INTRODUCTION

BACKGROUND OF STUDY

Bank have traditionally been in the forefront of harnessing technology to improve their products and services. They have over the time, been using electronic and telecommunication networks for delivering a wide range of value added products and services.

The delivery channel include telephone personal computers including Automated Teller Machine (ATM) first introduced in Nigeria by society Generale Bank etc with the popularity of personal computers, easy access to the internet and world-wide web (WWW), internet is increasingly used by banks as a channel of delivering the products. And services too 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 (e-banking).  The main difference being that tin internet banking, the delivery channel is a public demand. It offers different online services like balance inquiry, request for cheque books, recording stop payment instructions, balance transfer instructions, accounts opening and other form of traditional banking services.  In the banking and financial services internet banking is a product of electronic commerce/banking.

Electronic Banking on the other hand is any type of business transaction that involves the transfer of  information across the Internet it involves individuals and business organizations exchanging business information and instructions over electronic media using computers, telephones and other communication equipment.  This covers a range of different types of business from consumers through banking to business exchange of trading goods or services between corporations.

The range of services and products offered by different banks vary widely both in their contrast and sophistication

       STATEMENT OF PROBLEM

In Nigeria, for customers, banking today is no longer about safety of their funds and increase returns in their investments only.  Customers demand efficient, fast and convenient services customer want a bank that will offer them services that will met their particular needs (personalized banking) and support their business goals. For instance, customer) businessmen want

I.       To travel without carrying cash for security reasons

II.    They want to be able to check their balances online

III. Find out if a cheque is cleared

IV. Transfer funds among accounts and even want to download

transaction records into their own computer at work or home.  All these are only achievable trough I-banking.

On line with rendering quality and acceptable services, Most banks are investing large sum of money in information and communication technology. First Atlantic Bank, Diamond Bank, All state bank etc are in the forefront in the use of information Technology in rendering services to their customers.  The concern of this study therefore is to examine the impact and prospect of Electronic Banking in the financial industry.  It also seek the challenges involved in Electronic banking and best of approach to implementing