The effect of technological advancement in business. A case study of Centenary Bank – Mapeera Branch

Abstract

The effect of technological advancement in operations with specific reference to Centenary bank – Mapeera branch. The general objective of the study was to assess the effect of technological advancement in operations with its specific objectives being; to draw the relationship between internet banking and operations, explore the role of electronic payment technology within an organization and establish the contribution of Mobile banking technology to operations within an organization. The study was carried out using a case study of Centenary bank – Mapeera branch and cross sectional research design for qualitative and quantitative analysis on a sample of 63 respondents. Data was collected by use of mainly questionnaires, a few interview questions and later analyzed quantitatively and qualitatively using the Statistical Package for Social Scientist 16.0 (SPSS). Descriptive statistics, frequency percentages, tables and figures formed the basis for the analysis of quantitative data whereas qualitative data was interpreted by composing explanations and substantiating those using open responses from respondents. Study investigations established that the various technologies employed in banking operations highly enhanced service delivery because of their unlimited access; highly enhanced the volume of output not only because of their unlimited access but as well as their wide scope of coverage and they enhanced efficiency because of their speed in addition to being secure. The conclusions of the study are; technological advancement enhance service delivery, volume of output and efficiency of operations in the bank. It is thus recommended that banks should appreciate these technologies by devising means of acquiring them and maintaining them cheaply, sensitizing the stakeholders on how to use these technologies, having strong network boosters as well as involving Interpol to help curb cyber fraud.