org Dun & Bradstreet, India's Top Banks 2016Prof.
ABSTRACT The primary aim of this study is to check the effectiveness and efficiency of financial control in Computerized Environment. First Bank of Nigeria Plc and to ascertain whether computer has enhance profitability and control in the bank and other financial sectors or industries.
Due to the recent intends in accounting operations and the complexity of these operations with the number of task to be performed constantly on the increase, todays accountants are left with no option other than to always device ways by which these increasing tasks could be processed more speedily and accurately so that there will be no loss of information.
With the advert of computer many organizations have computerized their accounting systems, an example of such organization with computerized accounting system is FIRST BANK OF NIGERIA PLC.
A major driver for this change was propelled by rising competition from private and foreign banks.
Several commercial banks started moving towards digital customer services to remain competitive and relevant in the race.The effectiveness of computer depends on the ability of the user.Inherently the computer has no creative ability than the screw-driver or any simple machine.Strong initiatives have been taken by the Reserve Bank of India in strengthening the Payment and Settlement systems in banks.Technological Milestones in Indian Banks: Current status in the Digital Space Indian Government is aggressively promoting digital transactions.1.1 BACKGROUND OF THE STUDY In the last few decades, business activities have not only grown bigger and very much complex, but things happen even faster than expected, the combination of complexity, size and faster action and reaction generated a view for new management tools, especially tools for converting the large and complex volume of business data into useful and meaningful terms to assist management in decision making.The processing of business data and the delivery of information using there machines is known as “AUTOMATIC DATA PROCESSING” OR “COMPUTERISED OPERATIONS”.Since the invention of the first machines, the world has experienced a tremendous degree of advancement in technology and ones for the machine invented for solving complicated problems in the computer.With increasing frequency, it is recognized that an understanding of the computer how it influences accounting operations and it’s benefits to every accounting students and intend to work this world of advancing technology cannot be over emphasized.Today banks aim to provide fast, accurate and quality banking experience to their customers.Today, the topmost agenda for all the banks in India is digitization.