DESIGN AND IMPLEMENTATION OF A COMPUTERIZED SAVINGS ACCOUNT HOLDERS SYSTEM

1.1 Introduction

Computerized savings account holders’ information is a model Internet Banking Site. This site enables the bank workers to effectively manage user’s accounts in the bank. The system provides the access to the customer to create an account, deposit/withdraw the cash from his account, also to view reports of all accounts present. The customers can access the banks website for viewing their Account details and perform the transactions on account as per their requirements. With Internet Banking, the brick and mortar structure of the traditional banking gets converted into a click and portal model, thereby giving a concept of virtual banking a real shape. Thus today's banking is no longer confined to branches. E-banking facilitates banking transactions by customers round the clock globally (Arestis, 2007). It is a system that increases the control and enhances the cooperation in the companies. Account Holder’s Information aids in profit making, budgeting and cost control. In a company, it is the duty of the management accountant to see that his company keeps good records and prepare proper financial regulations.

As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Limitation of the study and Definition of technical terms.

1.2 Background of Study

Currently user’s accounts in Microfinance banks are managed manually. The aim of this Account Holders Management System is to provide an improved design methodology, which envisages the future expansion, and modification, which is necessary for a core banking sector. This necessitates the design to be expandable and modifiable and so a modular approach is used in developing the application software. Anybody who is an Account holder in this bank can become a member of Bank Account Management System.

Nowadays, managing a bank is tedious job up to certain limit. So software that reduces the work is essential. Also today’s world is a genuine computer world and is getting faster and faster day-by-day. Thus, considering above necessities, the software for bank management has became necessary which would be useful in managing the bank more efficiently. All transactions are carried out online by transferring from accounts in the same Bank or international bank. The software is meant to overcome the drawbacks of the manual system.

As information technologies grow more progressive, the manual accounting systems have become gradually inadequate for decision needs. Consequently, public and private sector firms in both developing and developed economies view Computerized Savings Account Holders System (CAIS) as a vehicle to ensure effective and efficient information flow in the recording, processing, and analysis of financial data. Effective and efficient information flow enhances managerial decision-making, thereby increasing the firm’s ability to achieve corporate and business strategy objectives. This in turn, may increase the prospects of the firm’s survival (Platt and Platt, 2012).

Computerized savings account holders’ information (CAIS) denotes an electronic-based system that processes economic information and sup­ports decision tasks in the context of financial management and control of firm activities (Nicolaou, 2000). Borrowing from Rogers’ conceptual framework, the rate of adop­tion of Computerized savings account holders’ information (CAIS) is determined by five attributes: relative advantage, compatibility, complexity, trialability, and observability. For example, Computerized savings account holders’ information (CAIS) that enhances planning and evaluation of the firm’s financial position and performance by processing economic data in a more reliable, relevant, understandable and comparable form to both internal and external stakeholders (Wood and Sangster, 2008) are more likely to be adopted and implemented by firms. Research suggests that CAIS promotes cost-effectiveness, ease of sharing knowledge, thereby improving operations and managers’ decision-making processes.

Chang (2011) asserts that computerized savings account holders’ information plays a significant role in enhancing organizational effectiveness in a global competitive environment. Financial statements still remain the most important source of externally feasible information on companies. In spite of their widespread use and continuing advance, there is some concern that accounting practice has not kept pace with rapid economic and high technology changes which invariably affects the value relevance of Account Holder’s Information. The importance of Chang’s assertion is reinforced by massive accounting fraud in developed countries especially United States of America (USA), rapidly changing business environment and reports by some researchers that value relevance of Account Holder’s Information has declined. However, a number of researchers claim that Account Holder’s Information has not lost its value relevance.

Access Bank Plc is a full service commercial Bank operating through a network of about 366 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom. Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through 4 business segments: Personal, Business, Commercial and Corporate & Investment banking. The Bank has over 830,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last ten years ranking amongst Africa’s top 20 banks by total assets and capital in 2011. As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant. Over the past 26 years, Access Bank Plc has transformed from an obscure Nigerian Bank into a world class African financial institution. Today, Access Bank is one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network; a feat which has been achieved through strong long-term approach to client solutions − providing committed and innovative advice.

Access Bank has built its strength and success in corporate banking and is now taking that expertise and applying it to the personal and business banking platform it acquired from Nigeria’s International Commercial bank in 2012. The last two years have been spent integrating the business, investing in the infrastructure and strengthening the product offer. As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.

December 19, 1988: Access Bank was issued a banking license February 8, 1989: Access Bank was incorporated as a privately owned commercial bank May 11, 1989: Access Bank commenced operations at its Burma Road, Apapa Head Office March 24, 1998: Access Bank became a Public Limited Liability Company November 18, 1998: Access Bank listed on the Nigeria Stock Exchange February 5, 2001: Access Bank obtained a Universal Banking License from the Central Bank of Nigeria.

1.3 Statement of Problem

Investigation revealed that poor Account Holder’s Information jeopardizes administrative effectiveness, which makes managers of business organizations malnourished administratively in Nigeria. The consequence of this has been the current distressed syndrome that many organizations face. Many organizations need to learn to manage their intellectual assets (i.e. knowledge) in order to survive and compete in the knowledge society.

The Traditional way of maintaining details of a user in Access bank was to enter the details and record them. Every time the user needs to perform some transactions he has to go to bank and perform the necessary actions, which may not be so feasible all the time. It may be a hard- hitting task for the users and the bankers too.

Effective knowledge of Account Holder’s Information system is taken for granted in many business organizations and this in turn affects their level of growth. Many companies fold up because of ineffective Account Holder’s Information system and lack of professional training of its members of staff and management of accounting practice. It is in view of these problems that this study is set to focus on the relevance of computerized accounting on business growth.

1.4 Aim and Objectives of the Study

The aim of the study is to Design and Implement a Computerized Savings Account Holders System. In achieving this aim, the following specific objectives were laid out as follows to develop an application software that will:

1. Enable users’ login through the secured web page by their account login id and password;
2. Serve as a backup alternative for managing savings account records;
3. Assist in preparing monthly statement of account from various revenue sources; and
4. Create a secured database capable of storing large data with limited access functionality.
5. Easily maintain a database of savings account records.
6. Aid easy retrieval of savings account records by querying the database.

1.5 Significance of Study

The significance of the study is that it will bring to light the importance of computerized savings account holders systems and the benefits associated with it. This study will be of immense benefit to other researchers who intend to know more on this study and can also be used by non-researchers to build more on their research work. This study contributes to knowledge and could serve as a guide for other study.

1.6 Scope of the Study

The study focuses on the Design and Implementation of a Computerized Savings Account Holders System. This study covers the relevance of proposed system for business growth in organization using Access Bank, Ikot Ekpene as a case study.

Here are some of the features available through bank holder’s information:

1. View balances: Firstly login your account with your account number and password. Then checking your balance doesn't require much work. You simply select Account balances and take a look at your balance and past transactions. If you have more than one account, you can also do transfers between accounts.
2. Transfer funds: When you select Transfer Funds, you'll be asked where to transfer the money to and from, when, and the amount.
3. Set up recurring bill payments or transfers: If you make a regular payment every month, it might be convenient to set up an automatic withdrawal from your account.
4. Monitor CIBC investments: If you have any CIBC investments, you can keep an eye on those stocks or mutual funds here.
5. Pay bills: To pay your bills online, you just need to add to your account the names of the companies you wish to pay bills to.
6. View our VISA accounts: Always a good place to monitor your spend.

1.7 Limitations of the Study

During the course of this study, many things militated against its completion, some of which are:

1. Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
2. Research material: availability of research material is a major setback to the scope of the study.
3. Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.
4. Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet).

1.8 Definition of Terms

Accounting: The activity, practice, or profession of maintaining the business records of a person or organization and preparing forms and reports for tax or other financial purposes

Bank: This is a financial institution where money and other valuable items are kept.

Withdrawal: The act of taking amount of money out of your bank account.

Deposit: To pay in some amount of money in a bank account.

Money: Anything generally accepted for exchange of goods and services.

Efficiency: The ability to do something well or achieve a desired result without wasted energy or effort.

Information: Definite knowledge acquired or supplied about something or somebody.

Organization: A group of people identified by a shared interest or purpose, e.g. a business.

Accounting Information: The collection, storage and processing of financial and accounting data that is used by decision makers.

Computerized savings account holders’ information: A computer based method for tracking accounting activity in conjunction with information technology resources.

Information technology: The study or use of systems (especially computers and telecommunications) for storing, retrieving and sending information.

1.9 Organization of the Research

This research work is organized into five chapters.

Chapter one is concerned with the introduction of the research study and it presents the preliminaries, theoretical background, statement of the problem, aim and objectives of the study, significance of the study, scope of the study, organization of the research and definition of terms.

Chapter two focuses on the literature review, the contributions of other scholars on the subject matter is discussed.

Chapter three is concerned with the system analysis and design. It presents the research methodology used in the development of the system, it analyzes the present system to identify the problems and provides information on the advantages and disadvantages of the proposed system. The system design is also presented in this chapter.

Chapter four presents the system implementation and documentation, the choice of programming language, analysis of modules, choice of programming language and system requirements for implementation.

Chapter five focuses on the constraints of the study, summary, conclusion and recommendations.