The Impact of Information Communication Technologies in the Strategic Management of Financial Institutions

International Review of Management and Business Research, Vol. 3, Issue 3 (September 2014)

15 Pages Posted: 23 Feb 2018

See all articles by Professor Edwin Agwu

Professor Edwin Agwu

London - United Kingdom

Atuma Okpara

National Open University of Nigeria - School of Management Sciences

Mike O. Aigbiremolen

Consolidated Investment Ltd

Francis Odianonsen Iyoha

Covenant University

Date Written: 2014

Abstract

ICTs have contributed a lot in the strategic and operations management of financial institutions all over the world. Today, ICT is employed in all the departments of most financial institutions such as operations, customer services, marketing, administration, human resource, procurement, accounting, financial management, etc. The general consensus among various academicians is that ICTs have improved the processes of operations and management. It has also played significant roles in strategic and operational management and also determined the marketing mix, strategic decisions, ownerships, management and partnerships such as alliances and mergers. This study investigated the role of ICTs in the strategic and operational management of financial institutions using a qualitative research method involving the interview of top managements and operational staffs of four selected banks in the United Kingdom and Nigeria. Findings revealed that ICTs have indeed contributed a lot in improving the functioning of all departments of the selected banks such as marketing, operations, HR, finance, call centers, customer services, etc. The benefits gained by the various banks after the implementation of ICTs include better online and offline support for their customers, ROI justification, profitable sales volume, reduction of queues in the banking halls, and very interactive websites. There are however, many departments and other functional areas where ICTs have not been fully utilized. Moreover, many financial institutions have not fully adopted and applied ICT to all functional areas. The study recommends that these can be resolved through proper training, i.e. the provision of ICT related training to employees with respect to the strategic and operational management of the banks as well as exploration of the importance of the recruitment of external consultants who are specialized in their respective fields to render solid supports.

Keywords: ICT, Financial Institutions, Customers, ROI, Value Added

Suggested Citation

Agwu, Professor Edwin and Okpara, Atuma and Aigbiremolen, Mike O. and Iyoha, Francis Odianonsen, The Impact of Information Communication Technologies in the Strategic Management of Financial Institutions (2014). International Review of Management and Business Research, Vol. 3, Issue 3 (September 2014), Available at SSRN: https://ssrn.com/abstract=3122385

Professor Edwin Agwu (Contact Author)

London - United Kingdom ( email )

United Kingdom
London, 7500
United Kingdom

Atuma Okpara

National Open University of Nigeria - School of Management Sciences ( email )

14/16 Ahmadu Bello Way
Victoria Island Lagos
Lagos Island, Lagos
Nigeria

Mike O. Aigbiremolen

Consolidated Investment Ltd ( email )

Plot 1232 Bishop Oluwole Street
Victoria Island, Lagos
Nigeria

Francis Odianonsen Iyoha

Covenant University ( email )

P.M.B. 1023
Km 10 Idiroko road
Ota, Ogun State 234
Nigeria

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