Salford Business School

The Changing Nature of the Workplace: How the Impact of Information Technology is

Shaping the Future of Work and Productivity in the Corporate ‌‍Environment.

Olusola Teresa Ogunbanjo

Student ID: @00599819

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A dissertation is submitted in partial fulfilment of the requirements of The University of

Salford for the degree of MSc International Business.

June 2021

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Name (print) OLUSOLA TERESA OGUNBANJO

ID Number @00599819Date22/06/2021

Table of Contents
TITLE PAGE………………………………………………………………………………………...….......... 1
DECLARATION………………...…………………………………………………………………………….. 2
TABLE OF CONTENTS…………...…………………………………………………………………………3
CHAPTER 1......................................................................................................................................................6
1.1 Background to the Study.............................................................................................................6
1.2 Statement of the Problem..........................................................................................................10
1.3 Research Questions....................................................................................................................11
1.4 Research Objectives...................................................................................................................11
1.5 Scope of the Study......................................................................................................................12
CHAPTER 2....................................................................................................................................................14
2.1 Introduction...................................................................................................................................14
2.2 Theoretical Framework..................................................................................................................14
Social Construction of Technology (SCOT).........................................................................................14
Actor Network Theory (ANT).................................................................................................................15
Adaptive Structuration Theory (AST)....................................................................................................16
2.3 Information Technology and the Financial Sector Performance.....................................17
2.4 Impact of Information Technology on Organizational Growth.............................................25
2.5 Information Technology and Future of Work........................................................................28
2.6 Information Technology and Organizational Productivity.................................................30
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CHAPTER 3....................................................................................................................................................35
3.1 Research Philosophy..................................................................................................................35
3.2 Research Design..........................................................................................................................35
3.3 Respondent Demographics......................................................................................................37
3.4 Research Instrument..................................................................................................................38
3.5 Rationale of Research Instrument/Tool..................................................................................38
3.6 Data Analysis................................................................................................................................39
3.7 Ethical Consideration.................................................................................................................40
CHAPTER 4....................................................................................................................................................41
4.1 Socio-Economic Characteristics of Respondents.....................................................................41
4.1.1 Age of Respondents.....................................................................................................................41
4.1.2 Gender of Respondents...............................................................................................................42
4.1.3 Marital status of Respondents.....................................................................................................42
4.1.4 Educational level of respondents................................................................................................43
4.1.5 Occupation.....................................................................................................................................43
4.1.6 Duration of Employment...............................................................................................................44
4.1.7 Average Monthly Income..............................................................................................................44
4.2: Effect of Communication Technological Developments on Work and Skills of
Employees..................................................................................................................................................45
4.3. Effect of the Utilization of Information Technology on Organizational Productivity........46
4.4. Effects of Technology on Opportunities that Unify Physical and Virtual Workplaces.....48
4.5. Effects of Information Technology on Jobs and Employee’s Opportunities as far as
Their Expectations at the Workplace are concerned.......................................................................49
4.6 Discussion of Results.......................................................................................................................50
4.6.1 Information and Communication Technological Developments Affects The Work and Skills
of Employees...........................................................................................................................................51
4.6.2 Utilization of Information Technology Leads to Successful Organization Business
Orientation/Productivity..........................................................................................................................53
4.6.3. Information Technology Creates Opportunities That Unify Physical and Virtual
Workplaces..............................................................................................................................................54
CHAPTER 5....................................................................................................................................................57
5.1 Conclusion...........................................................................................................................................57
5.2 Recommendations.............................................................................................................................59
REFERENCES................................................................................................................................................61
APPENDIX 1 – QUESTIONNAIRE..............................................................................................................67

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ResearchTitle: The Changing Nature of the Workplace: How the Impact of
Information Technology is shaping the Future of Work and Productivity in the
Corporate Environment........................................................................................................................67
SECTIONA:Socio-economiccharacteristicsofrespondents................................................................67
SECTIONB:How communication technological developments affects the work and skills of
employees......................................................................................................................................................67
SECTION C: How utilization of Information Technology leads to organizational
productivity. 68
SECTIOND:how technology creates opportunities that unify physical and virtual workplaces
........................................................................................................................................................................... 68
SECTIONE: Effects Information Technology has on jobs and Employee Opportunities as far
as their expectations in the future of workplace are concerned.......................................................69
APPENDIX 2 – HYPOTHESES AND QUESTION VALIDATION CHART..............................................70
Appendix 3: TAUGHT ETHICS APPLICATION FORM..............................................................................73

List of Tables
Table 1: Educational level of respondents...................................................................................................43
Table 2: Duration of employment of respondents.......................................................................................44
Table 3: Effect of Communication Technological Developments on Work and Skills of Employees...46
Table 4: Effect of the Utilization of Information Technology on Organizational Productivity.................47
Table 5: Effects of Technology on Opportunities that Unify Physical and Virtual Workplaces.............48
Table 6: Effects of information technology on jobs and employee’s opportunities as far as their
expectations at the workplace are concerned.............................................................................................50

List of Figures

Figure 1: Age distribution of respondents....................................................................................................42

Figure 2: Gender of respondents..................................................................................................................42
Figure 3: Marital status of respondents........................................................................................................43
Figure 4: Average monthly income of respondents....................................................................................45

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CHAPTER 1

1.1 Background to the Study

According to Frey and Osborne (2017), there have been research studies on how

information technology is shaping the future of work in different fields. Examples of these

studies are in business (Turban et al 2009) and social sciences (Wellman & Haythornthwaite

2002). The study of Turban et al (2009) focused on electronic commerce from the

perspective of managers and how organizations can make use of digital marketing and

information technology to make more revenues. On the other hand, the study of Wellman &

Haythornthwaite (2002) focused on the use of the internet in everyday life and it’s important

to work productivity. The study of Turban et al., (2009) opined that information technology is

vital to the operation of organizations. The way that information technology has become

popular and dependable in the last 15 years is credited as the reason for its overreliance by

organizations around the world and there have been conversations and studies discussing

the impact of IT on work techniques and the future of work especially in the aspect of

organizational behavior and psychology (Annu 2016). There are now technologies in the

work place that can be used in the process of creation or production, and to disseminate

information faster and more efficiently like the 3D printing and robotics (Frey and Osborne

2017).

According to Corporaal, Riemsdijk and Wolfgramm (2018), there is the high level digitization

of item and cycle data utilizing sensor and information technology that continually and

speedily create an automated process of production and management. For example, there
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are machines, and software that has the ability to determine what should be done and when

they should be done at any given stage in a production process.

In the study of Cascio and Montealegre (2016), the world is now a global village through

information technology and it has influenced the way that work is being done in many

organizations in the world, as manual inputs are being reduced to the barest minimum daily

in many fields. The study also revealed that the way value is being ascertained, how

interactions and communication are being done and captured by organizations reflects the

efforts of information technology. This justifies the position of Corporaal et al (2018) when

the study identified that there are five technologies that has moved global businesses and

organizations toward to compete in the 21 st century workspace and they include:

 cloud and mobile computing,

 big data and machine learning,

 sensors and intelligent manufacturing,

Barley (2015) opined that beyond the capacity to do work faster and more efficiently, these

technologies have also been responsible for obvious, noticeable positive changes as to the

style of work and mode of operation in companies today. As per Murray (2015) these new,

regular improvements in information technology are getting the business world towards

another industrial revolution, and the tech savvy business managers understand that IT is

relevant today and in the future of work and they have to find a way to incorporate this style

into how work is being done in their organizations to remain a force to reckon with in

business.

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Barley (2015) opined that despite that information technology is fast becoming as important

as electricity because of its importance to easing the everyday life; there are little studies on

how information technology alters work in organizations.

The new advancement of Information technology has been about friendly communication

and distributed computing and this isn't the end (Voogt and Roblin 2012). Maybe, it reflects

data and correspondence conditions in which PC sensors, (for example, radio recurrence

recognize labels, wearable technology, smart watches) and other hardware (tablets, cell

phones) are bound together with different articles, individuals, data, and PCs just as the

actual climate. Joining these advancements is changing the work environment quickly into a

hyper-associated station. The blend of these improvements is giving us another sort of

world, "one that is hyper-associated and information soaked, an existence where an Internet

of everybody is connected to an Internet of everything" (Wooldridge 2015, p. 29). These new

innovations, problematic as they are or may seem, didn't simply show up for the time being.

Maybe, numerous different advancements in innovation went before them, and their impacts

on work and associations in the course of recent many years have been broad, as we will

see.

The speed of progress inside the fourth modern unrest is bigger than any time in recent

memory and has a more extensive and problematic, as opposed to a steady, character

(Corporaal, Vos, Van and De Vries, 2018). As anyone might expect, the conversation about

the effect of information technology on the present and future of work and the labor force is

generally about the inquiry which occupations will vanish because of innovation (Went,

Kremer, and Knotternerus, 2015; Frey and Osborne, 2017). The inquiry how the substance

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of those tech occupations will change justifies significantly more consideration than it gets at

this moment (Ras et al., 2017 for a special case).

The study of Usanov and Chivot (2013) showed that the latest technologies are required to

make work more perplexing and require an exceptionally talented labor force that can

configure, execute and utilize information technology. Organizations are finding better

approaches for getting work done because of these advancements in technology and are

embracing new plans of action, prompting an interest for new abilities and skills as well

(Corporaal, Riemsdijk and Wolffgramm 2018). Some of the tech companies for example as

of now permit clients to work their assembling innovation over the web, giving a possibility of

same-day delivery of orders.

Work is defined here as the utilization of human, educational, physical, and different assets

to create goods and services (Alter 2013). Given the expanding dependence on technology

to complete work inside and across associations, the topic of how technological innovation is

changing work and organizations is profoundly striking for researchers of organizational

psychology and organizational behavior (Frey and Osborne, 2017).

Organizations use technology to increase their productivity and work efficiency, playing an

integral role in enhancing business agility initiatives, and impacting employee recruitment,

loyalty, and productivity. The study of Cascio and Montealegre (2016) indicate that the

quality of employee experience is measured by the organization’s digital prowess and

adroitness in the current world. Thus, technology dictates the perceptions of what makes an

organization the topmost destination for talent. This was further established by the study of

Balliester, and Elsheikhi (2018, p.25) which opines that various literatures establish that

58% of employers believe that embracing technology help employees to efficiently deliver
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their mandate as 51% of employers document that outdated technology hinders the

organization’s ability to compete for talent acquisition. Cloud and mobile computing, sensor

and intelligent manufacturing, big data, and machine learning have transformed how

organizations carry out their day-to-day operations (Cascio and Montealegre, 2016, p.359).

Innovations in information technology argue that technology help corporate carry out their

activities better, but they are also making exemplary changes in how work is done in

organizations.

It may have to be acknowledged that work doesn't exist without individuals and that the

stakeholders of these fields are characteristically worried about the investigation of

individuals inside the organizational settings. At that point, organizational psychology and

organizational behavior bears some obligation regarding the understanding of impacts of

technology on work and organizations (Frey and Osborne, 2017). In this research study, the

changing nature of the workplace will be examined by looking at the impact of information

technology on productivity and future of work in the financial service sector in Lagos,

Nigeria.

1.2 Statement of the Problem

The study of Bradley and Nolan (2016), opines that information technology enhances social

revolutions, work models and economic structures with positive impacts on productivity and

future work in corporate environment. The study of Corporaal, Riemsdijk and Wolffgramm

(2018) examined the innovation and advancement of information technology and the role

that it plays in the enhancement of work at the workplace. The covid-19 pandemic gave a lot

of organizations a big shift, with a higher percentage of staff working from home than ever

before. This has left the organizations around the world with no choice than to rely mainly on
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technological tools of information technology for communication and carrying out of daily

activities (Wong 2020). The United States saw an increase of over 42% of the United States

labour force working full time from home (Standford 2020). In April 2020, 46.6% of people in

employment worked from home and out those who worked from home, 86.0% did so due to

the COVID-19 pandemic (UK Gov. 2020; Office of National Statistics 2020).

Despite global market embracing technology, there is little research on how technology

impacts the workplace, especially taking into consideration the impacts of the covid-19

pandemic under which the magnitude of success is yet to be measured. This study

establishes the existing gap between continuing use of technology for the success of the

organization, the benefits of technology that lead to globalization and the effects of

technology on the workforce. This study will focus on employees between the ages of 23-60

in the financial services sector.

1.3 Research Questions

This study seeks to answer projected questions that have been set aside for the context of

the research topic. The study will seek to answer the following questions:

1. How communication technological developments do affects the work and skills of

employees?

2. How utilization of information technology does leads to successful organization

business orientation?

3. How does technology, especially emerging information and communication

technologies, create opportunities that unify physical and virtual workplaces?

4. How does technology affect work dislocation and challenges internationalization

process?
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 5. What effect does information technology have on jobs and employees opportunities

as far as their expectations at the workplace are concerned?

1.4 Research Objectives

The aim of the study is to investigate how information technology impacts future work and

productivity in the cooperate environment. A comparison on the cost and benefits

associated with technology inclined at workplace leads to a specific research objective on

how technology affects working conditions and corporate world. There is growth of new set

of skills and staff competences regarded as the 21 st century skills that can be

accommodated if advanced technology is taken into consideration. The objectives of the

research are to:

1. Establish how communication technological developments affects the work and skills

of employees

2. Determine how utilization of information technology leads to successful organization

business orientation.

3. Establish how technology creates opportunities that unify physical and virtual

workplaces.

4. Examine on how technology affect work dislocation and challenges

internationalization process.

5. Identify the effects information technology has on jobs and employees opportunities

as far as their expectations at the workplace are concerned.

The objectives will be measured by developing a SMART research philosophy and

methodology in chapter 3.

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1.5 Scope of the Study

The scope of this research study explains the extent to which the study will cover and

specific areas that this study will focus on. The study focuses on the impact of technology on

the organization growth, as far as communication technology is concerned. First, the scope

will entail information on the role of the technology to enhance business growth and HR

functions. Second, the study will reflect on other literatures on how communication

technology impact future work and productivity in the cooperate environment. Finally, the

study will further examine how technology has helped organizations respond to Covid-19

and stay afloat despite all the challenges that have come with the pandemic. This research

study seeks to add to the body of knowledge, as far as information technology and its

influence on the financial service sector; as it focuses on the impact of technology on the

way that organizations make plans for work to be done.

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CHAPTER 2

2.1 Introduction

The theoretical analysis, conceptual structure, and literature review are all included in this

section. This section elaborates on the research hypothesis that was introduced in the

theoretical context. It also builds the conceptual model by expanding on the ideas presented

in the conceptual context and finally describes the perspectives of various researchers.

These researches are linked to this one. Essentially, this chapter is based on the

perspectives of various scholars, which the writer has conceptualized in order to obtain a

focused direction for this study. Also, this chapter contains critical analysis of literature being

reviewed as the framework for all of the topics listed to be anchored.

2.2 Theoretical Framework

Theoretical framework is the aspect of literature review that helps to review relevant theories

that either supports a research study or describes why a research problem exist (Curcuroto

et al., 2019). Several theories have been propounded to be used in the explanation of the

impact technology has on humans, such as, conducting business with a large pool of

potential clients on social media platforms, communicating and completing tasks between

employees in corporate organisations, which in turn, simplifies the way we conduct our

businesses, and affects our productivity in our various walks of life (Curcuruto et al., 2019).

While some researchers posit that IT has a significant effect on humans, others claim it does

not.

Such theories include;

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Social Construction of Technology (SCOT)

According to Klein (2002), the social construction of technology shows how numerous social

elements can influence the growth, transformation, and meanings connected with

technology. According to (Klein 2002), the term "social construction of technology" refers to

a smaller version of the larger theory, whilst the acronym "SCOT" refers to a form of the

broader theory. According to Kline (2002), SCOT incorporates ideas from relevant social

groups, interpretative flexibility, closure, and stabilization. The concept of interpretive

flexibility, on the other hand, is its most distinguishing quality, as it indicates that the effects

of technology can be interpreted in a variety of ways and can be interpreted differently by

various social groups based on how they understand it and how they are affected by it

(Setargew 2006).

According to the social construction theory as explained by Setagew (2006) holds the

position that technology does not determine how humans are but rather the actions of

humans shape the use of technology. It simply explains that the impact of technology on

people is dependent on how people actually perceive and make use of the technology.

Actor Network Theory (ANT)

The main feature of the Actor Network Theory is its focus on inanimate entities and their

effect on social processes (Griffin et al. 2015). It refers to an actor as a source of action

regardless of its status as a human or non-human. The theory looks at humans and

technology of equal interrelated bodies that substitutes for human actions and shapes

human actions. The Actor Network Theory is a move away from the idea that technology

impacts on humans as an external force, to the view that technology emerged from social

interests (e.g., economic, professional) and that it thus has the potential to shape social

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interactions (Frese and Fay 2001). The Actor Network Theory provides a framework of ideas

that helps describe the process of technology adoption and to further explain the recent

technology take-up (Frese and Fay 2001). It suggests that technology can be seen as a

product of both social construction and technical innovation. Hence, the adoption of

technology results from the network of interactions between heterogeneous associationsi.e.

human and non-human (Hawash 2010).

This theory holds a different position to the Social Construction of Technology (SCOT) by

looking at the adoption of technology by humans as an equal interaction process rather than

how one impacts the other greatly (Cresswell 2010).

Adaptive Structuration Theory (AST)

The Adaptive Structuration Theory defines structures as rules and resources organized as

properties of social systems. In this theory technology is not rendered as an object but

instead it examines how people interact with technology in their ongoing practices and the

structures that shape their engagements (Turner 2019). The adaptive structuration theory is

an approach used in studying the role of advanced information technologies in

organisations. The theory holds the position that there are certain structures provided by

advanced technologies that actually result in an interaction between humans and these

technologies (Turner 2019). It basically explains that the existence of these structures brings

about these interaction processes. The adaptation of the theory to this study is to relate

changes human behaviour and patterns through advancement in technology. Technology

changes per time, so does human, behaviour and expectations change. According to Turner

(2019), on information technology and organizational change, there are three schools of

thought:

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The Decision Making School

This system is considered as a positivism philosophy, and it focuses on the information

processing linked to logical decision. This line of thought recommends that technology

should increase productivity, effectiveness, and fulfilment for organizations and individuals,

and that failure to achieve desired change reflects a failure in the technology, its

implementation, or its delivery (Sedera 2013).

The Institutional School

This is an interpretive research style that focuses on social development and economic

interaction, with technology being considered as a catalyst for change rather than a cause of

change (Turner 2019). This school believes that individuals create social constructions of

technology through the use of resources, interpretive systems, and norms entrenched in a

larger institutional environment (Sedera 2013). 

The Social Technology School

This is a synthesis of positivist and interpretive approaches. It claims that while technology

has its own structures, social practices regulate their impact on behaviour. Adaptive

Structuration Theory (AST) is based on this school, which focuses on the social structures,

laws, and resources supplied by technologies and institutions as the foundation for human

action (Osinem 2019). According to the thesis, structures in technology and structures in

action are constantly interwoven and shape one other. There are two aspects to the social

structures created by modern information technology. First, structural features are the

system's unique types of rules and resources, or capabilities. Second, spirit refers to the

overall intention behind a set of structural elements in terms of values and aims (Osinem

2019). Spirit assists users in comprehending and interpreting technology's meaning.

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Decision process, leadership, efficiency, conflict management, and atmosphere are some of

the elements that constitute the spirit of a social system. (Raja and Nagasubramani 2018)

2.3 Information Technology and the Financial Sector Performance

Because of the many advantages that the financial sector can derive as a result of using

information technology in the delivery of financial services, it has become inevitable (Adjei

2018). The majority of financial institutions in Nigeria have opted to use more sophisticated

IT technologies, which come at a price to the financial sector, in order to enhance the

service quality, acquire more customers, up the rate of transaction, and lastly increase the

profits of the sector (Adjei 2018).

Technology is now commonly recognized as the most effective tool for improving

organizational efficiency, and knowledge and ability to use IT tools in business operations

and information are now considered core competencies (Curcuruto et al., 2019). Many

financial intermediaries have migrated to the electronic world, in response to increased

consumer adoption, reduced cost of operations by lowering operational and administrative

costs and higher profit margins can be realized (Stewart 2003). Alternatively, there are

negative effects that IT brings along. Due to IT, financial institutions have lost data, been

subjected to hacking and loss of files and money, stealing personal data from financial

institutions, loss of financial records and so on (Osinem 2019).

Many advances have occurred in the world over the years. The feature of information

technology is the most striking and well-known. Today's businesses face a rapidly evolving

market environment marked by a high acquisition rate and a slew of strong competitors

(Strauss et al. 2012). Traditional management techniques, which rely on financial figures

and centralized, analytical planning processes, are deemed inadequate for effectively
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directing an enterprise in a competitive environment under these conditions (Hoffman 2002).

Vogue management support approaches, such as the balanced score card, seek to provide

a wider view of organizational success, and the revolution in ICT has shifted banking

operations from conventional to presumably better ways through technological advancement

that enhances productivity. ICT will improve performance, and financial institutions have

recently been spurreddue to the decrease in the cost of ICT devices (Zacher and Frese

2011). This could have increased bank ICT use, and the increase may also be attributed to

a market climate that has become more adaptable to recent modes and methods of

technological innovation due to the country's reforms (Ovia 2005). Information technology is

a term that covers telecommunications, networks, and multimedia applications. Features like

Electronic Data Processing (EDP) and Management Information System (MIS), though the

latter terms are still used (Vogus et al. 2014). ICT's capabilities have expanded beyond

support facilities and just electronic data processing; they are now worldwide and

limitless.Its products have bolstered early inventions such as the telephone and fax

machine, particularly the World Wide Web (www) and current computer email services

(Kanfer et al. 2017). It's a philosophy that's having a profound impact on nearly every field of

human endeavour. This implies that it entails using ideals to engage physical components in

achieving a specific objective. Information storage and retrieval, the convergence of

computer and telecommunication has resulted in a new development in which information

has become the world's engine of growth (Kanfer et al 2017). This progress has enabled

developed countries like Nigeria to catch up and achieve desired levels of development

without having to "reinvent the wheel" of economic growth. This revolutionary technology

has ushered in a far-reaching transformation in society, transforming most industry (banking)

scenes dramatically (Ovia, 2005). Banking has become increasingly IT-based, and because

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of its cross-sectoral links, it appears to be reaping the majority of the benefits of the

technological revolution, as shown by its extension to almost all aspects of its operations

(Ovia 2005). It has broadened the reach of banking activities and altered both the essence

of banking and the competitive climate in which it operates. Banks have seen a wide

opening across the world, and they are now taking full advantage of these advances to offer

better customer service in the face of competition, as well as quicker services that boost

productivity (Diefendorff et al, 2017).

Customers are urged to use IT banking as a first priority, according to Moghadam et al.

(2012). Increasing the customer's arousal to use IT banking via IT advertising results in a

positive attitude toward the bank's brand, which is one of the most important factors in IT

banking effectiveness. According to Oppong et al. (2014), consumer adaptation to IT

banking needs compatibility, ease, and communication. In order to draw more users to IT

banking, private commercial banks must not only implement IT banking systems, but also

foster consumer trust in the system's utility.A demonstration on a trial basis should

understand the value of IT banking needs and the ease of use.

Because of its simplicity, accessibility, and security, IT has been a huge success (Kanfer et

al. 2017). According to a report on credit card fraud conducted by Abor (2005), credit card

fraud is a significant security problem when using a credit card. When a credit card or PIN is

stolen, consumers are subjected to unauthorized charges (Curcuruto 2019). Users must

review their card statements periodically in order to be sure of all transactions in order to

identify fraud early. When an account is opened in the user's name without his or her

permission, credit card fraud may occur (Curcuruto 2019).

This happens when a hacker tries to steal a pre-approved credit card from the user's

mailbox. In Ethiopia's banking industry, MilionTafa (2013) conducted a report on the effects

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of electronic banking on customer satisfaction. Tables, percentages, chi-square

independency test to see whether there is a relationship between demographic

characteristics and e-banking, independency t-test to see whether customer visits to

branches before and after e-banking was important, and regression analysis test to explain

the variables that determine customer satisfaction in e-banking were used in the study

(Diefendorff and Chandler, 2011). The findings from the study of Tafa (2013) indicate that

the majority of e-banking users were young, educated, salaried, and students, that there is a

relationship between e-banking and demographic characteristics, that e-banking is currently

only available to save and current account holders, and that e-banking has improved

customer service. This was supported by the study of (Diefendorff and Chandler, 2011)

which opined that there is a strong link in electronic banking and customer satisfaction.

A research on the general perception of e-banking was conducted by Keivani et al. (2017)

from Islamic Azad University. The aim of this study was to look at e-banking and come up

with ways to incorporate e-commerce into conventional retail banking services.In the last

century, new electronic structures, especially the "Internet business growth," have

fundamentally altered how cultural interactions, economics, and social communities are

conducted (Griffin et al. 2015). The similarity of the study of Keivani et al. (2017) and this

current study is that both studies looks at how IT is changing the work mode in financial

institutions. The Internet has altered the competitive landscape in the retail banking market.

Theoretical study of electronic money, electronic banking, and its history, characteristics,

and ways to extend its e-banking culture is examined in this paper. IT banking adoption,

according to Sharma and Singh (2011), is a dynamic and multifaceted process in which

customers' personal, social, psychological, utilitarian, and behavioural aspects are more

important than adoption itself. Managers cannot overlook Information Systems because they

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are so essential in today's organizations. The application of information and communication

technology principles, methods, policies, and implementation strategies to banking services

has become a major concern for all banks, as well as a requirement for local and global

competitiveness (Kievani et al 2012). ICT has a strong impact on how managers make

decisions, prepare, and deliver goods and services in the banking industry. It has continued

to alter the way banks and their corporate partnerships are structured across the world, as

well as the range of creative devices available to improve service speed and efficiency. In

general, technology refers to the application of science to the completion of a mission. It

includes the skills and processes required to carry out activities in a specific setting.

Information technology, or information technology, is a broad term that refers to the use of

electronic technology to meet a company's information needs at all levels. It refers to the

use of computers, telecommunication software, and ancillary equipment including

Automated Teller Machines and debit cards to automate processes, controls, and

information production (Alu 2000). The Nigerian National Policy for Information Technology

(2001) described it as follows: Any equipment, interconnected device, or subsystem of

equipment that is used in the automated collection, storage, manipulation, management,

movement, transmission, or receipt of data or information”, including computer, ancillary

equipment software and firmware (hardware), and similar procedures, facilities (including

support services) and related resources. It is a philosophy that's having a profound impact

on nearly every field of human endeavour (Sedera 2013). This means that it entails using

concepts to engage physical components in achieving a specific objective. After nearly four

decades of using machines for routine data processing, the computing and

telecommunications industries have merged, primarily in information storage and retrieval,

has ushered in a new era in which information has become the world's engine of

23
development (Ovia 2015). This progress has provided developing countries like Nigeria with

catch-up opportunities to achieve desired levels of development without having to "reinvent

the wheel" of economic growth (Tafa 2013). This revolutionary technology has ushered in a

far-reaching transformation in society, transforming most industry (banking) scenes

dramatically (Ovia, 2005). Machines, smart cards, telephone banking, e-funds transfer, e-

data interchange, and electronic home and office banking are all examples of electronic

banking.In response to increased consumer sophistication and increased competition

brought on by increased globalization of the financial services sector, a range of IT products

are increasingly being used in the banking industry of the Least Developed Countries

(Agboola and Salawu 2008).

Agboola and Salawu 2008divides IT items applicable to banks into three categories: I

Bankers Automated Clearing Services: This service uses a Magnetic Ink Character Reader

(MICR) to process checks. MICR is a method for encoding cheques and documents with

magnetic ink characters so that they can be read electronically. It is capable of encoding,

copying, and sorting checks in order to ensure that they are cleared in a timely manner. (ii)

Automated Payment Systems: These include items such as Automatic Teller Machine ATMs

(remote cash dispensers that enable customers to withdraw money outside of the banking

hall), Plastic Cards, Electronic Funds Transfer, and other similar items (Tafa 2013).

Automated payment systems include electronic letters of credit, electronic cheques, and

electronic cash. Interactive television and the Internet are examples of automated delivery

channels. Customers can conduct transactions with their banks using the unit, which

connects the customer's terminals in their homes and/or offices to the bank's computer

system. VSAT (Very Small Aperture Terminal) is a satellite communications system that

caters to both residential and commercial users. Customers with such terminals can use this

24
medium to access the bank and obtain some type of information (such as bank balances,

deposits into, and withdrawals from accounts) (Moghadam 2012).

Aragba-Akpore (1998) wrote about the use of information technology in Nigerian banks,

stating that IT is becoming the cornerstone of the country's banking services regeneration.

He cited Diamond Bank Limited's Diamond Integrated Banking Services (DIBS) and All

States Bank Limited's Electronic Smart Card Account (ESCA) as examples of initiatives

aimed at the banking sector maturity. Banking in Nigeria has become highly reliant on the

implementation of information technology, according to Ovia (2001), and the IT budget for

banking is much greater than other industries in Nigeria. Ovia argued thatas demonstrated

by some of them launching websites, the online system has facilitated Internet banking in

Nigeria. He also discovered that banks now give customers the option of running an account

in any branch, regardless of where the account is domiciled. Griffin et al. (2015) suggested

that financial service firms must reform their traditional operating practices in order to stay

competitive in the 1990s and beyond. They conclude that the most important shortcoming in

the banking industry today is senior management's failure to recognize the importance of

technology and incorporate it during strategic planning. As a result, according to Woherem

(2000), only in the new millennium, banks that overhaul their entire payment and distribution

processes and incorporate ICT into their operations will survive and prosper. According to

the report, banks should re-examine their service and distribution processes to ensure that

they are properly placed in the dynamism of information and communication technology.

Over the years, the banking industry in Nigeria has undergone significant changes as a

result of technological advancements. According to Basweti et al. (2013), IT adoption

enhances three essential domains in every organization: performance, consistency, and

transparency.

25
Agboola et al. (2008) investigated how automation affects the banking industry in Nigeria.

The following are the details: Bankers may use Automated Payment Systems and

Automated Delivery Channels as part of their automated clearing services. In the new

millennium, banks that overhaul their entire payment and distribution processes and

incorporate ICT into their operations will survive and prosper. According to the report, banks

should re-examine their service and distribution processes to ensure that they are properly

placed in the dynamism of information and communication technology, as shown by the fact

that some banks have launched websites. He also discovered that, regardless of where the

account is domiciled, banks now allow customers to operate accounts in any branch

(Curcuruto et al., 2019).

2.4 Impact of Information Technology on Organizational Growth

Organizational efficiency is regarded as the bedrock of economic growth, a precondition for

national development, and a key measure of organizational competitiveness. The

mechanism reflects the manager's primary roles or tasks. The terms "planning,"

"organizing," "leading," and "controlling" are often used to describe these roles. Every

organization has specific goals, and the primary goal of every organization is to make

money by improving efficiency (Arnaboldi 2010). Organizations are made up of five major

components, according to Ayo (2010), organizational structure and corporate culture,

management and business processes, and the organization's strategy. These components

are in a stable state known as equilibrium as long as there are no significant changes in the

environment or any of the components. However, when a major change happens, the

systems become unstable, and any or all of the internal components must be adjusted since

they are all interconnected (Casey et al., 2017). Organizational efficiency, according to

Wheelen and Hunger (2000), is the sum of all the organization's work processes and
26
activities. Managers track and control their companies' performance because it leads to

better asset management and more opportunities to provide value to customers. However,

many people confuse the terms efficiency and output, believing that the higher the

production, the higher the productivity. This is not always the case. Productivity and

development have different meanings. Output refers to the activity of making goods and

services, while efficiency refers to the productive use of resources in making goods and

services.

Economists claim that in the last two decades, new technological paradigms based on

information technology (IT), especially the economic application of the internet, have the

potential to bring about a positive shift in the field of job creation and labour market

promotion (Olise et al., 2014). The need for ICT production is now a global resolution, and it

has been a topic of great importance to all of humanity (Al-Azzawi and Altmimi, 2015).

These innovations have become indispensable in today's world. People use ICTs when they

are talking on the phone, sending an email, going to the bank, using a library, listening to

sports on the radio, watching the news on television, working in an office or in the field,

going to the hospital, driving a car, or flying. Any form of science, innovation, ingenuity,

machinery, and equipment used in community life is commonly referred to as technology

(Adenubi et al., 2010). Any organization's use of information and communication technology

is critical (Al-Azzawi and Altmimi, 2015). Successful and high-quality ICT will improve

operational efficiency and effectiveness, as well as market performance and organizational

culture. Information system, according to Stair et al. (2008), entails not only the capture,

processing, and dissemination of data, but also the use of good and high-quality information

communication technology. A quality information system is one that contains applicable,

precise, complete, easy, detailed, not rigid, dependable, and timely information in order to

27
make sure that the organization's operations are streamlined into a cohesive functioning

unit, to support business decision-making by providing management with critical data, and to

improve the organization's communication, reduce human labour, and to support shoring

(Moghadam et al 2012). However, not all IT has been successful in helping organizations

become more productive and profitable. Regardless of the impact of IT on economic

productivity and progress, a developing country like Nigeria continues to fall behind in the

use of IT in manufacturing. Nigeria is confronted with massive IT issues, which have caused

the Nigerian economy to continue to suffer as a result of difficulties in building IT related to

production functions. It is clear that the Nigerian economy lacks creativity, capacities, and

skills in ICT management, all of which have contributed to the country's low economic

competitiveness and efficiency. According to Tafa (2013), developing countries lack the

complementary assets needed to reap the benefits of ICT investments like the necessary

infrastructure and technical know-how, both of which are critical to the successful use of

ICT. Nigeria's economy is labour-intensive, with human resources outnumbering financial

resources. Countries that have lesser populations will make use of more capital resources

than human resources, and an economy that is over populated will experience a high rate of

unemployment and illegal activity if capital resources are used in the manufacturing

processes rather than human resources. To avoid a high unemployment rate, the Nigerian

government should make fair use of both capital- and labour-intensive resources. The

company climate determines the return of ICT on a firm's development activities.

Manufacturing firms that have low knowledge of ICT, lack of recognition, insufficient

personnel training, technical support, and oversight would not achieve optimum ICT returns.

Wide bureaucracies, hierarchical and structured hierarchies where senior managers'

decisions are cascaded down application, insufficient power supply, and low remuneration

28
for people below are all characteristics of old-style organizations, according to Sadun and

Reenen (2005).These companies have provided much lower returns on IT than more

organic, flexible companies with flatter hierarchies, less centralized control, and more

autonomy for lower-level workers, implying that management structure and style may be a

productivity issue. Other factors that prevent an organization from achieving higher

productivity returns from ICT use, according to Draca, Sadun and Reenen (2005), include an

outdated management structure and framework in which decisions are centralized, any form

of unskilled labour and the working environment.

According to Hawash (2010), countries that are not developed do not have the assets

required to complement and reap benefits of the investments of IT.

2.5 Information Technology and Future of Work

Market improvement programs are notoriously difficult for organizations to complete, and

shaping the future of the workplace is no exception. Although there may be a desire to

improve, there are many avenues for change efforts to become bogged down, their

momentum slowed by hundreds of micro-actions taken (or not taken) in the organization

(Akomea-Bonsu and Sampong 2012). Businesses also discovered that a big change project

that would usually take six to a year, such as allowing everyone to operate remotely, can be

completed in a fraction of the time (Akomea-Bonsu and Sampong 2012). It is true that

necessity is the mother of invention; creativity occurs when individuals and organizations

recognize the need to move quickly in order to remain competitive because it has allowed

(and in many cases forced) businesses all over the world to take risks they previously would

not have taken, such as allowing employees to work from home (Van Iddekinge 2020). It

has given businesses the opportunity to rethink their workplaces. Organizations in the

financial sector have been moving toward a future in which technical solutions and human
29
talent merges but the pandemic has hastened this realization. Businesses have become

less risk-averse as a result of the pandemic (Van Iddekinge 2020). Transformation is

occurring digitally and the implementation of automated tools is often initiatives that take

months or years to prepare.Businesses in the financial sector understand that they need to

be more flexible because customer taste is changing due to technological advancements

and are now digitally savvy, and they demand prompt support from the businesses in which

they do business (Griffin et al. 2015).

As time goes by, more financial institutions will implement automation, augmenting their

services to relieve employees of drudgery and improve customer service (Forbes 2020).

Employees will devote more time to elements that provide genuine value to the company,

such as developing customer relationships, while automation will make it easier for

companies to scale their services (Forbes 2020). Many office employees were forced to

return home due to the pandemic, but not everyone has a spare space to use as an office.

The future workplace will be more of a solution where companies rent space for daily

creative collaboration, offering employees a good balance of time spent with co-workers and

time spent working from home, and businesses in the financial sector are beginning to

prepare for this. To sustain this type of model and give the company and its workers the best

experience possible, technology would need to be in place (Casey et al., 2017). When

lockdown stripped away all of a company's normal props, it left several companies in ruins,

with some furlough occurring during this period. Where cultures were based on top-down

control, a lack of confidence in the team, passivity, and risk aversion, Lockdown has

revealed (Van Iddekinge et al., 2019). Leaders may seem distant and out of contact with

their workers at times. Managers and leaders are realising the value of connecting on a

30
more human level as video conferencing brings us into the heart of each other's homes.

Technology is now helping to facilitate cultural changes and will continue to do so in the

future. Agility and flexibility will be the foundations of the future workplace. Technology, such

as automation, can aid in the creation of a future in which companies can operate efficiently

with dispersed teams while maintaining the culture and innovation that aids in the

achievement of their objectives.Many people could perceive the future of work as a perilous

location, with their employment threatened by a technology-driven combination of artificial

intelligence and machine learning, automation, or robotics (Griffin et al. 2005). IT employees

are in a unique situation here because they are usually the ones who introduce new

technology into the workplace. Nonetheless, they will be impacted. Only because you make

the changes doesn't mean you won't be affected by them in the future (Griffin et al. 2005).

2.6 Information Technology and Organizational Productivity

Taleghani et al. (2013) investigated the effect of information technology on personal

empowerment in social security organizations in Guilan Province, and found a significant

relationship between hardware, software, network, database, and employee empowerment.

It was concluded that IT increased the capacity of employees in this province by 40%,

making their work easier and faster. Also, the impact of information and communication

technology investment on the productivity of Jordanian commercial banks was investigated

by Al-Azzawi and Altmimi (2015). The study's findings revealed a positive relationship

between information and technology investment and the success of Jordan's commercial

bank.

The effect of information technology (IT) on the competitiveness of small and medium-sized

enterprises (SMEs) in Ghana's Kumasi metropolis was investigated by Akomea-Bonsu and

31
Sampong (2012). The effect of information technology (IT) on corporate efficiency and

productivity was explored by Ayatse (2012) in a report. The study's findings show that

information technology has aided cooperative success. Another research by Pirzada and

Ahmed (2013) looked at the impact of emerging technologies on a company's business

goals. In Jordan, Sharabatiand Hawajreh (2012) looked into effect of IT on knowledge

management and productivity. The study's findings indicate that information technology,

knowledge management, and efficiency practices have a constructive and meaningful

relationship.

Onu et al., (2015) looked at the impact of information and communication technology

investments on the competitiveness and development of small and medium-sized

businesses in developing countries. The study's findings indicate that there is a positive and

important relationship between information technology and organizational productivity in the

small and medium scale businesses in developing countries. Hailu (2014) investigates the

effect of information systems (IS) on organizational success and productivity in the Ethiopian

Telecom Southern Region, Hawassa. The study revealed that senior management

engagement, professional manpower, information ethics, quality systems, and user

perception all have a direct impact on organizational success. Another study found that

information technology has a substantial positive impact on companies' innovation activities

Penalba (2015).

Information and communication technology has a major effect on consumer satisfaction,

according to a report conducted by Alabar and Agema (2014). Sepehrdoust and Khodaee

(2013) discovered a strong and important relationship between information technology and

jobs in a group of OIC countries. Olise et al. (2014) looked into the factors that influence IT

32
adoption in SMEs in Nigeria's Anambra state. The findings revealed a positive and important

relationship between dimension and the output of SMEs.

Today, information technology (IT) is rapidly advancing, and numerous studies are being

conducted to gain a better understanding of the attributes of productivity growth, especially

multi-attribute productivity growth. High-quality (advanced) machines generate more capital

services (in the productivity unit) than older machines. One of the studies that has been

performed in this regard shows that there is a direct link between investing in advanced

technology and employing highly skilled labour. Furthermore, such research reveals that

there are close links between different organizational behaviour and information technology

attributes. They demonstrate that information technology, organizational behaviour, and

their interaction have beneficial effects on work efficiency. Such data was used by Black and

Lynch (2004) to investigate the effects of acknowledging work environment behaviour and

using a machine on productivity. They realized that improvements in work environment

behaviour play an important role in growing efficiency through the use of computer

applications. Over the last two decades, enormous efforts have been made to understand

how recent developments in IT may affect organizational productivity.

Anderson (1989) investigated the implications of implementing information systems for

employees using a structural equation model. Anderson used a series of five structural

equations to investigate the causal relationships between worker, task, and system

characteristics that might account for nonsupervisory workers' satisfaction and use of

information technology. According to Anderson, the nature of the job and the individual

worker have little impact on workers' overall satisfaction and use of CBIS, while education

and training in the system, as well as opportunities for increased work efficiency, are much

33
more significant.Sohn and Moon (2003) used a structural equation model to forecast the

progress of technology commercialization (TCSI). To predict the TCSI associated with

technology developer and receiver, technology transfer core, and environmental factors,

they used a structural equation model (SEM). For different combinations of characteristics of

the listed products, the proposed SEM was fitted using a partial least square (PLS)

estimation technique and an independent TCSI for American customer satisfaction index

(ACSI). They hoped that the proposed TCSI solution would serve as a guide for finding the

best technology fit for both the technology creator and the technology receiver.This study

resonates with the study of Ekienabor et al. (2019) which examined the effects of electronic

banking on customer satisfaction Nigeria and the study found that 80% of customers are

satisfied with the electronic banking system has it is a development of IT that has made life

easier for both customers and the banks.

Lin (2009) looked at the importance of information technology in terms of business value as

measured by technological quality. Their findings showed that IT spending had failed to

improve individual countries' technical efficiencies, and that, as a result of technological

changes, the so-called productivity paradox might occur in any world, developed or

emerging. Van Iddekinge (2019) investigated the effects of country characteristics on

information technology productivity. They looked at the contribution of information

technology (IT) at the country level by tying it to the complementarity/substitutability

phenomena caused by IT's existence and the five national characteristics. The findings

revealed that the IT productivity paradox exists not only in developing but also developed

countries. When IT was regarded as a production factor, Eastern European countries could

achieve more efficient efficiency than the G7 countries, according to their findings.

34
Information technology is made up of four major human elements: process, tools, and

structure, which allow information to flow through a value chain generated by joining these

elements, with the goal of achieving organizational excellence and perfection. In previous

studies, productivity was characterized as the level of output minus a certain amount of input

Van Iddekinge (2019). As a result, output is improved when a lower volume of input is used

when maintaining a constant production level, or when the production level is enhanced with

input stability. There are many benefits associated with rising efficiency, including cost

savings, increased desirability and usefulness in terms of providing higher-quality goods,

and so on. In the second half of the 1990s, academics and policymakers began to place a

greater emphasis on the importance of information technology in the revitalization of

economic growth experienced by many existing manufacturing companies. Such

developments have a significant effect on economic development. According to the

European Association Committee, information technology is relevant economically for two

reasons. First, it facilitates factory recognition of creativity and organizational improvements.

Second, they alter the market's competition status and structure, resulting in increased

competition as a result of lower barriers and the implementation of new policies for the

delivery of goods and services. In terms of information technology, economists have

conducted the most extensive research and analysis in recent decades on the economic

impact of investment in this type of technology (Badescu and Garcés-Ayerbe, 2009).

Zein et al. (2005) looked into the connection between information technology acceptance

and organizational agility. They wanted to learn more about the links between IT acceptance

and organizational resilience, as well as how technology acceptance affects a company's

ability to compete quickly. They analysed the data using structural equation modelling

techniques, and their findings revealed that a survey of 329 managers and executives in
35
Malaysian manufacturing firms revealed that actual system or technology use had the

greatest direct effect on organizational agility. The validity of the study of Zein et al. (2005) to

this research study is that both are examining how information technology makes the

organization better.

Boothby et al. (2010) studied the effects of embracing work environment behaviour and

computer applications on productivity using such results. They discovered that

improvements in work environment actions, as well as increased computer application, play

important roles in increasing productivity. The effect of information technology acceptance

on productivity is highlighted in this segment. There are many reasons to use information

technology in this situation. Being a human tool for mechanisms arrangement productivity is

the ability to produce anything. Education on motivation Participation in the making of

decisions Instead of using alternative characteristics like profitability as a benefit indicator,

skill job recognition focuses on evaluating the company's productivity. The first is that

improvements in the manufacturing process directly affect the company's productivity.

Second, technology adoption can have a smaller effect on efficiency than it does on

profitability (Fuentelsaz et al., 2009).

36
CHAPTER 3

3.1 Research Philosophy

The significance of this chapter is that it justifies the study strategy as well as how the

defined objectives and difficulties will be addressed. Alternatively, as scholars frequently

answer their research problems using mixed method research techniques, qualitative and

quantitative approaches, there are several techniques and methodology approaches to

research studies (Williams 2018). The research philosophy will be based on a number of

factors. They are

a. The research design

b. Respondents Demographics

c. General research understanding and the justification of research methodology.

d. A general overview of the importance of this study and;

e. Research methodology and data analysis techniques to be used in chapter 4.

3.2 Research Design

This research study will collect data on how information technology is affecting the future of

work and productivity in the financial sector in Lagos, Nigeria, using sampling and

assessment procedures, being in an effort to broaden the scope of this field's expertise. In

order for this study to be a valid one, there has to be a lot of focus and intentionality on the

research approach (Creswell 2002). As a result of this, data collectionis the activity of

acquiring and measuring information or variables of interest in a systematic manner. We can

answer research questions, do hypotheses testing, and evaluate the outcomes of research

thanks to data collection (Chih-Pei 2017).

37
The questionnaires for this study will be designed in line with the research objectives. Each

research objective will be a section in the questionnaire to be administered. The

questionnaire will be administered to 130 respondents in Lagos Nigeria, with at least 100

questionnaires set to go through data analysis. The reason why this is important is because

collecting data ensures that there is integrity and balance in the research, avoiding

assumptions, deductions and prejudice (Creswell 2002). The quantitative research method

is the best fit for this study as means of data collection. This is largely dependent on

research questionnaires and observations. The reason why this method has been chosen

over qualitative and mixed method is because mixed methods can create ambiguity for the

research study and is best for market research (Chih-Pei 2017). Christensen and Johnson

(2012) also prefer quantitative analysis to qualitative analysis because it does not limit a

study and it also gives the room for the researcher to do intelligent work on hypothesis

testing. Also, descriptive statistics will be used to analyze the results from the data collection

and the most significant purpose of using the descriptive technique is to make clear every

factor that the study aims to consider because descriptive technique make sure that the

researcher has no power or control over the variables, it rather gives room to explain the

existing and established situations (Mishra and Alok 2017).

Another reason why this research study will employ the services of descriptive statistics is

that this study has used secondary data for data collection as well and will still use

secondary data in subsequent chapters to collect information that’s already existing as it

helps to design the questionnaire for this study. In addition, descriptive statistics will be used

in this study for assessment and presentation, i.e., to comprehend and compute the

frequency distribution for the first section of the questionnaire (see appendix). According to

(Mishra and Alok 2017), inferential statistics will be utilized for data analysis in this study to

38
make hypotheses and infer based on the supplied facts of the investigation. This study's

questionnaire will have a few sections to justify and answer the research objectives and

research questions presented in the first chapter of this study. It will cover the

socioeconomic characteristics of respondents, how communication technological

developments affect employee work and skills, how information technology leads to

successful organization business orientation, how technology creates opportunities to unify

the physical and virtual workplace, how technology affects work dislocation and challenges

internationalization, and how technology affects work dislocation and challenges

internationalization.

This research study is looking to investigate how information technology impacts the future

of work and productivity in the financial sector in Lagos Nigeria. A comparison on the cost

and benefits associated with technology inclined at workplace leads to a specific research

objective on how technology affects working conditions and corporate world (Adeniyi 2013).

This will ensure that we identify the mew methods of operation that may come in the

financial sector in the study area in the coming years (Adekunle 2020).

For the purpose of this study, we will employ sampling methodologies to obtain data on the

presents methods and IT infrastructures used to make work easier and faster in the financial

service sector in Lagos Nigeria. The study will provide information and additional knowledge

for the financial sector in Lagos on how to better serve their customers through IT

innovations. When generating the questions for this study, descriptive statistics will be used

to develop a proper questionnaire, as well as secondary data acquired from the internet,

journals, papers, and previous research. It will also be useful for presenting data.

39
3.3 Respondent Demographics

The employee members of financial service industries in Lagos, Nigeria, are the target sizes

for this study. According to Adekunle (2020), the study will evaluate both genders in equal

proportions, ensuring that neither one gender has a higher percentage than the other. This

will be accomplished through random sampling. This procedure can be improved by using

random selection. Respondents in the working class will be given questionnaires to fill out

(21-60). This study will focus on administering its questionnaires in banking halls in both

Lagos Mainland and Lagos Island, so as to find a balance.

3.4 Research Instrument

Physical questionnaires will be administered physically so as to capture the responses

provided by the respondents for this study (Williams 2018). Some questionnaires will be

distributed by phone calls, and they will include both open-ended and closed-ended

questions. This will allow these responders to provide a more extensive explanation while

also allowing them to avoid being limited by the answers supplied in the questionnaire.

3.5 Rationale of Research Instrument/Tool

The advantages of conducting this survey and collecting data through physical

questionnaires are the reasons for doing so. It permits the researcher to see the

respondents' body language and emotions. This will be accomplished by forming a two-

person team to assist the researcher in completing the data collection process considerably

more quickly. Before beginning data collecting, the researcher will ensure that the team is

well informed on all of the study's techniques so that they are well aware of the study's

goals. One of the reasons for using physical questionnaires is that it allows the researcher to

better comprehend the respondent's point of view, beyond the questions. This was

supported by the study of William (2018), which explains that physical questionnaires gives
40
the opportunity for respondents to express themselves and contribute to the study in any

way they see fit, unlike online surveys, which typically give closed-ended answers and don't

give respondents much room to say what they think and express themselves or contribute to

the study in any way they see fit. The purpose of using physical questionnaires in the

financial industry is to accurately determine the influence of IT on the future of work and

productivity, ensuring that the study addresses and analyzes data from legitimate sources.

To support the use of quantitative data in this study, this is chosen since it is more

trustworthy, scientific, objective, speedier, more focused, and more lately acceptable, as

evidenced by the work of Christensen and Johnson (2012). The use of quantitative analysis

in this study will also ensure that the survey's integrity is preserved. This agrees with

Daramola's (2013) assertion that using a quantitative research technique helps the analyst

to be unbiased and prejudice because the researcher has already created research

questions for the study.Furthermore, when tables, charts, and figures are used to illustrate

data from quantitative research approaches, the data is organized and easy. Quantitative

research likewise enables the researchers to create forecasts, conduct a comprehensive

review, and test hypotheses, like this research study will demonstrate later.

3.6 Data Analysis

The data analysis part pulls the actual study together. Whenever data is correctly utilized, it

aids in the development of better corporate decisions for future actions (Christensen and

Johnson 2012). Data analysis will assess the data acquired on the ground for this study by

utilizing logical and analytical techniques to test for all hypotheses in the objectives of the

research and surveys. As previously stated, descriptive and inferential analysis will be

employed to examine data in order to produce a more comprehensive summary of findings.

41
This study will make use of the SPSS (Statistical Package for Social Sciences) software.

SPSS will assist us with data analysis.How descriptive statistics may help is understanding

and differentiating how these respondents are represented, analyzing demographic data,

and the degree to which their responses vary; standard deviation can also aid with this

(Akintunde, 2014). At the conclusion of this planned study, participants should have a better

knowledge of what future work methods using information technology might be in the

financial services sector in Lagos, Nigeria. Based on the everyday obstacles faced on the

job, one of the anticipated conclusions is to identify the percentage of respondents who can

offer possible technology to make work easier and faster in the sector.

3.7 Ethical Consideration

Before the interviews, the participants were informed of their agreement to the questions, as

well as how confidentiality was maintained and that they might terminate the interview

process at any moment, as per the University's Research Ethics Policy, as stated in the

code of conduct. Confidentiality ensures that people are safeguarded against low self-

esteem, embarrassment, unpleasant experiences, and challenges to their integrity,

according to Kelman (2007).My research proposal will adhere to the University's guidelines

towards research. At the conclusion of this planned study, participants will have a better

grasp of how information technology is influencing the future of employment in Lagos,

Nigeria's banking sector.

42
CHAPTER 4

This section of this study discusses the results of analysis of data collected using

questionnaire. A total of 130 questionnaires were distributed in banking halls sampling bank

employees between ages 21 to 60.114 questionnaires were received, leaving the response

rate at 87.69%. The discussion in this section is presented as follows; socio-economic

characteristics of respondents, effect of technology on work and skills of employees, effects

of technology on organizational productivity, effect of technology on opportunities that unify

physical and virtual workplace. All results are derived from research survey conducted and

are presented in Tables and Figures.

43
4.1 Socio-Economic Characteristics of Respondents

In the course of this study, the socio-economic characteristics of respondents that were

assessed include age, average monthly income, years of working in the banking sector,

gender, marital status and place of work. Such information provides the composition of the

study population, and it shows the relationship between individual traits and their degrees of

influence on their behavior and perception regarding the subject matter (Adekunle 2020).

The results of data collected and analyzed are presented in the succeeding sub-sessions of

this report.

4.1.1 Age of Respondents

As presented in Figure 1, majority of respondents (71.1%) fall between the agesof 26 to 40

which implies majority are millennials, 18.4% were less than 26 years old which represents

the Gen Z while 10.5% were above 40 years old. The average age of respondents’

was31.82.

Age distribution of respondents

26 - 40; 81

Less than 26;

21
Above 40; 12

Less than 26 26 - 40 Above 40

Figure 1: Age distribution of respondents

44
4.1.2 Gender of Respondents

Most of the employees sampled (56.3%) were males while 43.6% were females. This is as

presented in Figure 2.Questionnaires were equally distributed between each gender,

however not all questionnaires were retrieved, this led to the disparity in figures. However, it

both male and female gender are well represented in this study.

Figure 2:Gender of respondents

4.1.3 Marital status of Respondents

Regarding marital status of respondents, Figure 3 reveals that 53.1% of respondents were

married, while 46.9% were single. None of the respondents were either separated/divorced

or widowed. There was not much disparity in the marital status of respondents.

Figure 3:Marital status of respondents

4.1.4 Educational level of respondents

As presented in Table 1,all of the respondents have formal education. Majority of

respondents (40.4%) had first degree (B.Sc.) as their highest educational qualification while

45
31.6% have Higher National Diploma. 21.1% of the respondents have M.Sc. while 7.0%

have National Diploma.

Table 1: Educational level of respondents

Educational level Frequency (%)

B.Sc. 46 (40.4)
Higher National Diploma 36 (31.6)
M.Sc. 24 (21.1)
National Diploma 8 (7.0)
Total 114 (100.0)

The banks usually engage young degree holders.

4.1.5 Occupation

All respondents work in the bank, this is as presented in Table 2. This is because this study

is tailored at employees of banks.

46
4.1.6 Duration of Employment

Regarding the duration of employment of respondents, 66.7% (Table 2) indicated that they

have worked with their organization for less than 5 years with 1 year being the minimum

while the average duration of employment of respondents was 5 years. 17.5% of

respondents stated that they have worked for 6 to 10 years while 15.8% have worked for

over 10 years in the banking sector. This implies that most of the respondents have greatly

experienced the influence of information and communication technology on work and

productivity in the banking sector.

Table 2: Duration of employment of respondents

Number of years Frequency (%)

Less than 5 76 (66.7)
6 to 10 20 (17.5)
Above 10 18 (15.8)
Total 114 (100.0)

4.1.7 Average Monthly Income

Based on the analysis carried out on the income of respondents, the average income of

respondents was ₦251,342. Majority (57.9%) of respondents stated that they earn above

₦150, 000 while 30.7% earn between ₦50,000 and ₦99,999 and 11.4% earn between

₦100,000 and ₦149,999. This indicates that majority of bank staff are full time employees.

47
 ₦150,000
Income distribution of respondents
and above;
57.9%

₦50,000 to
₦99,999;
30.7%
₦100,000 to
₦149,999;
Less than 11.4%
₦50,000;
0.0%

Less than ₦50,000 ₦50,000 to ₦100,000 to ₦150,000 and

₦99,999 ₦149,999 above

Figure 4:Average monthly income of respondents

4.2: Effect of Communication Technological Developments on Work and Skills of

Employees

Regarding the effect of communication technological developments implemented in banks

on the work pattern and skills acquired by respondents, five major technology areas were

examined, these are internet/Mobile Banking, artificial intelligence, automation in financial

services, deployment of automatic teller machines (ATMs) and fast wireless networks for

internet access. A five-point Likertscale were used to measure responses, where strongly

Agree (SA) = 5; Agree (A) = 4;Neutral (N) = 3; Disagree (D) = 2 and Strongly Disagree (SD)

= 1. As presented in Table 3, 77.2% of respondents indicated that they agree with the view

that the development of internet/mobile banking platforms have had a great influence on

their work and has also led to the development of great work skills while 19.3% strongly

agreed and 3.5% were of a neutral opinion. 77.2% of the respondents also agreed that the

availability of fast Wi-Fi network has made work easier to do while 19.3% strongly agreed.

Also, 70.2% of respondents noted that the introduction of artificial intelligence in certain

areas of the business have influenced the development of new skills and enhanced the way

they work, while 20.2% strongly agreed and 9.6% were indifferent. Regarding the influence

of the automation of some financial service, 68.4% of respondents noted that

48
communication technologies are effective in this way, 28.1% strongly agreed, and 3.5%

disagreed. 64.0% of respondents agreed that the deployment of ATMs across business

locations have helped to ease their work, 26.3% strongly agreed and 6.1% were of a neutral

opinion.

Table 3:Effect of Communication Technological Developments on Work and Skills of

Employees

SD D NAD A SA
Internet/Mobile Banking - - 3.5 77.2 19.3
Artificial Intelligence - - 9.6 70.2 20.2
Automation in financial services - 3.5 - 68.4 28.1

ATMs - 3.5 6.1 64.0 26.3

Fast Wi-Fi - 3.5 - 77.2 19.3

4.3. Effect of the Utilization of Information Technology on Organizational Productivity

Various aspects of organizational productivity such as customer convenience, customer

satisfaction, cost efficiency, staff convenience, and effective communication and so on were

examined in this study. As presented in Table 4, 54.4% of respondents strongly agreed that

the utilization of information technology has led to the streamlining of repetitive tasks and

processes, 45.6% of respondents also agreed with this view. Regarding how I.T has brought

about customer convenience, 50.9% of the respondents strongly agreed while 49.1%

agreed. 48.2% of respondents stated that the introduction of information technology has

influenced organizational productivity by bringing about staff convince and as well customer

satisfaction, while 51.8% agreed that staff are now able to work conveniently with the

introduction of information technology, 44.7% agreed that I.T has brought about

improvement in customer satisfaction. While 43.9% of respondents stated that I.T has

brought about easy access to information, 56.1% agreed with this opinion. 41.2% of

49
respondents stated improved banking operation and services as one of the major influences

of I.T on the banking sector, 58.8% of respondents further attested to this by agreeing with

the notion. About 40.4% of respondents strongly agreed that I.T has also brought about

improvement in organization productivity in all quarters of operation while 55.3% agreed and

4.4% were indifferent. For the other effects of I.T identified in literature, 39.5% of

respondents strongly agreed that I.T has brought about better customer relationship

management, 59.7% of respondents as well agreed with this. 26.3% of respondents strongly

agreed that constant usage of I.T software and packages has made them develop new

skills, 45.6% of respondents further agreed with this opinion while 24.6% were indifferent

and 3.5% disagreed. 24.6% of respondents strongly agreed that their organizations have

been more cost efficient due to the utilization of Information technology tools for certain

processes, 64.9% agreed to this while 7.9% were of a neutral opinion and 2.6% disagreed.

Table 4:Effect of the Utilization of Information Technology on Organizational Productivity

SD D NAD A SA
Faster Work - - - 57.0 43.0
Customer Convenience - - - 49.1 50.9
Staff convenience - - - 51.8 48.2
Customer Satisfaction - - - 44.7 48.2
Organizational Productivity - - 4.4 55.3 40.4
Better Customer Relationship - -
2.6 57.9 39.5
Management
Streamline repetitive work - -
- 45.6 54.4
process
Helps to learn new IT skills - 3.5 24.6 45.6 26.3
Project Management Software - - 14.0 59.6 26.3
Cost Efficiency - 2.6 7.9 64.9 24.6
Ease of Access to Information - - - 56.1 43.9
Improved Banking - - - 58.8 41.2
More effective - - -
64.0 36.0
communication
50
4.4. Effects ofTechnology onOpportunities that Unify Physical and Virtual Workplaces

In this section, the results of analysis conducted on the how technology has brought in place

opportunities that unify physical and virtual workplace is presented. As shown in Table 4,

46.5% of respondents stated that email has brought about great balance between physical

and virtual/remote work experience. 47.4% of respondents also agreed with this view and

6.1% were indifferent. These statistics is same for respondents who believed the advent of

social media have also had same influence as email. For video conferencing applications,

46.5% of respondents strongly agreed while, 43.95 only agreed with the notion.

Table 5: Effects of Technology on Opportunities that Unify Physical and Virtual Workplaces

SD D NAD A SA
Emails 6.1 47.4 46.5
Video conferencing
9.6 43.9 46.5
applications
Social Media 6.1 47.4 46.5
Wearable computer devices 38.6 61.4
Customer self-help services 58.8 41.2
POS outlets 8.8 26.3 39.5 25.4

Regarding the effect of wearable computer devices as opportunities that unify physical and

virtual workplaces, 61.4% of respondents strongly agreed while 38.6% agreed. This gives a

notion that banks now invest in the purchase of personal computers for their employees

whose job does not necessarily requires operating from a physical office especially backend

staff and head office staffs. 41.25 of respondents noted that the creation of self-help

services to enable customers solve minor issues themselves, lodge transaction failure

complaints, request for cards and so on has as well led to the unification of physical and

virtual workplaces as customers do not need to visit physical branches to consummate

51
certain transactions. 58.8% of respondents as well agreed to this. For POS outlets, only

25.4% of respondents stated that this channels has brought about a balance between

physical and remote work while 39.5% agreed with this view.

4.5. Effects of Information Technology on Jobs and Employee’s Opportunities as far

as Their Expectations at the Workplace are concerned.

Respondents’ view on the effect of information technology on job opportunities and their

expectations at workplace was examined using Likert scale as stated in earlier sections of

this study. 40.4% of respondents strongly agreed that the adoption of information technology

and the development of I.T related skills will lead to increased wages for employees with I.T

skills. 49.1% of respondents also agreed with this while 10.5% were indifferent. The

implementation of I.T related projects will bring about improvement in customer relationship

management. This is as stated by 34.2% of respondents who strongly agreed with this

statement and further strengthen by 57.0% of respondents who agreed with the statement.

33.3% of respondents strongly agreed that for organizations with great interest in the

adoption of technological means in various aspects of their businesses, there is great

tendency for more work routinization. 66.7% of respondents as well agreed with this opinion

thereby validating the statement. Information technology brings about higher demand for

skilled workers to handle the processes, task and functionalities attached. This is as

indicated by 30.7% of respondents who strongly agreed while 64.0% as well agreed with the

view. The above discussed formed the major opinions of respondents regarding the

utilization of I.T in the banking sector. Other minor effects as indicated by respondents are

presented in Table 5.

Table 6: Effects of information technology on jobs and employee’s opportunities as far as

their expectations at the workplace are concerned

52
   SD D NAD A SA
Higher demand for skilled workers 5.3 64.0 30.7
Higher demand for workers with IT skills 73.7 26.3
Employment discrimination due to IT skillset 35.1 36.8 17.5 10.5
General reduction in employment due to IT 39.5 26.3 21.1 13.2

solutions
Increased wages for workers with IT skills 10.5 49.1 40.4
Customer Relationship Management 8.8 57.0 34.2
More work routinization 66.7 33.3
Work from home for IT experts 26.3 17.5 35.1 21.1

4.6 Discussion of Results

This section is tailored at fulfilling the first three objectives of this study which are.

1. Establish how communication technological developments affects the work and skills

of employees.

2. Determine how utilization of information technology leads to successful organization

business orientation/productivity.

3. Establish how technology creates opportunities that unify physical and virtual

workplaces.

4. Examine on how technology affect work dislocation and challenges

internationalization process.

5. Identify the effects information technology has on jobs and employees opportunities

as far as their expectations at the workplace are concerned.

4.6.1 Information and Communication Technological Developments Affects The Work

and Skills of Employees.

This aligns with the findings of Luka and Frank (2012) which documented that the adoption

of the ICT processes, tools and systems enables banks to deliver radically enhanced

53
customer-centric services (Luka and Frank (2012). This is evident in some parts of business,

such as the usage of a Magnetic Ink Character Reader (MICR) for cheque processing,

which allows for the encoding, reading, and sorting of cheques. Requests for cheque books

or draft purchases can also be made and granted via web-enabled electronic devices.

Online banking also allows you to pay bills and conduct any type of transaction

electronically, thanks to advances in information technology. On the same day, electronic

payments might be credited or debited. Customers can make payments for goods and

services without having to come into contact with real cash or risk handling huge sums of

money. The findings of this study show that fundamental ICT infrastructures, such as ATMs,

are critical to bank operations and help staff work more efficiently and grow their skills.

IT allows commercial local banks to connect with other banks both inside and beyond the

country. Automation and interconnectedness of geographically dispersed stand-alone bank

branches and other banks on a national and global scale into a single unified system in the

form of a wide area network (WAN) or enterprise network (EN) for the creation and sharing

of consolidated customer data or records. As a result, there's much more productivity per

unit of time. Furthermore, because several networked branches serve the customer

population as a single system, there is a simulated division of labor among bank branches,

which has a massive influence on branch productivity. Additionally, the banks' intelligence

gathering infrastructure reduces clients' travel distance to bank offices, allowing them to

spend additional effort on important jobs (Peace, Nkiru& Sidi, Charity & Ofobruku, and

Sylvester. 2018).

The deployment of POS terminals has led to the reduction in the influx of customers into the

branch for withdrawals, however this has no significant influence on remote working of staff.

POS machines have brought about improved services in the banks as POS terminals are

54
part of banks’ touch points. Users can order for their purchases online rather than with cash,

resulting in continuous production and accrual to the bank even beyond banking hours. It

saves clients time and energy in going to bank branches or ATMs for cash withdrawals,

which can be put to better use in other ways. Customers and service providers can now pay

bills and conduct any type of transaction electronically thanks to advances in information

technology. The use of POS has substantially boosted transaction activities as well as the

commercial bank's profits. (Peace, N., Sidi, C., and Ofobruku, S., 2018). This indicates POS

has greatly improved productivity of banks but not necessary been impactful in bringing

about improvement of employee skills and work knowledge.

This study therefore proves that information and communication technological developments

affects the work and skills of employees.

4.6.2 Utilization of Information Technology Leads to Successful Organization

Business Orientation/Productivity

This study demonstrates that the adoption of IT in banks has contributed to increased

productivity in areas such as customer convenience and happiness, as highlighted by

participants. This is line with the observations of Agboola (2004), who found that the

adoption of communication and information in banking operations has resulted in improved

quality and customer satisfaction as a result of improved business hours, prompt and fair

attention, application as soon as possible, and the availability of digital payments to clients.

The introduction of I.T has led to the streamlining of repetitive processes, fast and easy

transaction processing thereby directly bringing about improved banking operations from

end to end across all customer journey and in every touch point. The result of the survey

conducted attested to this as the positive response received shows that the adoption of I.T

has to a great extent bring about immeasurable improvement in account statement

55
generation, accounts reconciliation and balance enquiry, complaint resolution, account

origination and management, customer onboarding, customer relationship management,

credit appraisal and so on. Manual recording system with ledger, cash books have been

replaced by computerized information system. This further validates the findings of Matthew

and Ibikunle (2012) which documented that This is line with the observations of Agboola

(2004), who found that the adoption of communication and information in banking operations

has resulted in improved quality and customer satisfaction as a result of improved business

hours, prompt and fair attention, application as soon as possible, and the availability of

digital payments to clients. The impact of technology on productivity has been remarkable.

As noted by majority of respondents, ICT is helping both employees and the bank at large

remain productive. The use of computers and peripherals simplifies the task of retrieving

customers' data, validating customer profiles, counting money to effect transaction and as

well processing transactions more seamless and less stressful.

Another impact of ICT as noted by respondents is easy access to information, this has

enabled employees to have easily access to customer information and other required

information regarding transaction complaint resolution, standard operating procedures, and

other necessary information on the bank’s database. This is also the opinion of

Oluwagbemi, Abah and Achimugu (2011) which documented that strong management

information systems or performance management systems has enabled the employee to get

timely and accurate information and deliver it to concerned person. Employees no longer

have to sift through manual files and documents to find the information they need, resulting

in better record keeping. As previously documented in this study, manual processes have

greatly reduced in banks, with lots of record keeping now being done automatically on the

system, allowing employees to extract financial and related reports from the system in a

56
matter of seconds, rather than having to sift through manual documents and files. Workers

are able to provide better customer service because the amount of time they used to spend

on manual work and getting data from traditional records and documents has significantly

decreased. This study therefore reveals that information technology leads to successful

organizational business orientation/productivity thereby achieving the third objective of this

research.

4.6.3. Information Technology Creates Opportunities That Unify Physical and Virtual

Workplaces.

Improvements in information technology have given rise to electronic mail which improves

communication between individuals, external parties and the bank within or across various

business offices spread across difference zones, locations and boundaries (Trisha, 2012).

This has given the bank and its employees the ability to implement and embrace

remote/virtual working and work from their convenient location or homes using virtual private

network (VPN) to access the various applications required to complete their daily tasks. The

access to online data offers a great research tool for bankers and customers. When social

media technology are used to support online collaboration, it becomes easier. Employees,

for example, can work together on team projects. Employees in the same team/group may

now co-draft documents, spreadsheets, presentation slides, and more using Google Docs,

Whatsapp, Telegram, and other apps. Social media offers simple, low-cost means to

organize members, schedule meetings, disseminate information, and test public opinion

while working virtually from the comfort of their homes or other preferable places (Trisha,

2012). Because more technologies arise, organizations will be better able to organize and

engage in collective action, which is a hallmark of civil society. Individuals or organizations

57
can portray themselves as experts in their areas via social media, and then begin to

influence those fields. However, as Trichia (2012) points out, one of the core notions in

social networking sites is that while one cannot entirely control one's message, one may add

to conversations. Social media technology has the ability to contact people from all over the

world. The nature of consumer communications is changing as a result of social media

(Deloitte, 2013). Training is therefore required on the usage and necessary guidelines

should be put in place to guide information that can be shared on social media teams and

group pages and emphasis should be placed on the importance of transparent

communication between employees while broadcasting messages and while holding

discussions or conversations on social media channels.

As noted by respondents, video conferencing software such as Skype, Teams, Zoom, etc.

have been influential in unifying physical and virtual work experience for employees, majority

of respondents agreed and strongly agreed to this statement. This is in line with

Lifesize.com's documentation (2020), which states that teleconferencing technology not

just helps firms establish a more creative business culture, but it's also a foundation for

allowing today's digital workforce. Video meetings allow teams to maintain human

connections regardless of their physical location, which helps to speed up decision-making

and boost worldwide collaboration. The effect of wearable computer devices as

opportunities that unify physical and virtual workplaces was also examined, 61.4% of

respondents strongly agreed while 38.6% agreed. This connotes that workers are

comfortable with using these devices to work from the comfort of their homes and this gives

a notion that banks now invest in the purchase of personal computers for their employees

whose job does not necessarily requires operating from a physical office especially backend

staff and head office staffs. 41.2% of respondents noted that the creation of self-help
58
services to enable customers solve minor issues themselves, lodge transaction failure

complaints, request for cards and so on has as well led to the unification of physical and

virtual workplaces as customers do not need to visit physical branches to consummate

certain transactions. This connotes that people are satisfied with internet banking because it

is easier and faster to use, thereby making the work of bankers easier and ensuring less

crowd in the banking halls. 58.8% of respondents as well agreed to this. For POS outlets,

only 25.4% of respondents stated that these channels have brought about a balance

between physical and remote work while 39.5% agreed with this view. This is due to the fact

that there are quite a number of failed POS transactions which can be displeasing to the

customers, especially when they have had their accounts debited but cannot get access to

cash. To this end, the fifth objective of this study has been achieved.

59
CHAPTER 5

5.1 Conclusion

In the course of this study, the socio-economic characteristics of respondents was

examined, and this study revealed that majority of bank employees are millennials. The

reason for this is not farfetched, banks employee young graduates who are agile and

innovative in order to have a great workforce who are motivated to work together as a team

to achieve the bank’s vision.

This study also revealed that investment in technology has vital implications on the

productivity of organizations in the banking sector. The banking sector being a very critical

sector, there is high presence of technology deployed over different business process. To

compete efficiently, banks have adopted and implemented high level technology across all

touch-points. Because employees are the bank's internal stakeholders and most valuable

resource, this research found that technological advancements such as internet/mobile

banking, artificial intelligence, automation in financial services, ATM installations, and high-

speed networks have had a significant impact on employee skills and work patterns. Such

technologies have been implemented to reduce employee stress and responsibilities,

allowing them to perform better on the job, resulting in improved service and increased

production. As a result, investing in technology has a positive impact on staff performance

by enhancing operational efficiency. (Jawad, Asif, Hassan, Ramzan, and Rizvi, 2014). It also

makes businesses more competitive in terms of customer service; banks have become

more customer-centric and service-oriented as a result.

The introduction of IT has made transaction processing more pleasant due to the

simplification of repetitious job processes, as reported in this study. Mundane tasks are now

60
being carried out by systems powered by artificial intelligence and machine learning

algorithms making transaction processes, request/enquiries/complaint handling more

seamless and reducing a lot of manual routines. I.T creates great comfort for both banks

and customers especially while looking beyond transaction processing and complaints

handling to ease of accessing required vital information. Customers can now get information

on banks websites and other sources while employees can easily spool transaction and

customer details from Customer relationship management systems and Management

Information Systems (Ikechukwu, 2000). All these were made possible via I.T. which has

also made sourcing for information that can be strategically used to improve on products

and services and aid greater and more effective modern competition based on data and

information more possible.

The findings of this study also show that in the investing and banking industries, the use of

information technology systems and infrastructure has become a critical component of

productivity and growth. Rising ICT-Capital investment has fueled industry expansion. It is

important to note, however, that ICT investment does not always translate into enhanced

organizational efficiency. More work is needed to ensure appropriate and effective use of

other technologies in order to improve customer processes (i.e., a country's decision to

develop its work operations and business processes with the help of ICT), reduce costs, and

increase efficiency, among other things. Therefore, ICT investment would only have an

influence on performance if it is linked with complementary investments in working

processes, human resources, and company reorganization.

Technological advancements, particularly in the field of information and communication

technology, are transforming the way Nigerians do business. It has also evolved in response

in intraregional trade, interconnectedness, and corporate transactions, as well as a

61
revolution in the financial industry. Banks are now expected to invest in information and

communication technology (ICT) in order to provide transaction and payment systems that

are consistent with the needs of the globally interconnected ecommerce industry. The

nature and performance of banking operations have been considerably changed by the

adoption of various forms of innovation. The data show that technological

innovation influences the effectiveness of the Nigerian financial sector. Customer happiness

has been altered by the implementation of Computers and ICT. ICT has improved bank

profitability and return on equity.

5.2 Recommendations

The content and quality of banking activities have been altered by the adoption of ICT.

According to all indications, ICT has a lot of promise for reengineering Nigerian banks'

business processes. To maintain optimal performance, investment in information and

communication technology should be a key component of banking operators' overall

strategy because this study has revealed that over 80% of respondents have expressed that

IT through its innovations and internet banking has made life easier for both bankers and

customers. It is critical for bank executives to increase their investment in ICT goods in order

to provide faster, more convenient, and accurate services, or they will lose ground to their

competitors. In Nigeria, the banking business provides a huge potential for ICT companies

to sell their advances because over 70% of bankers in this study admitted that the AI

equipments provided by these IT companies help them to carry their jobs more effectively.

Success in this field is contingent on their ability to adapt their offerings to appeal to the

ready brains of different industry players.

Senior management should create the assigned responsibilities and processes, define clear

goals and measures, and evaluate progress at each stage. Unexpected events, ingenuity,
62
process demands, industry and market changes, demographic shifts, changes in perception,

and new knowledge can all lead to innovation experiences and possibilities. All of these

factors, when correctly recognized and controlled, encourage technological advancement.

For the advancement and growth of their enterprises and nations, managers must apply

human resource management ideas, concepts, and practices. They should staff, organize,

control, and lead their human resources in the most efficient way possible. To get the most

out of them, they need also hire, train, evaluate, reward, and compensate them. These will

enable organizations to employ the right individual, place people in the proper job, have

minimal turnover, and motivate their staff to work efficiently and effectively, as well as

innovate. Regular training for bankers should be provided on a regular basis to keep them

up to date on new advancements in the usage of ICT. It will also improve their performance

and process efficiency, ensuring client productivity and retention, which, in turn, would

increase the banks' profitability. This stance is critical, especially in this era of financial

services sector changes, when the focus is no longer on banks that have the capital

required. The bank's ability to maintain present clients as well as attract future consumers is

currently the most pressing issue. This is mostly possible due to their effective service

delivery, which is heavily reliant on the usage of ICT. As a result, it is advised that ICT

investments be a significant part of the entire banking operating strategy. It is critical for

bank management to increase their investment in ICT goods in order to provide faster, more

convenient, and accurate services as the majority of respondents have expressed on this

study. These would enable Banking sector in Nigeria to be more efficient, lucrative, and

competitive, as well as to deal with the changes and problems that occur with a worldwide

economy controlled by ICT.

63
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18. Bharadwaj, A. 2000. A Resource-Based Perspective on Information Technology
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68
APPENDIX 1– QUESTIONNAIRE
University of Salford, Manchester,
Research Project for Msc. International Business

ResearchTitle: The Changing Nature of the Workplace: How the Impact of

Information Technology is shaping the Future of Work and Productivity in the
Corporate Environment.

DearRespondent,

This questionnaire is designed to obtain information on the above topic. The survey is
foracademic purpose and all information provided would be treated with strict confidence.
69
 Thankyouforyouranticipatedcooperationandunderstanding.

Location: ……………………

Kindlytick ()asappropriate

SECTIONA:Socio-economiccharacteristicsofrespondents
1. Age ofrespondent:…………………………………
2. Gender:(a)Male(b)Female
3. Maritalstatus:(a)Single(b) Married(c) Separated/Divorced (d)Widowed
4. Educationallevel:(a)Polytechnic/Collegeofeducation(b)National
diploma(c)Highernationaldiploma (d)Bsc (e)Msc(f)Phd
5. Durationofemployment with the financial institution ..………………………..
6. Whatisyouraveragemonthlyincome(inNaira):……………………….

SECTIONB:How communication technological developments affects the work and skills of

employees

7. Onascaleof 1 - 5,to what extent doesthe under listed IT developments impact your work
and skills as an employee?
Strongly Disagree NeitherAgree Agree Strongly
Disagree norDisagree Agree
Internet/Mobile
Banking
Artificial
Intelligence
Automation in
financial services
ATMs
Fast Wi-fi

8. Ifthere are otherfactorsthanthe oneslistedabove,please specify………………..

70
 SECTION C: How utilization of Information Technology leads to organizational
productivity.
Onascaleof 1 - 5,pleaseidentify how these IT benefits affects organizational productivity in the
financial service sector.
Strongly Disagree Neither Agree Strongly
Disagre Agreenor Agree
e Disagree
Faster Work
Customer
Convenience
Staff
convenience
Customer
Satisfaction
Organizational
Productivity
Better Customer
Relationship
Management
Streamline
repetitive work
process
Helps to learn
new IT skills
Project
Management
Software
Cost
Efficiency

Ease of Access
to Information
Improved
Banking
More effective
communication

9. Ifthereareotherfactorsthantheoneslisted above,pleasespecify………………..

SECTIOND:how technology creates opportunities that unify physical and virtual workplaces

10. Onascaleof 5,how true are the following?

Stronglyagr Disagree Neither Agree Strongly
ee Agree Agree
NorDisagree
Emails
Video
conferencing
applications
71
 Social Media

72
 Wearable
computer
devices
Customer self-
help services
POS outlets

11. Ifthereareotherfactorsthantheoneslistedabove,pleasespecify,withdegreeofsatisfaction…
……………..

SECTIONE: Effects Information Technology has on jobs and Employee Opportunities as far
as their expectations in the future of workplace are concerned.

Strongly Disagree Neither Agree Strongly

Disagre Agreenor Agree
e Disagree
Higher
demand for
Technical
workers
Higher
demand for
workers with IT
skills
Employment
discrimination
due to IT
skillset
General
reduction in
employment
due to IT
solutions
Increased
wages for
workers with IT
skills
Customer
Relationship
Management
More work
routinization
Work from
home for IT
experts

If others, please specify ……………………

Thankyouforyourtime

73
APPENDIX 2– HYPOTHESESAND QUESTION VALIDATION CHART
HYPOTHESES QUESTIONS
Socio-Economic Characteristics
Age
Gender
Marital Status
Education level
Duration of Employment
Average Monthly Income
H1: Communication To what extent has Internet/ Mobile
technological Banking impacted on your work and
developments affects skills?
the work and skills of a) Strongly agree, (b) Agree, (c)
employees Don’t know, (d) Disagree, (e)
Strongly disagree.
To what extent has Artificial
Intelligence impacted on your work
and skills?
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
To what extent has Automation
impacted on your work and skills?
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
To what extent has ATMs impacted
on your work and skills?
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
74
REFERENCES
Creswell, J. (2002).
Christensen, L. and Johnson, R.
(2014).
Creswell, J. (2002).
Christensen, L. and Johnson, R.
(2014).
Creswell, J. (2002).
Christensen, L. and Johnson, R.
(2014).
Creswell, J. (2002).
Christensen, L. and Johnson, R.
(2014).
Creswell, J. (2002).
Christensen, L. and Johnson, R.
(2014).
Creswell, J. (2002).
Christensen, L. and Johnson, R.
(2014).
Agboola, A.A., and Salawu, R.O.
(2008).
Tafa, M. (2013).
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Agboola, A.A., and Salawu, R.O.
(2008).
Tafa, M. (2013).
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Agboola, A.A., and Salawu, R.O.
(2008).
Tafa, M. (2013).
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Agboola, A.A., and Salawu, R.O.
(2008).
Tafa, M. (2013).
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
 To what extent has Fast Wi-Fi
impacted on your work and skills?
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
H2: Utilization of Has utilizing IT benefited your
Information organization - Faster Work,
Technology leads to Streamline processes, etc
organizational a) Strongly agree, (b) Agree, (c)
productivity. Don’t know, (d) Disagree, (e)
Strongly disagree.
Has utilizing IT benefited your
organization – Customer
Convenience, customer
satisfaction, better Customer
relationship management
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
Has utilizing IT benefited your
organization – learning new skills,
more cost efficient, effective
communication
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
Has utilizing IT benefited your
organization – Project
management, access to information
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
H3: Technology Emails unify physical and virtual
creates opportunities workplaces
that unify physical and a) Strongly agree, (b) Agree, (c)
virtual workplaces Don’t know, (d) Disagree, (e)
Strongly disagree.
Video conferencing unifies physical
and virtual workplaces
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
75
Agboola, A.A., and Salawu, R.O.
(2008).
Tafa, M. (2013).
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Cascio and Montealegre (2016)
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Matthew, L & Ibikunle, F. (2012)
Frey and Osborne (2017)
Cascio and Montealegre (2016)
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Matthew, L & Ibikunle, F. (2012)
Frey and Osborne (2017)
Cascio and Montealegre (2016)
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Matthew, L & Ibikunle, F. (2012)
Frey and Osborne (2017)
Cascio and Montealegre (2016)
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Matthew, L & Ibikunle, F. (2012)
Frey and Osborne (2017)
Corporaal, Riemsdijk and
Wolffgramm (2018)
Trisha, (2012)
Corporaal, Riemsdijk and
Wolffgramm (2018)
Trisha, (2012)
 Social Media unifies physical and
virtual workplaces
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
Customer Self-help services unify
physical and virtual workplaces
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
POS outlets unify physical and
virtual workplaces
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
H4: Effects IT has on IT has caused: Demand for
jobs and employee Technical Workers & Workers with
opportunities as far as IT Skills
their expectations in a) Strongly agree, (b) Agree, (c)
the future of workplace Don’t know, (d) Disagree, (e)
are concerned Strongly disagree.
IT has caused: Increased wages,
more job opportunities for
employees with IT Skills
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
IT has caused: Discrimination for
employees without IT skills
a) Strongly agree, (b) Agree, (c)
Don’t know, (d) Disagree, (e)
Strongly disagree.
76
Corporaal, Riemsdijk and
Wolffgramm (2018)
Trisha, (2012)
Corporaal, Riemsdijk and
Wolffgramm (2018)
Trisha, (2012)
Corporaal, Riemsdijk and
Wolffgramm (2018)
Trisha, (2012)
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Oluwagbemi, Abahand Achimugu
(2011)
Luka and Frank (2012)
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Oluwagbemi, Abahand Achimugu
(2011)
Luka and Frank (2012)
Peace, N., Sidi, C., and Ofobruku,
S., (2018)
Oluwagbemi, Abahand Achimugu
(2011)
Luka and Frank (2012)
 Salford Business School Taught Ethics Application
Form

Appendix 3: TAUGHT ETHICS APPLICATION FORM

Salford Business School Taught Ethics Application Form

FIRST STAGE

Students engaging in any research activity should read the Guidance

Notes for Ethical Applications – Taught Programmesand complete the
Ethics Approval of Taught Programmes Application Form and submit this,
along with any relevant supporting documentation, to their
supervisor. The supervisor will then assess the application for any
significant ethical issues. Please refer to the Guidance for Supervisors
and the notes for the students (Appendix 3).

If there are no significant ethical issues to be considered and/or any minor

issues have been fully resolved, the supervisor will sign off the ethics
approval form, which should then be included with the final dissertation.
However, if the supervisor feels that the application falls outside the scope
of supervisory approval i.e. the issues involved are considered to have a
significant ethical dimension, then the application will be referred for review
to the Ethics Approval Panel for Taught Programmes (Second Stage).

SECOND STAGE (Only applies to projects/dissertations with significant ethical

issues)

The application will be reviewed independently by two members of the

Ethics Approval Panel for Taught Programmes. One reviewer will be
selected from the same subject area as the proposed dissertation and the

77
Salford Business School Taught Ethics Application Form – Version 2.0 – October 2016 -
http://www.salford.ac.uk/ethics
 Salford Business School Taught Ethics Application
Form

other
reviewer from outside this area.
Second Stage Applications should be sent via email to:
SBS-TaughtEthics@salford.ac.uk
Following review, one of the following recommendations will be made:
(a) Application is approved with no changes;
(b) Application is approved subject to conditions which must be
approved by supervisor. Applicant make the appropriate changes to the
application and resubmits to their supervisor for approval;
(c) Application is approved, subject to conditions, which must be
approved by committee chair. The applicant makes the appropriate
changes to the application and resubmits to the committee chair for
approval;
(d) Application is rejected and applicant requested to resubmit to
committee.

In cases where the reviewers offer different final recommendations the

committee chair will act as the final arbiter in the decision process.
The normal turnaround time for applications is approximately two
weeks following submission. However, this can be longer, depending
upon the complexity and the time of year the application has been
submitted. If the application is not approved and changes need to be
made the overall process will take longer.

78
Salford Business School Taught Ethics Application Form – Version 2.0 – October 2016 -
http://www.salford.ac.uk/ethics
 Salford Business School Taught Ethics Application
Form

Ethics Approval Application Form

Instructions for use

Most applications for ethics approval will be able to be granted by the

supervisor. Students should just complete the questions and Part A
below and forward to their supervisor, who will complete Part B. In some
cases, if the supervisor believes the proposal should be sent to the Ethics
Approval Panel for Taught Programmes for guidance and clearance, Part C
should be completed and sent to the email address provided above.
Supervisors should send Parts A, B and C to the panel in these cases.

The following checklist is to help students and supervisors easily identify

projects which may be designated as one with significant ethical dimensions.

SECTION I:
Does the project/dissertation involve work with human tissue/body fluids?
No
If ‘NO’ skip to section (II)

SECTION II:

Does the project involve work with animals and/or animal tissue? No

If ‘NO’ skip to section (III)

SECTION III

Does this project involve any of the following:

79
Salford Business School Taught Ethics Application Form – Version 2.0 – October 2016 -
http://www.salford.ac.uk/ethics
 Salford Business School Taught Ethics Application
Form


Recruitment of volunteers? Yes
 Questionnaires or interviews?
 Observations of Participants?

If Yes for either please complete the sections (IV)-(VI) below

If No please complete section (VI) only
SECTION IV – RISK OF HARM AND RELATED ISSUES

Is there any realistic risk of any participants experiencing either physical or No

psychological distress or discomfort?

Are drugs, placebos or other substances (e.g. food substances, vitamins) to No

be administered to study participants?

Is there any possible psychological risk to the researcher?

No
(Note:- physical risks to the researcher are considered in the Risk
Assessment not in this form)

Will participants undergo sound exposure beyond the Lower Action Level of No
the Physical Agents Directive?

Does the project require the use of hazardous substances? No

Is the use of radiation (if applicable) over and above what would normally be
No
expected (for example) in diagnostic imaging?

SECTION V – VULNERABLE GROUPS AND FINANCIAL INDUCEMENTS

Will financial inducements (other than reasonable expenses and No

compensation for time) be offered to participants?

Will participants fall into any of the following special groups?

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 Children (under 18 years of age); No

 People with learning difficulties or communication difficulties; No

 People who speak a different language; No

 Patients or clinical populations and/or their carers; No

 Pregnant women or research on conception or contraception; No

 People in custody or any form of detention; No

 People engaged in illegal activities (e.g. drug-taking) No

SECTION VI – OTHER

Are there any other potential significant ethical issues not covered above? If No
Yes, please give details below:

Click here to enter text.

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SECTION III: Human Subjects

Does this project involve either of the following:

 Recruitment of volunteers? No

 Questionnaires or interviews? Yes

If YES for either, please complete Sections IV & VI below

If NO, please complete section VI only.

SECTION IV: Risk of Harm and Related Issues

Is there any realistic risk of any participants experiencing either physical or No

psychological distress or discomfort?

Are drugs, placebos or other substances (e.g. food substances, vitamins) to No

be administered to study participants?

Is there any possible psychological risk to the researcher?

(Note: Physical risks to the researcher are considered in the Risk No
Assessment, not in this form)

Will participants undergo sound exposure beyond the Lower Action Level of No
the Physical Agents Directive?

Does the project require the use of hazardous substances? No

Is the use of radiation (if applicable) over and above what would normally be No
expected (for example) in diagnostic imaging?

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SECTION V: Vulnerable Groups and Financial Inducements

Will financial inducements (other than reasonable expenses and No

compensation for time) be offered to participants?

Will participants fall into any of the following special groups?

Children (under 18 years of age); No

People with learning difficulties or communication difficulties; No

People whose first language is not English; Yes

Patients or clinical populations and/or their carers; No

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PART A – To be completed by Student

Full Programme Title: Msc. International Business AwardMSc

1. Title of proposed research project and Project Focus:

The changing nature of the workplace: How the impact of Information Technology is shaping
the future of work and productivity in the Corporate Environment.

2. Project Aims and Objectives:

The aims of the project was:

6. Establish how communication technological developments affects the work and skills of

employees

7. Determine how utilization of information technology leads to successful organization

business orientation.

8. Establish how technology creates opportunities that unify physical and virtual

workplaces.

9. Examine on how technology affect work dislocation and challenges internationalization

process.

10. Identify the effects information technology has on jobs and employees opportunities as

far as their expectations at the workplace are concerned.

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3. Research Methodology:

The employee members of financial service industries in Lagos, Nigeria, are the target sizes

for this study. This will be accomplished through random sampling. This procedure can be

improved by using random selection. Respondents in the working class will be given

questionnaires to fill out (21-60). This study will focus on administering its questionnaires in

banking halls in both Lagos Mainland and Lagos Island, so as to find a balance.

4. Organisational Agreement (If applicable):

Click here to enter text.

5. Approaching Individuals (If applicable):

A copy of questionnaire used has been attached.

6. How will you ensure ‘informed consent’ is gained from anyone involved in the research?

By writing a note to respondents and obtaining written and oral consent from respondents.

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7. How will you approach data protection issues during your research?

All respondents would be kept anonymous as no specific/identifying questions and responses

would be required of respondents.

8. Does this project require that the researcher applies for a Disclosure Barring Service (DBS)
check?

NO

If you have answered YES above, please cite the code and either include it as an appendix to
this application or provide details below about where it can be consulted electronically.

Click here to enter text.

9. What other ethical issues should you consider when conducting this research and how will
potential ethical risk/harm be avoided?

Not Applicable

10. Does the project involve human subjects (e.g. as volunteers or to take part in
interviews/questionnaires) and/or animals and/or human tissue and/or animal tissue?

YES

If YES, please give details:

Questionnaires were given to employees of financial institutions (Banks) across two different
geographical areas of Lagos – Lagos Mainland and Lagos Island.

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PART B – To be completed by Supervisor

To be completed by the supervisor by ticking the relevant box. If ethics

approval is granted the supervisor should give this form to the student to
include in their dissertation, along with Part A. Nothing further needs to be
done with the application at this point. However, if ethics approval is
rejected by the supervisor they should consult with the student as to the
required changes and complete Part C.

Student’s Full Name: Olusola Teresa Ogunbanjo

Title of Research and Project The Changing Nature of the Workplace: How the Impact
Focus: of Information Technology is Shaping the Future of Work
and Productivity in the Corporate ‌‍Environment.

Supervisor’s Name: Dr. Susan Harwood

Data application received by June 22, 2021

supervisor:

Ethics Approval Granted Please send copy of form to student to include in

their dissertation

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Ethics Approval
If rejected please consult with student as to the
Rejected
required changes

If supervisor has queries or concerns in relation to

Ethics Approval Referred this application, please fill in Part C below and
forward to the School Ethical Approval Panel for
Taught Programmes

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PART C – To be completed by Supervisor

To be completed by the supervisor if significant ethical issues are identified,

with an indication of the key issues and areas for approval, and forwarded, to
the Research Centres Support Team (SBS-TaughtEthics@salford.ac.uk).
The application will then go through the formal ethics approval process.

Title of Research and Project The Changing Nature of the Workplace: How the Impact
Focus: of Information Technology is Shaping the Future of Work
and Productivity in the Corporate ‌‍Environment.

Supervisor’s Name: Dr. Susan Harwood

Please provide a brief description of the key issues and areas within this application that you would
like the Ethics Approval for Taught Programmes to consider:

Click here to enter text.

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