 1.5Research Hypothesis The following hypothesis are formulated in null form to guide study; 1 HO; Electronic banking does not have prospect in Unity bank plc HI; Electronic banking has prospect in Unity bank plc 2 HU; Electronic banking has not impact on Unity Banks plc 3 HO2; Electronic baking has impact on Unity bank plc H3; Adoption of electronic banking enhance the fortune of Unity banks pls. 4. H4; Electronic banking does not improve bank customer’s relationship 5.Ho; the bank electronic banking guidelines does not comply with the CBN electronic banking guidelines. HU; the Bank electronic banking guidelines complies with the CBN electronic bank guidelines. 1.6Significant of the Study The study would enable the bank executives and indeed the policy makers of the bank and financial institution to be aware of electronic banking as a product of electronic banking with a view to making strategic decision. The research is equally significant because it would provide answer to electronic banking in Unity bank Plc. 1.7 Scope of the Study In pursuance of the objective of the study, attention shall be focused on electronic banking among other electronic commerce empirical investigation into the adoption of electronic banking in Nigeria and will also examine the nature of electronic banking operation in Unity Bank Plc from 2007 to 2009,. 1.8Limitation of the Study In view of the technicalities involved. It would be unrealistic to assume that all necessary facts have been gathered in the process of the study information gathered is limited to those accesses and made available by the respondents and those gathered from end users However the impacts of this limitation will be reduced to the barest minimum. 1.9Definition of Related Team 1.Access product – product that5 allow consumers to traditional payment instrument electronically, generally from remote locations. 2.ATM card – UB debit card is a chip device consisting of circuit element on single silicon chip The card a complex circuits that process micro processor with a single chip that contains the complete arithmetic aid logic unity of computers. 3.Chip card A card knows as an integrated circuit (IC) card. A card containing one more computer chip or special purpose processing used to validate personal identification. 4. Smart card – A card with a computer chip embedded on which financial health education and security information can be stored and processed. 5.Western Union Money Transfer (WUMT) is a product that allowed people with relatives in Diaspora who may be remitting money home for family up keep, project financing school fess etc Nigeria communities known for having their siblings gainfully employed in other parts of the world are idle market for Western Union Money Transfer. CHAPTER TWO 2.0.LITERATURE REVIEW 2.1 HISTORICAL BACKGROUND OF CASE STUDY Brief Profile of Unity Bank Plc Unity Bank Plc is one of the leading retail in Nigeria which emerged from the lagest merger and consolidation of Nine Banks intercity Bank, First interstate, Tropical Commercial pacific Centre point, NNB Bank of the North and New Africa Bank Limited and spearheaded in investment banking corporate and retail banking came together in January 2006 to from Unity Bank Plc. It has 284 business officers spread across the country and working to increase this number in the nearest future. Unity Bank is the sixth largest Bank in Nigeria today by business locations. The Head Office is located at plot 785, Herbert MacaulayWay, Central Business District, Abuja While the Head Office Annex is at No. 290, Akin Olugbade Street, Victoria Island, Lagos. The Mission of the Bank is to create superior wealth for our stakeholders and The Vision is to be one of the top Five financial service institutions in Nigeria by 2013. Vision Drive Strategic Objectives (a) Financial * Attain a set minimum balance sheet size with respect to Asset size and profitable by the year 2013. This is referred to as 5-in-5 taking it from 2008 to 2013. * Achieve Industry Top 5 position in rate of return on Equity * Achieve Industry Top 5 ration of income to cost (b) Customer * Build a superior customer service environment within Unity Bank (c) Technology * Significantly improve Technology leverage within the Bank (d) Human Capital * Build a winning human capacity and Spirit. (e) Retail Focus * Build the nation’s number 1 retail Bank. 2.1.2INTRODUCTION TO ELECTRONIC BANKING SYSTEM Electronic banking system is a conventional banking system which stated in Nigeria in 1952; (Benjamin 2001). Since then the industry has witnessed a lot of regulatory and institutional advances. The industry was being controlled by at most five out the 89 banks in existence before the commencement of the merger and acquisition of banks in Nigeria economy. Multiple branch systems is also one of the notable features of Nigerian Banks, with a total of 89 banks accounting for about 3017 bank branched nationwide as at 2004. As well the industry was faced with heavy challenges including the overbearing impact of fraud and corruption. Erosion in public confidence a poor capital base persistent cases of distress and failure poor asset quality and so on. Part of the move to resolve these lingering problems including the banking reform initiated by the Central Bank of Nigeria in June 2004, which is largely targeted at reducing the number of Banks in the economy and making the emerging banks stronger and reliable. So far the banking reform has been a success story with 25 mega banks emerging after the recapitalization exercise which ended on 31st December, 2005 in the bid to catch up with global development and improve the quality of their service delivery. Nigeria banks have no doubt invested much o technology and have widely adopted electronic and telecommunication network for delivery a wide range of value added product and service, they have in the last few years transformation from manual to automated system. Unlike before when ledger cards were used, today banking has been connected to information technology networks thereby facilitating the practice of inter – banking and inter – Branch ban king transactions. Development domestically has the introduction of mobile telephone in 2001 and improved access to personal computer and internet service facilities have also added to the growth of electronic banking in the Nigerian banking sector, However where as local banks most commonly practice real time on line internet banking, the integration of customers into the process is far from been realized. Many of the reason are attributed to the high prevalence of internet fraud and lack of an adequate regulatory framework to protect the banks from the volatility of risk associated with internet banking especially at the levels of communication and transactions. In the main Nigeria is globally regarded as the headquarters of Advance Fee Fraud which is perpetrate mostly via the internet (Journal of international affairs Vol. 51, 209 – 301. 2.2 THE VIEW ON ELECTRONIC BANKING The vast majority of the recent literature on electronic money and banking suffers from a narrow focus. It generally ignores electronic banking entirely and equates electronic money with the substitution of currency through electronic gadget Such as smart cards and virtual currency. For example Freedman (2000) proposes the electronic banking and electronic money consist of three device; access devices stored value cards and network money. Electronic banking is simply the use of new access device and is therefore ignored. Electronic money then is the sum of stored value (smart) cards and network money (value stored on computer hard disks). What is most fascinating and 23 revealing about this apparently popular view is that electronic banking and electronic money are no longer functions or processes but devices Within this rather narrow scope for electronic money there are nonetheless many research that address one or more of the challenges facing it Santomero and seater (1996) print (1991) and sliy and Tarkka (2002) and many others present models that identify conditions under which alternative electronic payment substitute for currency to emerge and flourish on a large scale depending on the characteristics of the various technologies as well as the characteristics of the potential user Berentsen (1998) considers the impact that the substitution of smart cards for currency will have o monetary policy arriving that although electronic substitutes for currency substitution will leave the demand for Central Bank reserves largely intact Good haft (2000) discuss how monetary control would in an economy in which Central Bank currency has been partially or completely replaced by electronic substitutes. Conan (2001) distinguishes between monetary control and monetary anatomy where monetary control is the ability of the of the Central Bank to influence output and price, Cohen that the introduction of electronic currency substitutes will not reduce monetary autonomy other hand; Kobrin (1997) arques that electronic currency substitutes are 24 part of a general process of technological advance and globalization that are rendering national authorities of all kinds important and obsolete. Lee and long – Akindemowo (1999) present the standard justification for regulation of financial markets systemic risk and consumer protection; they argued that both will justify regulation of electronic currency substitutes they noted that European regulators have already defined stored value cards as the taking of a deposit so that only banks may issue them, several other authors particularly Central Banks such as freedman (2000) have argued that the state can always use its power to regulate electronic money providers if they prove to be determined to monetary policy or finance stability. Helleiner (1998) makes the case that such coercive power will still be effective in a world of electronic banking. Tanaka (1996) on the other hand, proposes the establishment of a monetary authority in cyberspace that will control electronic currency substitutes. Friedman (1991) point out that electronic banking presents the possibility that an entire alternative payment system not under the control of the Central Bank of Nigeria may arise, in an extreme variant of freedman King (1991) argues that today computers make it at least possible to bypass the payment system altogether instead using direct bilateral clearing and settlement; the responses to Friedman. Woodford (2000) argue that the central bank will either continue to provide the payment system of choice or will find alternative ways to conduct monetary policy through stabilization of short term interest rates regardless of what form of money is being used. Although this second set of research introduces some critical issue, it is too vague about what exactly is meant by electronic money and banking. Part of the vagueness stems from the focus of these papers on the payment system rather than on the payment media. Nonetheless a complete view of electronic money and banking should include both the payment system and the media used in the system. The feasibility of an alternative payment after all is intimately tied to the feasibility and desirability of the media flowing through that system. 2.3ELECTRONIC BANKING AND THE COMMON BANKING PRODUCTS The use of information technology in banking operations is called electronic banking Ovia (2001) argue that electronic banking is a product of e – commerce I the field of banking and financial service. i what can be described as business – to – consumer (B2C) domain for balance enquiry request for cheque books, recording stop payment instructions, balance transfer instruction, accounts opening and other forms of traditional banking service, Banks are also offering payment services on behalf of the customer who shop in different e- shop. 2.3.1TELEPHONES AND PC BANKING PRODUCTS This is a facility that enables customer, via telephones calls, find out about their position with their bankers merely dialing the telephone numbers given to them by the banks in addition the computer on the phone would require special codes given to the customer as a means of identification of authentic users before they can receive any information they requested for. This is a service introduces into the banking balance as a result of computer telephone technology being made available Ovia(2001) the technology baking has a universe of possible application limited only by the imagination, these areas include: Account balance enquiry: Account statement printing intra – Banks Account to Account Transfer: inter – Banks Account to Account Transfer: Download Account Transaction etc Telephone and Pc banking brings the bank to the doorstep of the customer, it does not require the customers to have his premises: interaction voice response becomes a regular feature of operatio ns: Text – to – speech capability becomes reality: A uniformed messaging capability become permanent feature of the bank. 2.3.2THE CARD SYSTEM The card system is a unique electronic payment type. The smart card are plastic devices with embedded integrated circuit being used for settlement of financial obligations. The power of card lies in their sophistication and acceptability to store and manipulate data, and handless multiple application on one card security (Amedu 2005) Depending on the sophistication, it card and ATMs ( Automatic Teller Machine) While the electronic card is gaining popularity in USA and Nigeria, the Spanish financial institution demonstrated the highest implementation and update of smart card accords Europe (Amedu 2005) The smart cards was introduce into the Nigeria market to reduce or eliminate problems of carrying cash about (Amedu, 2005) it is electronically In addition it also contains security programs these protect transactions between one card user and the other, it between one card user and the other, it can also be transferred directly to a retailer, merchant or other outlet to pay for goods a nd services and like cash, transaction between individuals without the need for banks of the other third parties, Also the system does not require central clearing. It is valued immediately. Also the system allows transfer of one value to the other hence it operates like cash. 2.3.3THE AUTOMATED TELLER MACHINE (ATM) Worldwide the use of paper cash still remains the most widely used and acceptable means of setting financial transaction in increasingly on the decline especially in advance economics (Amedu 2005). In USA where the use of cash is still prominent compared with European countries it represents 50 percent or more of the total transactions. Of course, cash is a non – electronic payment method. However the physical carriage of cash as well as the visit to the bank branches is being reduced by the introduction of an electronic device ATM. An ATM device allows a bank customer to withdraw cash from his account via a cash dispenser (Machine) and the account is debited immediately. A fundamental advantage is that it needs not to be located within the banking premises. It is usually in stores, shopping malls, fuel Satiations etc 2.3.4CHEQUE A cheque is a paper based payment instrument whose usage are still gaining ascendancy the Automation focus on this instrument is to reduce the number of clearing days and improve on security arrangement in the course of settlement and collection. For examples in Nigeria the Central Bank of Nigeria CBN has just embarked upon online clearing and Nigeria has signified interest and signed path to this project (Johnson 2005) 2.4THE ENTRY OF NIGERIAN BANKS INTO ELECTRONIC BAKING. Electronic banking both as a medium of delivery of banking service and as a strategic tool for business development has gained wide acceptance internationally and more banks entering the fray. Nigeria can be said to be the threshold of a major banking revolution with net banking having already been unveiled (Ovia 2001) of all the sectors in the Nigeria economy, Banking stands out despite â€Å"a not too good† economy Electronic banking provide the facility of accessing customer account from anywhere in the world by using home computer with internet connection, is particularly fascinating worth individuals having multiple bank account the growth potential is therefore, immense. Further incentives provide by banks would dissuade customers from visiting physical braches, and thus get hooked to the convenience of armchair banking at present the situation does not seem to have shown any significant improvement where as about 90 percent of the banks in the country offer other forms of electronic banking service like telephone banking ATM and electronic fund transfer, internet banking is yet to take center stage. This aspect of baking is still at the basic informative stage (Ovia, 2001) this is so despite the widely acclaimed benefits of internet banking against the traditional branched banking practice part of the reason indentified for the inability of banks in Nigeria to take full advantage of this mode of banking includes lack of adequate operations infrastructure like telecommunications and power upon which electronic banking generally relies, Development process, internet b anking can be said to have less I the existing banking structure in the country Earlier articulate reason why internet Banking was having a moderate economic impact in the country including that Nigerian Banks customers are not on the average trained on for teller jobs and the working of internet banking a situation which makes transaction processing via internet banking prone to error; the absence of a clearly defined frame – work for internet banking, leaving banks with inadequate legal cover to provide the service and poor telecommunication infrastructure all over the country. In addition the fact that internet assuage in the country has been abused by cyber – criminals makes its window unattractive for domestic banking operations and legitimate international operations. The inherent banking service in Nigeria is against re – enforced by the growing evidence that the world over, dubook Nigerians use fake website to scoop fund from unsuspecting victims. In som e cases, these crimes are committed using existing banks sites. 2.5.1THREAT OF CYBER – CRIMES ON THE NIGERIAN BANKING SITES. The Advantage fee fraud or 419, which is one of the popular of all interest frauds Has of its origin from Nigeria in the 1980s it development and spread follows the path of the development in technology at inception, postal letter were used as key media for committing 419 frauds. Later in the early 1990s it became integrated into telecommunication facility such as the telephone and fax from the late 1990s following the introduction of computers and internet 419 crimes became prevalently perpetrated through the use of e-mail and other internet means (Amedu 2005) the latest dimension taken by the perpetration of this crime is the use of fake internet bank site and using that to encourage victims to open account with them. The country is the third high est ranked in internet money offer fraud As was reported in one of the national newspaper frauds and forgeries in Nigeria bank as at June 2005 Stood at 329 or N1.15 billion monetary equivalent against 222 cases or N1.47 billion monetary equivalent in April same year, There is even global suspicion that a Nigerian crime Syndicate that Coordinate global crimes such as money laundering bank fraud and 419 searms exist today. These issues basically defeat he key ingredients of electronic banking which include confidentially integrity and availability. Several factors are responsible for the above situation. They include inordinate tolerance for corruption among Nigeria public and government agencies; weakness of the existing legislative judicial institution to makes and enforce relevant laws on cyber crimes quality of graduates I terms of professional value and ethics chronic unemployment among graduates and the widening gap between the few rich and the many poor caused mainly by bad government. In the main, erosion of good value principles and corruption constitute the greatest cause of using cyber-crimes among Nigeria (Domestic electronic payment in Nigeria) (Amedu, 2005) this according to transparency international is worsened by fact that sever generation of Nigerians have been raised in this norm, Hence what is seen as a dangerous global crime is socially acclaimed and glamorized in Nigeria. The above situation constitutes the environment upon which electronic banking has emerged in Nigeria although the level of the adoption and practice of electronic baking (especially internet banking) has remained quite insignificant global projections still remains that information technology would continue to pay a revolutionary role in the development and delivery of banking products and services all over the world. In effect it is this projection that has raised pertinent regulatory questions concerning electronic banking like Nigeria. One key issue here borders on how to handle the rising level of frauds and forgery prevalent I the entire banking system and how to make internet banking system and how to make internet banking fit well in the banking structure of a country so notoriously identifiable with criminals use internet access. 2.5.2THE REGULATORY CHALLENGES At the national level the Nigeria government and the relevant regulatory agencies have strived to match the rapidly changing electronic banking environment with necessary regulations and frame works (Soludo, 2005) earlier effort made to this effect including the enactment of the failed Bnaks (Recovery of Debts) and malpractices in Bank Decree NO. 18 of 1994 and the money laundry of 1995. However as noted above poor enforcement procedure rendered these instrument very inactive in checking the menace of financial crimes. By the late 1990s following record growth internet and computer usage in the regulations girding the banking industry including the banks and other institution Act of 1991 were lacking adequate provisions to accommodate the emerging trend. Not even a mention of electronic banking or any manner of its application was mentioned in any of these prevailing regulation documents the situation created a lot of gaps between the levels 32 of CBN regulatory tools and the same ti me made the bank venerable to all kind of risk (Soludo 2005) This deficiency notwithstanding, it is not until 2003 when the maiden guidelines on electronic banking guidelines emerged from the finding of a Technical committee on electronic banking set up by the Central Bank of Nigeria in 2003 to find appropriate modalities for the operation of the committee that electronic banking in August 2003 of the key provision of the guidelines only a section deals with issues of the guidelines only a section deals with issues relating to internet Banking section paragraph 4 of the guidelines exception any stresses that banks should put in place procedures for maintain the banks web site including the various security features needed for internet banking service (CBN 2003) Despite its numerous technical specifications he guidelines have been widely criticized as not being enough to check the growing popularity of electronic banking against the back drop of growing sophistication in technology r elated crimes and frauds. Closer examination of the content of the guidelines equally shows that the document fails to meet up with the four keys areas where electronic banking may have regulatory impact – changing the traditional lines upon which existing regulatory structure are laid handing concerns about existing public policy issues changing the natural and scope of existing risks and rebalancing regulatory rules and industry discretion Again some important recommendation of the Technical committee that gave rise to the adoption of the guidelines was paragraph 6.1 of the committee reports which among others recommended that all banks intending to offer transaction service o the internet other e-banking product should obtain an approval in – principle from CBN prior to commencing these service. Part of the criticism is that the recent guidelines are capable of constraining the practice and development of Electronic Banking Nigeria. One of such for instance is the requirement on electronic banking product development while acknowledgement that the existing regulations would apply wholly on emphasized that only banks section 4.2 of the guidelines emphasized that only banks which are licensed supervised and with physical presence in Nigeria are permitted to offer electronic banking service in Nigeria and that virtual banks are not to be allowed the guidelines also gives indication that the products services can only be offered to residents of Nigeria with a verifiable address with the geography boundary of Nigeria any person resident permit or other legal residency designation under the Nigeria immigrations any person know were in as a classified person who neither is temporarily in Nigeria. The guidelines go further to indicate that the e-banking service should be offered in Naira only and that where such a service is to be provided in foreign currency it should be to only the holders of ordinary domiciliary account and conform with all foreign exchange regulation on some other aspects, the guidelines have been criticized by unity bank executive and customers for not addressing adequately the critical issues concerning internet security it failed to explicitly recommend a standard that allows banks to examine in each individual financial institutions current network. In addition to this array of criticisms the workability of proper internet framework is also queried amidst the poor state of basic information technological infrastructure in the country. This is essentially necessary since electronic Banking generally relies on the existence of adequate operational infrastructure like telecommunication and power to function effective through little success has been recorded the supply of these requisite facilities is very erratic in the Nigeria case. Were they exist high cost of acquisition and maintenance tend to deny a greater percentage of the population access to them the case of internet access is a glaring one where majority of the citizen rely solely on the services of commercial cyber cafes to the E- Banking Guidelines to provide procedures not only for banks investment in internet facilities but also in promoting customers access to such. Unfortunate none of such is contained in the document. Prior to the merger, each of the four banks maintained a unique brand discernable areas of coverage an easily identified degree of strength and competencies in various areas of the banking service and a fair share of the market. Technology is undoubtedly a very important tool of every banks competitive strategy. It had drawn the line between success and failure. The deployment of Banks, web enable new generation enterprise banking solution has enable UNITY BANK to offer its customers banking service at their door step. The bank runs on a completely centralized system with BANKS (Version 6.2) as the main Banking Application the Banks innovation technology driven product are product are central and they have pioneers in the area of e-banking in Nigeria. 2.5.3ELECTRONIC BANKING PROFITABILITY AND EFFICIENCY Commercial banks assaulted by the pressure of globalization competition from non-banking news ways to add value to the service the question what drives performance? Is at the top in understanding superior performance and hence striving for it substantial research effort have gone into addressing this questions starting from the strategic level and going down to operational details. A key study bench marking the strategies of leading retail banks and (vander Velde 1992) This study is based on the opinions of head of retails banks at all us commercial banks established the linkage between marking operations organizing excellence this finding lead to the formulation of the service management strategy encapsulated in the trail operational capabilities service quality performance capability service quality performance (-SQ-P) (foth and Iackson 1995) the C-SQ-P trail is in turn a focused view of the service profit chain described by (heskettet all 1994) based on their analysis of successful service organizations. 2.5.4BANK CUSTOMER RELATIONSHIP Bank customer relationship is just a special contract were a person entries valuable items with another person with an intention that such items shall be retrieved on demand from the keeper by the person who is entrusted with above mentioned valuable items shall be retrieved on demand from the keeper by the person who so entrust thus the banker is the one who is entrusted with above mentioned valuable items while the person who entrust the items a view to retrieving it on demand is called the proxy. The banker too is under obligation to pay so long the proxy is dully authorized by the customers. The relationship is also fiducially. The terms and condition governing the relationship should not be leaked to a third party particularly by the bankers, Also items kept should not be released to a third party without due authorization by the customer. 2.6OPERATIONAL OF FINANCIAL INSTITUTION Financial institution provide service as intermediaries of the capital and debt markets, they are responsible for transferring funds from investor to companies in need of those funds financial institutions facilitate the flow of money through the economy to do so, saving are pooled to mitigate develop revenue. Should the yield curve become inverse film in this arena will offer additional fee generating services including securities underwriting and prime procreate. CHAPTER THREE RESEARCH METHODOLOGY 3.1INTRODUCTION This chapter describes the techniques and procedure used by the research in conditioning the study and accumulating the data for the population of the study througth sampling techniques Sample size source of data method collection and method of data analysis and testing hypothesis 3.2POPULATION OF STUDY The population to be used in this study covers all the 40credit officers of Unity Banks plc The population selected was designed to obtain adequate and diverse views pertaining to the level and impact of electronic banking in Unity bank. 3.3SAMPLING TECHNIQUES The technique is used to ensure that all the segment of the population is included in the study 3.4SAMPLING SIZE The sampling size to be used by the researchers in this study constitute (40) Unity Bank Officers 3.5SOURCES OF DATA The researcher uses both the primary and secondary data in the study. The primary data are collected by the researcher through the use of questionnaire while the secondary data are data collected from CBN electronic banking guideline annual report of Unity Banks Plc and CBN annual report e.t.c 3.6METHOD OF DATA ANALYSIS The study used both descriptive and inferential statistics in analyzing the data Also Simple frequency counts in percentage and the chi-square were used in the data analysis. 3.6.1TEST OF HYPOTHESES AND INFERENCE The Chi-square test was employed by the researcher to test the significance of the responses from the credit officers of Unity Bank plc (respondent) The Chi Square test is performed by defining the numbers of case fully in each category. The formula for the Chi- Square is: 0O-e2 e O: = Number of observed case in category E: = Number of expected cases in category K: = Number of category Summation Runs from 1 =1 to 1 – k 3.6.2DECISION RULE AND NOTIFICATION A set of decision rule is the verbal equivalent of a graphical decisions tree, which specifies class membership based on a hierarchical sequence of (Contingent) decisions. Each rule in a the form of a Horn clause where in class membership is implied by a conjunction of contingent observations. CHAPTER FOUR DATA ANALYSIS AND DISCUSSION FINDINGS 4.1A total of 40 questionnaires were distributed to the various credit officers of the unity bank plc in Lagos state after the questionnaires were filled by the respondents and collected back they were screened a sorted out by the researcher the detail of of the returned questionnaires shows that out of 40 sent out,only 35 were completed. Hence 87.5% of the respondent returned their questionnaires. 4.2PRESENTATION AND ANALYSIS OF DATA 4.2.1QUALIFICATION OF RESPONDENT The researcher was able to meet with the respondent to know their level of qualification, the able below shows their different qualification and their response. Table 4.1 ; Qualification of Respondent s ALTERNATIVE RESPONDENT PERCENTAGE OND 5 14 3 HND 9 25 7 BSC 14 40 M.SC / MBA 7 20 PHD 00 TOTAL 35 100 Sources; field survey, 2013 40 Table 4.1 shows the number of respondents by qualifications. The data collected indicated that 14 or 40% of respondents are B.sc Holder, 9 or 25.7% are HND holders, while 7 or 20% are master holders and non among have PHD. Therefore it could be inferred that majority of the credit are B.sc Holders 4.2.2WORKING EXPERIENCE The research was able to meet with different respondent to know their years experience with unity bank plc. Table 4.2 years of Experience with unity bank plc. ALTERNATIVE RESPONDENT PERCENTAGE 1-5 years 8 22.9 6-10 years 10 28.6 11-15 years 9 25.7 16-20 years 6 17.1 21 years and above 2 57 TOTAL 35 100 Sources ; field survey 2013 Table 4.2 shows how long the respondents have been working with bank form the data collected it could be seen that 12 or 40% of respondents have spent between 1-5 years working with the bank, while 16-20 years and 2 or 25.7% between 11-15 years 6 or 17.1% between 16-20 years and 2 or 5.7% for more than 21 years. In view of this fact it could be deducted from the analyzed data in table 2 that 77.1% of the respondent have spent appreciable period of 5 years and above working in the bank. 4.2.3CADRE OF RESPODENTS ALTERNATIVE RESPONDENT PERCENTAGE Junior credit officer 14-40 Senior credit officer 21-60 Total 35-100 Sources; field survey, 2013 Table 4.3 shows that 21 or 61% of respondent are senior credit officers with the bank while 14 or 40% are junior credit officers. Therefore the bank senior credit officers are more than the junior ones 4.2.4PROFESSIONAL QUALIFICATION The respondents were asked about their professional qualifications and their responses were presented below Table 4.4 professional Qualification ALTERNATIVE RESPONDENT PERCENTAGE Associated chartered Accountant (ACA) 16 45.7 Chartered Institute of Bankers of Nigeria (CIBN) 15 42.9 Certified Auditor 2 5.7 Certified information System 2 5.7 Total 35 100 Sources; field survey, 2013 42 Table 4.4 shows that 16 or 45.7% respondent are members of Chartered Accountant on 7% Nigeria, 15 or 42.9% of the respondent are professional bankers and 2 both 2 or 5.57% are for certified auditor and certified information system respectively. Therefore most workers in the bank are professional and such one would expect quality services and information from them 4.2.4DEPARTMENT OF RESPONDENTS The respondent were asked of their department are from different department and their responses were presented below. Table 4.5 Department of Respondent ALTERNATIVE RESPONDENTS PERCENTAGE Human Resource 3 8 6 Cleaning and Cash Management 13 37.1 Business Development 25.7 Information Technology 12.9 Credit and Making 16 45.7 Total 35 100 Source: Field Survey, 2010 Table 4.5 indicate that 3 or 8.6 of the respondents are the human resources department 13 or 37% Clearing and cash management 2 or 5.7 to business development while 1 or 2.7% of the respondents are information. Technology department and 16 or 45.7% of the remaining are in credit and marketing Therefore, it could be deduced from the data analyzed above that credit and marketing department has the higher number of staff as such the bank will always strive to gainthe larger share of market share. 4.2.6THREAT TO ELECTRONIC BANKS The respondents were asked of the threat involves in electronic banking and their responses were presented below. Table 4,6 Threat to Electronic Banking ALTERNATIVE RESPONDENTS PERCENTAGE Adequate Security 00 Legal threat 00 ATM Found 00 Poor communication link 00 All of the above 35 0 Total 35 100 Source: Field Survey, 2010 Table 4.6 show that all respondents i.e 35 or 100% of the respondents were of the agree opinion that the bank place more emphasis in all the electronic banking threat to determine its effectiveness. 4.2.7THREAT ASSESSMENT The respondents were asked about their assessment of threat involved in electronic banking and their responses were presented below: Table 4.7 threat Assessment ALTERNATIVE RESPONDENT PERCENTAGE To a high extent 0 0 To a moderate extent 27 77.1 To a lower extent 6 17.1 44 No respond 25.7 Total 35 100 Source: Field Survey, 2010 On the assessment of the Unity Bank Electronic Banking System, 27 or 77.1% of the respondent were 6 or 17.1 low and 2 or 5.7% sow no respond and more respondent with opined of high. Therefore based in the Data collected, it shows that the bank has low incidence of threat in electronic Banking System. 4.2.8RESPONDENT ASSESSMENT OF UNITY BANKS ELECTRONIC BANKING SYSTEM The respondents were asked of the assessment of Unity Bank plc Electronic Unity Bank and their responses were presented below: Table 4.8 Unity Bank Electronic System ALTERNATIVE RESPONDENT PERCENTAGE Excellent 5 14.3 Very Good 27 77.1 Good 3 8.6 Fair 00 Poor 00 Total 35 100 Source: field Survey, 2010 Table 4.8 shows the assessment of electronic banking system of Unity Bank 27 or 77.15 of the respondents have the opinion that they are very good while 5 or 14.3% excellent and 3 or 8.6 considered it as a good and none of the respondent opined that it is either fair or poor. 4.2.9INFORMATION TECHNOLOGY TRAINING PROGRAM the researcher was able to ascertain the level of information technology training program in Unity Bank plc and the responses are shown below: table 4.9 IT program ALTERNATIVE RESPONDENTS PERCENTAGE Strongly agreed 5 14.3 Agreed 26 74.2 Undecided 3 8.6 Disagree 1 2.9 Strongly Disagree 00 Total 35 100 Source: Field Survey 2010 On the assessment of training development program for Unity Bank Offecers the table 9 show that 26 or 74.2% of the respondents were of the agree opinion, 5 or 14.3% strongly agree 3 or 8.6% undecided and 1 or 2.9% disagree and none respondent opened on strongly disagree therefore the bank have information training development programs respondent were of the agree opinion. 4.2.10LEVEL OF ELECTRONIC BANKING The respondent were asked about the level of electronic banking and response is shown in table 4.10 Table 4.10 level of electronic banking ALTERNATIVE RESPONDENT PERCENTAGE Strongly agreed 11 31.4 46 Agreed 22 62.9 Undecided 00 Strongly disagree 00 Total 35 100 Source: Field Survey 2010 Table 4.10 shows that 22 or 62.9% of respondent were of the agree opinion that electronic banking system has make banking transaction more easier, 11 or 31 45% strongly agree while 2 or 5.7% were undecided and none of the respondent is either of the disagree or strongly disagree opinion. From the data, it indicates that the banking transaction has been made easier with the introduction of electronic banking. 4.2.11IMPROVEMENT OF CUSTOMERS SATISFACTION The respondent were asked about the level of satisfaction derived from electronic banking and their response is show in table 4.11 below: Table 4.11 customers satisfaction improvement ALTERNATIVE RESPONDENTS PERCENTAGE Strongly agreed 13 37.1 Agreed 21 60 Undecided 12.9 Disagree 00 Strongly disagree 00 Total 35 100 Source: Field survey, 2010 47 Table 4.11 shows that 21 or 60% of the respondent were of the agree opinion that electronic banking have improve customers satisfaction 13 or 37.1% strongly agree while 10 or 2.9% undecided and non respondent disagree, therefore, agree opinion having higher percentage shows that electronic banking has really shows that electronic banking has really improved customers satisfaction. 4.3TEST OF HYPOTHESIS 4.3.1HYPOTHESIS ONE Electronic Banking does not have prospect of electronic bank in Unity Bank Nig, Plc Table 4.12 Chi- Square table on the prospect of electronic banking in Unity Bank Respondents view O; – Ei (O; – E;) Strongly agree 1578649.14 Agree 167981 11.57 Undecided 27-525 3.57 Disagree 17-636 5.14 Strongly disagree 17-636 5.14 Total 353550242 34.56 Source: Computer from Data 2010 Therefore Z2 (Chi-Square) Value Calculator is 34.56 the degree of freedom K-L, 5-1 = 4 from the Chi-Square rule Table x 22 4; 0.05 = 9.4877 Therefore x2 Calculated = 34.5,6 X2 Tabulated = 9.4877 48 Decision rule: Since x2 Calculated is greater than x2 Tabulated (34.56779.4877) at 5% confidence level and 4 degree of freedom the first nul hypothesis which sate that electronic Banking enhanced Unity Bank efficiency is accepted. 4.3.2HYPOTHESIS TWO Electronic banking does not have impact on the overall performance of the bank Table 4.13 Chi-Square table o the overall performance of the Bank Respondent view O; Ei Oi-Ei (Oi-Ei) Strongly agree 13 7 6 365.14 Agree 167981 11.57 Undecided 27-5 25 3,57 Disagree 27-5 25 3.57 Strongly Disagree 17-6 36 5.14 Total 35 35 0 171 28.99 Source: Computer from Data 2010 Therefore Z2 (Chi-Square) value calculated is 28.99 The Degree of freedom K – 1,5- 1= 4 Using the statistical table to find the value of Z2 4; 0.05 the result is = 9.4877 Therefore x2 Calculator = 28.99 X2 Tabulation = 9.4877 Decision rule: Since x2 Calculated is greater than x2 Tabulation (28.9979.4877) at 5% confidence level and 4 degree of freedom the second null hypothesis is rejected and 49 the alternative hypothesis which start that Unity Bank Plc Electronic banking have impact on the overall performance of the banks is accepted. 4.3.3HYPOTHESIS THEE Table 4.14 Chi Square table on the fortune of Unity Bank Respondent view Oi Ei Oi – Ei ( Oi – Ei) Strongly Agree 17 7 10 100 14.28 Agree 13 7 6 36 5.14 Undecided 37 – 4 162.28 Disagree 2 7 – 5 25 3.57 Strongly Disagree 07 -7 49 7 Total 35 35 0 226 32.24 Source: Computed from Data 2019 (Chi – Square) Value Calculated is 32 .27 the degree of freedom K-1, 5-1 = 4 Using the Statistical table to find the value of Z2 4; 0.05 the result is = 9.4877 Dose not comply with the CBN electronic Banking Guideline Table 4.16 Chi – Square Table o the CBN Electronic Banking Guidelines Respondents view Oi Ei Oi – Ei ( Oi – Ei) Strongly Agree 19 7 12 144 20.57 Agree 14 77 49 7 Undecided 07 – 7 49 5.14 Strongly: computed from Data 2010 Therefore Z2 (Chi – Square ) value calculated is 44.85 the degree of freedom k-1, 5-1 = 4 Using the statistical table to find the value Z2 4; 0.05 the result is = 9.4877 Therefore x2 Calculated = 44.85 X2 Tabulation = 9.4877 52 Decision rule = since X2 Calculator is greater than X2 Tabulated (44.857 9.4877) at 5% confidence level and 4 degree of freedom the second null hypothesis is rejected and the alternative hypothesis which started that Unity Bank Electronic Banking Guidelines comply with CBN electronic banking Guideline is accepted. 4.3.5DISCUSSION OF FINDINGS From the above analysis it is seen that in hypothesis one, you can see that respondents agreed that electronic banking does not have prospect in Unity Bank In hypothesis we can also see that respondent agreed that electronic banking does not enhance the fortune of Unity Bank Hypothesis four shows that respondents strongly agreed that the Unity Bank Electronic Banking does not improve its bank customer relationship hypothesis Five shows that respondents strongly agree that Unity Bank electronic comply with the CNB Electronic Banking Guideline. CHAPTER FIVE SUMMARY, CONCLUSION AND RECOMMENDATION 5.1 Summary The study was carried out in order to assess the impact of electronic banking system in Unity Bank. The general introduction aspect shade more light on the essential of electronic banking. Many literature and academic publication from different authors in publication from different authors in electronic banking product emerging issues in electronic. In the cause of this research the research was able to find out that origin of electronic banking system which started in Nigeria in 1952 Also the prospect of electronic banking was looked into critically electronic banking improve the fortune of Unity Banks this was achieved by adopting the CBN banking guidelines 5.2CONCLUSION Based I the summary of the major finding the following conclusions are draw: 1. The adoption of electronic banking has enhanced Unity Bank efficient by making it more productive and effectives 2. Electronic Banking also has a strong impact on the overall banking performance by making workers performance more effective and efficiency. 3. The adoption of electronic banking gas enhanced the fortune of the bank this is achieved through bank charges cheque withdrawal slip and withdrawal charges. 4. The electronic banking has improved the bank customer relationship by rendering effective service throughout the week customers can now have access to their account outside working hours to make withdrawal to attend to their needs. 5. The electronic banking guidelines introduces by CBN strongly helps in effective electronic banking system. Withdrawal can be made anywhere at any time and using any bank ATM machine customer cannot withdraw more than some certain amount to allowed other customers have access to the cash and money can be transfer from one place to another through electronic means. In general conclusion the electronic banking has made banking transaction to be easier by bringing service closer to the customers 5.3RECOMMENDATIONS In order to give the growing trends of information and communication technology (ICT) which involves net banking and e-commerce in banks a vision in the right directions, the following strategies are recommended for further following up: 1. The banks must be focused in teams of their needs and using the right technology to achieve goals rather than accruing technology of internet banking because other banks have it 2. Government participation in ensuring focused telecommunication industry must be visible to reduce or remove avoidable costs of implementing e-commerce and internet banking 3. Regulatory authorities like CBN (Central Bank of Nigeria) must stipulate standard for the banks to follow to avoid making Nigeria Banking Sector a dumping ground for the outdated technological infrastructure. REFERENCES Amedu, U.M (2005) Domestic electronic payment in Nigeria: The challenges, Central Bank of Nigeria Bullion Vol, 29 No1, January/March. Bank for international settlements (2001) committee on payment and settlement system Survey of electronic money development prepared by the committee on payment and settlement system of the Central Banks of the Group of Ten Countries November. Beerentsen, A. (1998) Monetary policy implication of Digital Money Kyklos Vol. SI. PP 89 117 Berry M.J.A; Linoff, G.S (1999) Mastering Data mining: the Art and science of customers relationship managing, New York: John Wily & Sons. PP. 57 61 Central Bank of Nigeria (2003) report of the technical Committee on electronic Banking , February Cohen, Benjamin J. (2001) Electronic Money: New Day or False Dawn? Review of international polical Economy Vol. 8. PP 197-225 Connel F. and Salen M.N (2004) Six puzzles in electronic Money and Banking IMF working paper IMF institute. Vol. 19. February. Davenport T.H (1993) process innovation Reengineering work through information technology Boston: Harvard Business School press pp. 30 – 35. Financial standard Newspaper (2006) Vol 7 No. 28 April, pp3. Freedom C. (2000) monetary policy implementation: past, present, and Future will Electronic Money Lead to the Eventual Demise of Central Banking? International Finance Vol. 3, No. pp. 211 – 27 Friedman B. (1999). The future of Monetary Policy: The Central Bank as an Army with Only a Signal Corps? International Financial, Vol. 2. No. 3 pp. 321 – 38. Goodhart Charles A.E (2000) can Central Bank Survive the IT Revolution? International Finance Vol. 3, No. 2 pp. 189 – 209 Hackathorn. R (2003) Factor for Implementing Active Data warehousing datawarehouse. Com. Halleiner. E (1998) Electronic Money: A Challenge to the Sovereign state? Journal of international Affairs, Vol. 51, 387 – 400. Heilinger. M. Bingerhut. S. (2002) Business Activity Monitoring EAI meets Data Warehousing EAI Journal. July, pp 18 – 21. King M. (1999) Challenges for monetary policy:New and Old Bank of England Quarterly Bulletin November pp 307 – 415 Koutsoyiannis A. (1991) Theory of Econometric Hampshire: Macmillan Limited. Lee B. and Longe – Akindemowo O. (1999) Regulatory issues in Electronic Money A Leg el – Economics Analysis, Netnomics, Vol. 1, pp 53 – 70. APPENDIX Department of Banking and finance, Osun State Polytechnic Iree Osun – State, Nigeria May 14, 2013 Dear Respondent, I am an HND student in the above name Department and institution presently conducting a research on â€Å"The Impact of Electronic Banking in Nigeria Banking System (Critical Appraisal of Unity Bank Plc)† in partial fulfillment of the requirement for the award of HND. The finding are Strictly to be used for academic purpose only. Thank you sparing your time to participate in the study N.B Please tick [ ] in the appropriate box provided to indicate your answers. 1. What is your academic qualification? OND [ ] HND [ ] B.sc [ ] M.sc/MBA [ ] PHD [ ] 2. How long have your been in the service of Unity Bank Plc? 1-5 years [ ] 6-10 years [ ] 11-15 years [ ] 16-20 years [ ] 21 years above [ ] 3. Which category of cadre do you belong? Junior Credit Officer [ ] Senior Credit Officer [ ] 4. Which of these department do you have? ACA [ ] CIBN [ ] Certified Auditor [ ] Certified Information System [ ] 5. Which of these department do you belong to? HR [ ] Clearing Cash Manager [ ] Business Development [ ] Information Technology Credit and Marketing [ ] 6. Which category of threat does Unity Bank places more impression? Adequate security [ ] Legal Threat [ ] ATM fraud risk poor [ ] 7. How can you assess the incidence threat of Unity Bank electronic bank system? High [ ] Low [ ] Moderate [ ] 8. How can you assess the overall performances of Unity Bank electronic Banking? System Excellent [ ] Very Good [ ] Fair [ ] Poor [ ] 9. Unity Bank Plc has training program on information technology for its staff. 10. Introduction of electronic banking has eased banking transaction 11. The introduction of electronic banking has improved customer satisfaction. 12. Electronic banking hence its effectiveness and efficiency Unity Bank. 13. Unity Bank Plc electronic banking have impact of its overall performance of the bank 14. Adoption of electronic banking would enhance the fortune of the bank. 15. Unity Bank electronic banking improves its bank customer’s relationship. 16. The bank electronic banking guidelines comply with CBN electronic banking guidelines.

BreadTalk Group Limited Essay

The BreadTalk Group Limited has rapidly globalized into 16 countries such as Singapore, China, Hong Kong, South Korea and the Middle East(http://www. breadtalk. com/ourbrand-bt. html Our Presence,2012). It is well known for its bakery, restaurant and food atrium, and this compromises of BreadTalk, Toast Box, The Icing Room, Din Tai Fung, RamenPlay, Carl’s Jr China, and Food Republic. Being founded in 2000, the young company has achieved numerous awards which includes the Singapore Prestige Brand Award in 2011(http://www. breadtalk. com/brand-accolades. tml Brand Accolades, 2012). The Group has a global network of over 400 bakery outlets, with a strength of more than 6000 employees, as well as operating 11 Michelin Star Din Tai Fung restaurants in Singapore and Thailand, and over 30 award winning Food Republic food atriums in Singapore, PRC, Hong Kong and Malaysia. The household brand is founded by the Chairman George Quek Meng Tong, who was appointed to the board in 2003, and re-elected in 2010. Being very experience in food and beverage industry since 1982(http://www. breadtalk. com/board-of-directors. tml, Chairman,2012), he started the bakery business with BreadTalk Private Limited and bought it to list on the Singapore Exchange Limited in 2003. The Group made an average revenue of $333, 000, 000 and a profit of $11, 450, 000 between 2010 and 2011. With an available financial asset of $911, 000 at the end of 2011, the BreadTalk Group has a promising future, with the addition of rapid growth of franchising network in Asia Pacific region (http://www. breadtalk. com/franchising. html, our presence, 2012). Today, organizations and firms have to keep changing and adapting to the global shift (R .  Gomez-Mejia, 2012, page 56) to stay competitive in the industry. And this is because the general environment is always moving, and these dimensions – Demographic, economic, political or legal, sociocultural, technological and global – always influences the industry and firms. These segments are uncontrollable and thus, in order to stay competitive, the BreadTalk Group gathers information required to understand each segments and plan a strategy that can be implemented to tackle environmental changes like demographics in China, global consumer preference, threat of new entrant, nd management across cultures. In recent years, firms are venturing into China’s market due to its huge population of least 6. 8 billion (Worldbank, 2012) , and is seen as a driver of growth for BreadTalk Group. In Boston Consulting Group’s Growth-Share Matrix (R. Gomez-Mejia,2012 page 235), BreadTalk Group is a â€Å"Star† that earnings is growingly stable and high, with cash flow that is not negative. And thus, is to invest and grow. By purchasing an existing presence in China, Food Republic, BreadTalk was able to reap benefits from low setup cost, as well as to observe the consumers’ behaviors in China. Up to date, BreadTalk has already spread into 32 cities of China, and outnumbers Singapore with 20 food courts, 3 Carl’s Jr fast food restaurants, 3 Ramen Play restaurants, and 184 Bakery outlets. The BreadTalk Group plans to grow aggressively in the market as â€Å"China currently accounts for about a third of BreadTalk’s revenue† (Themalaysian insider, 2010), and by establishing most of its presence in Beijing and Shanghai, BreadTalk has took advantage of the rising income which led to higher expenditure in consumers. Thus, the demographic environment of China, has boost BreadTalk Group’s revenue, as well as being a large market for it to expand, unlike in Singapore where brands are very saturated . The BreadTalk Group tackles global consumer tastes and preferences very well even though it changes as time goes by. It has a very strong branding and has a very standardized layout. For example, each BreadTalk is designed with the same clear glass concept, and â€Å"see through† kitchens which conveys their bakery as fresh and artistic while Food Republic holds a more nostalgic style of a Chinese village and Toast Box is designed with a more warm atmosphere of local Nanyang coffee shops in the 60s and 70s(http://www. breadtalk. com/ourbrand-tb. html, our brands 2012). Thus, by standardizing the layouts of the brands in BreadTalk Group, the Group has saved cost on the tedious process of customizing to local conditions as well as creating a strong brand through its unique layouts. Although the BreadTalk Group holds a very strong branding, the barriers to entry to food and beverage industry is very low. And thus, the threat of new entrants is very high as they can threaten the market share. Likewise in BreadTalk, existing competitors such as Bengawan Solo, Crystal Jade My Bread, Imperial Kitchen, as well as many neighborhood bakery stores that are located all over the countries, shows a threat to BreadTalk as they are sharing the same market of consumers. Being a big company, BreadTalk faces risk of new entrants as new comer can learn from existing companies and create a similar or even a better concept. With an extra competitor, unless the demand for BreadTalk bakery increases, the revenue will fall. Thus, it is very important for BreadTalk Group to keep innovating and moving to survive against many competitors. Lastly, the management across cultures is also an environmental factor that affects BreadTalk Group as it shapes the consumers’ preferences and tastes. For example, the highest selling bun in BreadTalk is the â€Å"Pork Floss Bun†( http://www. breadtalk. com/franchising. html,more bread business, 2012), however in Malaysia, the Muslim law does not allow Malays to consume pork, and thus, it is taken out of the choices. BreadTalk also follow themes and trends in countries, like creating the Obunma bun during Obama’s elections, and the â€Å"Peace Panda Buns† after the Sichuan earthquake in 2008, to raise social awareness to donate and help the affected people in the earthquake. Through connecting to cultures of different country, the BreadTalk Group not only holds a social responsible frontier, it also caters to the taste and preferences of different cultures and thus, able to attract many consumers. Besides the above factors, economic and cultural environment affects the business in BreadTalk Group as well. BreadTalk Group is now facing the rising of labor cost and inflation in China, and these are unpredictable to how much it will affect the profits. With the cost of goods sold attributing to nearly 30% of sales(http://breadtalk. istedcompany. com/financials. html, financials 2012), an inflation will cause an increase in the cost of goods sold nearer to its gross margins. Likewise in China, the government has gradually increased wages and might continue to do so. And this will increase the expenses of BreadTalk Group, leading to a decrease in the profits. Although some companies could retrench, but BreadTalk Group needs the human capital and thus, could only adjust its raw materials cost by buying forward, and negotiating contracts in bulk and then purchase at the best price available. By doing so, the cost of sales would be reduced and the Group will be more efficient. The BreadTalk Group holds a low power distance, goals achieving culture, and uses a justice approach. For example, BreadTalk strives to have high and consistent standards of products to their customers. Employees will under-go hands on training on various outlets to make sure that they have a formal entrance to the organization and thus, would not face a cultural shock(R. Gomez-Mejia, 2012 page 66). BreadTalk also emphasizes on team-building by organizing team building trips and activities for its employees. By doing so, employees will interact and understand each other, as well as building bonds that enhances teamwork, boosting effectiveness of the team. In BreadTalk, employees are also encourages to think uniquely and are treated fairly, and thus, managers are required to develop a service culture and all these are to achieve an increase customer’s loyalty. Planning is essential for a company and this is one of the four management functions. Through planning, BreadTalk is able to make action plans on how to expand further into China, as well as allocating its resources to different regions. Through the experience of Food Republic in PRC, BreadTalk was able to capture consumer trends and thus, making use of the core competencies of knowing how to make bakery that attracts PRC nations. Planning is beneficial to BreadTalk as it can excess the external forces as mentioned above, as well as develop a sense of direction and purpose of â€Å"innovation† in both managers and employees. One method of planning is the â€Å"SWOT† analysis, which allows BreadTalk to see its strength, weakness, opportunities, and threats. However, planning has to be continuous and capable of adapting to change. And this can be seen in BreadTalk taking a major internal review of paving a future growth, by dividing into 3 divisions – Bakery, Food Atrium, and Restaurants, and inviting 3 new CEOs(http://www. breadtalk. com/message-shareholder. html, consolidating long term growth, 2012) to handle each division. With such willingness to change, the senior management would function more effectively. Forward planning can also be seen in the upcoming headquarters of BreadTalk Group in Paya Lebar Singapore, which will involve all its brands, logistics, training center, departments, and a common ground for staff all over the world to gather at. BreadTalk Group holds a geographical organization which allows the Group to focus on customer needs that may vary by geographic region of Asean region and China region. And then its further diversify into Bakery, Food Atrium and Restaurants. Through this method, the senior management bench will be deepened, and thus, it can strengthen the strategic focus of BreadTalk Group and allow it to execute plans more effectively. All brands under each segment will be managed in totality. This also provides the platform for each brand to be specially positioned based on its unique brand strategy and especially in view of expansion into the region. One of the strategy that BreadTalk Group holds is sharing the set up cost. This can be seen in NEX Serangoon Singapore, whereby a few brands are set up together in a high human traffic area. Thus, competitors can be minimized, as well as saving cost by renting locations in â€Å"bulk†.

Andrew Grove

They have tied up with search engine Google for the wireless application as an example. Basically, Intel operations are divided into two sections: the communications group, known as ICG or Intel Communications Group; and the other section consists of the Intel Architectural business. The architectural section is responsible for the production of â€Å"platform† boards that consists of chipsets and microchips, which are used in desktop processors; including the Intel Pentium 4 processor and the Celeron. On the other hand, the communications section deal mostly with the production and development of wireless technology. They are mostly concerned with flash memory and cellular base-band technology. Intel is also known for large-scale tie-ups with other firms. Example of such is their tie-up with search engine Google for development of wireless technologies. They are also know to be connected with other firms like Microsoft and Dell. However, competition has been seen to catch up on the leadership oh Intel. Recently, a lot of clamors have been heard in the recent decision of present CEO Paul Otellini unveiled his plan to ship the micro-chip corporation to another industry. While the rest had their problems with it, former CEO Andrew Grove is all praises for it. The present CEO’s vision is to generally change the image of Intel starting from what Andrew Grove practically built. Starting from the scrapping of the famous â€Å"e† trademark of the logo, the company motto and even the brand, the company has been envisioned to undergo a transformation. A lot of managers seem to be against the changing of such things that made Intel a household name. Even the logo has been widely known in all parts of the globe. Meanwhile, Andrew Grove has been vocal about his approval of the said changes. In his opinion, they are of the same line of thinking that the present CEO has, that the company really has to undergo these changes in order for the to tell the world that even Intel is adjusting to the fast-paced growth of the industry and that they, as a company, should be at equal footing with the rest of the companies in the same industry.   He further stresses that it is a imperative for the company to show that the company exhibits a show of risk-taking and result orientation, accompanied also by the value of discipline. Before, under Grove’s supervision and Craig Barrett (Grove’s successor), the company focused on the production of microprocessors and took the lead in that industry for years. They helped give birth to the Information Age by producing more microchips and therefore, producing faster computers and ending in the development of micro processing. However, what Otellini had in mind is far from the former image of Intel, considering that he even wanted to change the logo and company symbol. He wanted to venture into uncharted regions of digital health industry and that of â€Å"platform† inventions. Despite the negative views about Otellini’s decision, Analysts from outside the company have cited other views about the subject, stating the fact that sometimes, change is needed for a big company to maintain solid advantage. They also added that other companies that survived the changes maintained industry leadership, just like what happened to Texas Instruments. However, the other side notes that it is not really that advisable to change their target industry and find a niche in other markets, although they have leadership in the industry they would leave. Adding firepower to the firepower of the critics, Intel’s competitor, AMD (Advanced Micro Devices) Inc., have scored a major point against Intel as it topped the company in terms of consumption as AMD Inc rose to a higher percentage in 2003 and analysts view that it would continue to rise against Intel unless Intel releases a new competitive line of processors in the future.. In the wireless communications field, Texas Instruments and Qualcomm Inc are still standing their own ground against Intel’s advances. Also, the two companies are planning to release their own versions of the platform that they assured, would gain more shares of the market than the new Intel is trying to build a niche on. On the other hand, many people are applauding Otellini’s vision of the new Intel, stating that they have never seen so much innovation in technology with respect to their fields, especially that of medicine. Also, people have actually seen the growth of the company, showing promise for a whole variety of new plans that are underway. Not only did the plans boost company ties with other companies, but also made their partner companies believe in the new flexibility of Intel. They promoted closer ties with cellular phone conglomerates Nokia and Samsung; had present tie-ups with Google; ties with Sony and Philips; and with those ties, Intel was able to produce and release different types of innovative products. There different developments have different market reactions. Some producing great results, others not. However, analysts are right in pointing out that other companies that are industry leaders also experienced changes that looked like they are headed nowhere, although in the end, they have proven that their change would actually pay off. And now, Intel took their lead and eventually took some changes in themselves as well. The problem would be, if they can maintain the positive effects and eliminate the negative effects of the changes. As for their decision of making the company over, It is. The industry’s reaction to it seemed to treat the decision as a smart move as well. Rival AMD Inc made some deals with ATI, and this showed that Intel produced a bigger threat than before. Also, the result of other marketing strategies in the release of the new products proved that Intel can really hold its own against the rivals in the industries that they have entered. They also showed that they can maintain the leadership in their industry, and even remodeled themselves into a more serious threat than that of before. However, not all decisions solely produce good effects. The negative effects therefore should be dealt with accordingly. Otellini did not make a bad move and he assured that he would produce good results which he did, although in the process nearly humiliating the company as he suffered near losses and continue to be behind Texas Instrument in the other fields. Intel not only made a good decision externally but also made breakthrough decisions internally, taking care of their employees better and giving chances to other fields like medicine to be at the same level as that of the engineers, the firepower of Intel before. May be this was a factor in Otellini’s equation that he devised for company growth. All in all, Intel has made a remarkable shift from the way it was thirty seven years ago. It also departed from the household figure that we recognized. Although this a bold move in there part and a rather risky one considering the old model is one of the main reasons why Intel made it to the top. In Otellini’s, and now Intel’s belief, It is one risky move that was designed to maintain leadership and gain advantages in other fields that they would pursue in the future. The market and business world would have to look out as Intel’s new look is bound to stay, and so is their new outlook in the business battles. BIBLIOGRAPHIES Intel Corp. Company Profile. Yahoo! Finance. Retrieved October 26, 2006. (http://biz.yahoo.com/ic/13/13787.html) Intel Corporation. Computer Business Review Online. Retrieved October 26, 2006. (http://www.cbronline.com/companyprofile.asp?guid=E82C088A-0488-4DB5-8953-9E316C2B44D1CType=Background)

Favorite childhood memory Essay Example | Topics and Well Written Essays - 500 words

Favorite childhood memory - Essay Example They would come down to the shore at night with us and we would spend hours by the fire. I have eight cousins in all, and the beach was a loud place when we were there. The sea was our pool and we spent hours there. At least eight hours out of every day were spent at the beach. The men in the family would spend noon time at the beach bar where they had their time and fun with our moms while we kids would go down to the game area, coins in hand, for hours of fun and junk food and games. Our moms and dads came to get us at six p.m. sharp each night. My mom and dad would have me walk near and each of them would take one of my hands in theirs as we went back to our homes for our night time meal. We always rode in our own van where we all piled in atop each other and then head out to the Italian place where they swore they had the best food in town. That was until the next night. Then we did the same thing all over again. After the night meal we would leave the place and go out for a sweet end to the day at the local ice cream shop. I would oft order the ice cream I loved most, it was a waffle cone fruit dip. To this day, I still do not know what fruit dip that was. All that I knew was that it was the best ice cream I ever had. Since no one was tired yet, the beach was the last stop of the night. The adults would pick a corner at the food court and have their tea and talk, while we would grab hold of each other and get in line for the rides. The ride we liked most was the bump car, as we chased each other on the track and hit each other’s cars. We would go back to our mom and dad all tired, and we would want to eat and drink one more time. Then it was off to the hot dog stand for a hot dog for each child. We would eat and drink as we made our way back to the van for the trip home. I think my dad drove not fast all the time so that we would have more time as a group. That is why it took him an hour to pick them up for

Brazil Crime Statistics Essay Example | Topics and Well Written Essays - 500 words

Brazil Crime Statistics - Essay Example What we call endemic are diseases which are characteristic of particular regions, the result of particular geographic circumstances. [Brazil’s] corruption is organic, circulatory, [and] systemic (Dines, 2004, n.p.). Police in Brazil have a well-deserved reputation for taking bribes, giving drug smugglers extra leniency in law enforcement, and â€Å"looking the other way† unless the criminal is poor (Schneider, 1991, p. 215). The lack of an independent media is one of the factors that most contributes to the general perception that Brazil is a country with a high level of corruption. In June 2003, Otto Reich, the White Houses main aide for Latin American affairs, made this comment to a hundred or so businessmen at a seminar on investments in the region: "We have had many setbacks†¦corruption is the most important obstacle to economic development†¦.Investors do not want to put their money into a country where there are corrupt civil servants† (Rodriques, 2004, n.p.) Brazil Group. (2008). Brazil’s battle with Gang Violence and Police Corruption. Retrieved April 24, 2009 from http://pila2008.wordpress.com/2008/02/28/ brazil%E2%80%99s-battle-with-gang-violence-and-police-corruption/ Cavallaro, J. (2001). Human Rights and the Proliferation of Crime: The Perception of Human Rights and Its Effects on Rights Defense in Brazil, presented at Focus Meeting on Crime, Public Order and Human Rights. Geneva:

The development of business activities Essay Example | Topics and Well Written Essays - 2000 words

The development of business activities - Essay Example One of the major obstacles towards the increase of performance of the firm’s stores across the country seems to be the lack of fair and effective performance appraisal methods and reward systems; despite the fact that the performance appraisal methods should be based on the close cooperation between managers and employees (Falcone et al., 2007, 5) in DIY the level of cooperation among employees of different levels seems to be quite low. In fact, the store managers do not particularly interested in communicating with the employees of the store that is under their supervision – rather they are likely to emphasize on the increase of the profitability of the store – an increase of which they are going to be rewarded – through the Performance Related Pay (PRP) scheme applied to all the firm’s stores across Britain. At a next level, employees in DIY do not participate in the procedures related to the appraisal of their performance – even if their p articipation in the relevant schemes is required – as noted in the study of Harrington (2007, 58) where an emphasis is paid to the importance of performance reviews conducted by employees. It should be noted that no training of employees seems to be included in the firm’s current performance management system; training should be offered to employees and refer not only to the aspects of the firm’s performance management system but also to their skills – aiming to increase the employees’ skills and capabilities; such a training scheme would help towards the improvement of employees’ motivation.

Charles Brockden Brown's Edgar Huntly Essay Example | Topics and Well Written Essays - 750 words

Charles Brockden Brown's Edgar Huntly - Essay Example According to Cobbett, â€Å"it is the Indians who are considered to be the most dangerous of all the nation’s ‘aliens and enemies.’† (p. 437) It means that in case the American government decided to go into war against the Indians, the American Indians would be left no choice but to side with the Americans. This could be possible in case the nation fights against another nation. However, there will always be some instances wherein this statement cannot be applied into the real situation. alone. By simply going through the process of naturalization, the American Indians would eventually lose their traditional Indian culture in exchange with the American culture. In the process, the American Indians would eventually act and be known as part of the American nation who would be left with no choice but to give up their traditional way of doing things. Perhaps if not within themselves†¦ it could be with the next generation to come when their children decide to inter-marry another American citizen. It has also been mentioned that it is the ‘duty of all the Americans’ to hunt down individuals who go against the U.S. government, becomes a traitor to the society, or has done actions that are against the law. (p. 438) It means that every American Indians are obliged to report any suspicious Indians who do not abide with the U.S. law. In order words, the situation could become a fight between the American Indians and the other Indians. At the first part of the story, this has become evident in the life of Edgar Huntly. However, the story ends up proving that blood will always be thicker than water. The duty of Edgar as an American Indian can be traced in the story back when Edgar suspected Clithero to be the associated with Waldegrave’s murder, the surrogate father of Edgar. (pp. 441 - 443) Edgar suspected Clithero purely based on the physical description

Article Summary and Critique Essay Example | Topics and Well Written Essays - 2000 words

Article Summary and Critique - Essay Example In other words, this article exemplifies social attitude toward students with autism focusing on teachers’ attitudes to these students. The structure of the article proves its specific research design: introduction-method-results-discussion. Topic of this study is pre-service teachers’ attitudes towards children with autism in the USA. A high relevance of this topic can be proven by the fact that modern society has shifted accents from autism –mental disorder, preventing people with this disease from full social activities to autism–as mental disorder, not preventing people with this disease from full social activities. Children with autism were chosen as the audience for discussion not in vain. A current tendency of growing number of children with autism expanding worldwide proves a necessity to initiate researches directed on prevention of this disease occurrence and the ways of its overcoming. The researches of previous years were directed on better understanding of nature of autism. This article expands the scope of autism’ discussion and is focused on pre-service teachers’ attitudes towards children with autism. Positive attitudes’ of pre-service teachers to children with autism indicate a necessity to support and develop their positive attitude further on. Literature review, which is a theoretical background of the paper, comprises 46 sources. There are articles from scholar journals and online sources. Years’ range of works is from 70s till 2009. Literary sources are specific and correspond with the topic of the given article. A presentation of different points of view of different authors justifies an unprejudiced theoretical background of the article. Moreover, the fact that works presented comprise four decades supports a valid theoretical background of the article. A section ‘Introduction’ of the article has subsections correlated with literary

Dangers of Using Plastic Research Paper Example | Topics and Well Written Essays - 2500 words

Dangers of Using Plastic - Research Paper Example On the other hand, those opposed to the idea of using plastic maintain that plastic is non-biodegradable and that when they are discarded, they will remain intact for decades. Only DANGERS OF USING PLASTIC 4 incineration can result in the disposal of plastic. Incineration has its attendant risks; it causes noxious fumes to be released into the atmosphere. Due to this, the second group consisting of mainly environmentalists, conservationists and health experts insist that the use of plastic be limited. What is Plastic? Plastic is manufactured from hydrocarbons that are found in oil and natural gas. It is formed when molecules, known as monomers bond together. Different types of monomers create different types of plastic each type of plastic has different properties or characteristics. While some are soft and pliable, others are strong and durable. Use of Plastic – Statistics The United States alone produced 13 million tons of plastics as containers and packaging, 11 million ton s as durable goods and nearly 7 million tons as nondurable goods in 2009 (US Environmental Protection Agency, 2010). This shows the prevalent use of plastic in many industries including the electronics, automobile, food, furniture and textile industries. Plastic – Types and Benefits There are two main types of plastic : thermosets and thermoplastics. The first type of plastic known as thermoset solidifies when heated. This type of plastic is known for its durability and strength. Therefore, thermosets are used in the automobile and construction industries. They are also used in the making of ink, coatings and adhesives. DANGERS OF USING PLASTIC 5 The second... This paper stresses that the use of plastic has environmental, health and economic advantages as well as disadvantages. Although it offers advantages such as durability, flexibility affordability and light weight, it creates a host of problems such as contamination of the environment, health problems and the dwindling of the earth’s resources. People who support the banning of plastic do so for several reasons. In the first place, plastic is made up of dwindling natural resources such as petroleum and natural gas. Second, aquatic, marine and land animals are strangled, choked and killed when they consume plastic bags or get caught in them. Plastic has also become a major cause of litter and plastic materials pollute both the land, beaches and waterways. Moreover, plastic takes a long time to biodegrade. Finally, plastic is a health hazard. This report makes a conclusion that many governments are now aware of the seriousness of the situation and are taking measures to combat the problem. These measures include imposing a tax on plastic bags to discourage their use. By imposing a tax, consumers may decide to switch to other more environment-friendly reusable bags. In Ireland, for example, customers have to pay a tax of about 20 cents per bag. This has cut the amount of plastic bags by as much as 90 percent. Many other countries like Bangladesh, Italy, South Africa, Taiwan and India have either banned or reduced the use of plastic bags.

My Career Essay Example | Topics and Well Written Essays - 250 words

My Career - Essay Example ta and information security needs to be preserved not only to survive in the highly competitive global business but also for sustaining competitive advantage in the industry. With my expertise in the information system, I will be able to contribute effectively in ensuring the security of official data and justify my job as Information Security Manager. The job would broadly encompass development and maintenance of comprehensive database of network security with all the support systems like network equipment, hardware and software. The job profile also includes providing administrative and technical support to various departments within the organization in the area of information technology and security and implementing security standard and procedures. My academic qualification has equipped me with expertise in network security, network protocols, Windows, Microsoft office and other such technical software packages that are used within the firm. I would also like my base salary to be around $107,511 as it is the average salary for my job description as per my internet based research (salary wizard, 2011). I sincerely believe that with huge scope in the market for information security, I would be able to get a job that would meet my criteria of salary and job satisfaction. (words:

First law of motion Essay Example for Free

First law of motion Essay I have come to a point in life that many people have not. I have made a firm decision to recommit myself to pursuing my dreams. While there are those who believe that with an ounce of luck and a ton of persistence anything can be accomplished, I believe that there is no reason to expend so much energy and rely on luck. I believe in taking hold of my destiny and carving out a future for myself based on the decisions that I make in life. Life is simply too short and too precious to be left to luck alone. This is why I have chosen to apply at (Selected University Here). An object at rest tends to stay at rest and an object in motion tends to stay in motion with the same speed and in the same direction unless acted upon by an unbalanced force. This is how the first law of Newton is often stated. An object remains at rest unless an external influence interacts with it and either gets it moving again or alters its direction. I prefer to think of myself as one of those objects that are at rest. There has never really been any motivation or desire on my part to try and do something drastic in my life. The problems of other people do not concern me unless there is some sort of benefit that I can gain through my actions or disadvantage that will happen through my inaction. This has always been my way of dealing with things when I was much younger and admittedly more selfish and naive. As every story concerning a spoiled child goes, I always felt that I was the center of everyone’s attention. I was the most important thing in this world. There was no need for me to raise a finger to do anything as everyone around me was at my beck and call, servants who catered to my every whim and desire. These thoughts of greatness and power however were also the same thoughts that made it very difficult for me to adapt to my school environment as I constantly found myself alone in school with no friends and nobody to talk to. Things took a turn for the worse before they got any better however as I was also performing terribly in school. I would get into scuffles with my classmates and get on the bad side of everyone in my school. These were very difficult times for me because I could not understand why these people had such an intense dislike for me. The worst part was yet to come however. One day when I was one my way to my classroom I saw a couple of my classmates breaking into the lockers of a few of the students. Unsure of what I was supposed to do I decided to watch them. A few moments later a young kid, much smaller and younger than me, told these bigger kids to stop what they were doing because it was bad. These bullies merely laughed at the kid and decided to have some fun with him and push him around. Forgetting how much bigger they were than the young child, they became too rough and pushed the child so hard that he rolled down the stairwell. Instead of helping the young kid out I decided to make a run for it and not say anything to anyone. It wasn’t my problem, I recall telling myself. Indeed it wasn’t but soon enough it became a problem of mine when I learned a week later that the young boy who I refused to defend would never be able to walk again. My inaction, my selfishness was the reason that a young boy would never be able to walk again. I could not live with myself. It was then that I decided to approach my mother and ask her why things were that way. Like every mother, my mom adored me and always had my best interests in her heart. But I was surprised when she told me the truth; I was selfish, arrogant and self centered. A person destined for greatness must learn to be humble and must also learn to stand up in the face of adversity. She then told me a story a great person, a person she admired, former President Ronald Reagan. While not exactly the most intelligent of all people, Ronald Reagan endured many trials in his life and was able to weather them all thus earning himself the nickname â€Å"The Teflon President†. Not only was Ronald Reagan able to endure all of his challenges, he was also well loved by many, which is largely attributed to his persuasive quotable speaking style. The Great Communicator was able to charm the hearts of many and in doing so became one of the most effective Presidents in the history of the United States. After that talk, I decided to learn more about this person who my mother thought so highly of and found that he had done so many things during his administration. I could not understand how a person who wielded such power never chose to abuse it but instead chose to use the power to help other people and improve the welfare of every American; Powerful and influential but at the same time well-loved by the American public. From that forth I resolved to discard my selfish and self-centered ways and decided to focus more on helping other people and becoming more altruistic in my deeds. While I certainly will not become the next Ronald Reagan, I have him to thank for motivating me to become a better person not only for myself but for others as well. He has inspired me to lead a life of service for the public and fueled my passion for politics. I may not be able to accomplish the things that this great person has done in his lifetime but I will be happy knowing that I have made a difference in this world. To have even inspired a single person to do good things and to devote his life to a life of service for others as Ronald Reagan has done for me will be a great accomplishment. While I personally believe that â€Å"there is no such thing as a free lunch† and that everything a person has in life must come from hard work and perseverance, I also believe in charity. I believe in helping others who do not have much in life. I believe in helping people regardless of their nation, race or creed. I believe in being a better person so I can best help myself and others around me. I believe that (Selected University) is the best place for me to turn these beliefs into realities.