The Danger of Compliance Breeding Acceptance

Why You Shouldnt Start Your Cover Letter With To Whom It May Concern

Why You Shouldnt Start Your Cover Letter With To Whom It May Concern You’ve found the job you want. You’ve got your resume all set up, now you just need to write that cover letter.   Keep in mind that your cover letter is your first impression. And the first impression of your first impression is how you open up your letter! You’ll want to make it as effective as possible by tailoring your salutation to its appropriate audience- without offending anyone or showing bias of any kind.Rule 1: If you’re not writing to a particular committee or individual avoid the  dreaded impersonal â€Å"To Whom It May Concern.† Also, steer clear of  the generic â€Å"Dear Sir or Madam,† which is just hopelessly bland.Use What You KnowIf you know exactly who will be reading your letter, address it personally! Really. It’s okay. â€Å"Dear John Smith† will work. If you happen to know that your reader is a doctor or has a PhD, try â€Å"Dear Dr. Smith† instead. OR if you know the company culture to be on the informal side, and you’re sure it won’t backfire: â€Å"Dear John† might do.If the â€Å"Dear† freaks you out, you can drop it entirely and just use the name, or you could try â€Å"Hello† instead. When in doubt, though, use â€Å"Dear.†Do Your ResearchIf you don’t know the hiring manager or the person most likely to receive your letter, you could guess. Do a bit of Googling and at least find the head of the department you’re applying to. Even if you shoot for higher up than the person who eventually receives your letter, you’ll still get points for initiative.If You Can’t Find a Name, Try a TitleThe point is to be as specific as possible. If names are unavailable, you can always try â€Å"Dear Senior Analyst Search Committee† or â€Å"Research Assistant Hiring Manager† instead. For that matter, if you know you will be addressing a committee, a simple â€Å"Dear Search Committee† or  "Dear Hiring Committee† will do nicely. Read through the job description for hints- often it will include the name of the committee or department explicitly.When in doubt, err on the side of formal. And never gender a general salutation. â€Å"Ladies and gentlemen† could work. But often guessing on the position/manger/committee will net you more favorable results.Remember, this is your first impression in a letter that serves as an overall first impression. Don’t blow it in the very first line.

The good life Essay Example | Topics and Well Written Essays - 250 words

The good life - Essay Example d companies that take part in industrialization and manufacturing should take responsibility of controlling the effects of climate change by bearing the negative external costs associated with climate change.1 The richer nations and large manufacturing industries get involved in massive industrial manufacturing, hence leading to massive emissions and pollution that are responsible for the ever increasing amount of green house gases. To maintain normalcy and good life, the discounting rate concept must be proportionately applied. The rich countries that account for the larger share of the global emissions must bear the greatest costs associated with environmental degradation. In order to save the future generations from suffering the harmful effects of the present global climatic change, they must learn to reduce such risks by avoiding activities that negatively affect the environment.2 This can only be achieved by seeking expert advice from economists who would advise them on the cost-benefits analysis of their industrial and manufacturing activities. From an ethical point of view, the economists must take into account the discounting rates that are payable by the environmental polluters. Economists will, therefore, always advice on the importance of reducing the possibility of adverse effects such as environmental pollution from spreading into the future. This implies that the present generation must sacrifice part of its consumption in order to mitigate the impacts climatic

Market analysis Essay Example | Topics and Well Written Essays - 750 words

Market analysis - Essay Example The only company that did not take any of the money was Ford. Ford is the only company that is stable economically even though it has suffered a decline in the demand for its products due to the global economic recession. The most profitable company in the auto industry is Honda. Its gross margin in 2009 was 25.88% (Hoovers). The American auto industry has been giving ground to the top Japanese automakers, Toyota and Honda, for years. The American auto industry dates back over 100 years. Despite their experience the Japanese since the 1980’s have been dominating the four-cylinder economy car marketplace. They utilized lean manufacturing processes and superb quality standards which increased their productivity. The American auto industry due to its longevity and slow reaction to market changes had many structural cost problems. The cost of labor and labor cost are much higher than other foreign marketplaces. The American auto unions are very powerful and influence which forces the auto makers to pay premium labor prices for direct labor. Outsourcing is a market tendency in the domestic market. There is an opportunity in the domestic auto market for new entrants that want to participate in the supply chain of automakers because American automakers are looking for ways to reduce cost by streamlining their operations. Traditionally American automakers produced the majority of their parts in-house. The business environment has changed and the automaker no longer desire to participate in the market for used car parts. A new entrant in the marketplace for used auto parts can penetrate and achieve market share growth faster than normal. The auto industry is going through some harsh times. To stimulate the demand for new cars the US government in created the â€Å"Cash for Clunkers Program† which took off the streets nearly 690,000 gas wasting vehicles. In the auto industry companies are consolidating their auto models to create

Ultraviolet light Essay Example | Topics and Well Written Essays - 250 words

Ultraviolet light - Essay Example One common source of UV light is produced through black lights. These devices are lamps that are designed to produce electromagnetic radiation that is still ultraviolet yet remains partially visible. This process can be accomplished through any number of means but the effect can be achieved simply though the application of a filter that removes some of the visible light. Ultimately it is among the safest forms of the light as it to the UVA region and has a relatively long range. This long-range translates to a low frequency which ultimately means that it is low energy. Although some negative health consequences can result from intense or long term exposure it is still considered relatively harmless. This brings into question whether or not there are any beneficial effects of UC light. It is the case that UV light is a kind of double edged sword as there are both beneficial and harmful effects. UV light helps stimulate the production of vitamin D in humans. However prolonged exposure can cause painful sunburns and even alter human DNA and ultimately cause the growth of certain types of cancer.

Business environment of indian entertainment industry

Business environment of indian entertainment industry The liberalization efforts by the Indian government have resulted in the emergence of numerous sectors, which offer great possibilities for Indias development. One such recent sector was interactive media and entertainment, along with information and communication technologies (ICTs). The entertainment and interactive media industry in India has been making headlines of late, not so much for its impact on the domestic market, but as a premier outsourcing destination for western entertainment companies. This was paper examines the growth and development of the interactive media and entertainment industry in India. It discusses Indias position and Indias advantages in the global entertainment industry, the challenges that India faces in this was industry, the path ahead, and opportunities for international collaboration in this was sector. The global film and entertainment industry was expanding fast. The Entertainment Council of Philippines estimates that the revenues from entertainment industry worldwide have been growing annually at 20% to 30% over the past few years. According to Indias National Association of Software and Services Companies (NASSCM), revenues from the global entertainment industry will amount to US$50-US$70 billion by end-2005. Today, entertainment products are increasingly used in films, TV programmes, commercials, games and online education. Following Walt DISNEY 1988 production Who Framed Roger Rabbit, worldwide interest in entertainment feature films has been raising. Four major entertainment movies released in 2004 collected record revenues. Childrens channels across the world have seen their numbers rising ever so rapidly in the last few years. Entertainment products also have applications in the medical, architecture, and legal fields.1 the global non-entertainment entertainment industry, i ncluding work in scientific and medical entertainment, now accounts for revenues worth $15 billion. ENTERTAINMENT INDUSTRY The Entertainment Industry in India though a late starter, was considered as one of the fastest growing segments of the entertainment and media industry. The Entertainment Industry in India gained significance as an outsourced destination for entertainment work due to low cost, skilled labour as its many advantages. In the recent past Indian entertainment companies and entertainment studios have been moving up the value chain to create their own intellectual property rights with Hanuman, Roadside Romeo, etc. and partnering with international studios to produce animated properties for the global audience. Though a majority of the work done by the entertainment industry in India was outsourced work, this was was expected to change in the future with increased demand from the domestic entertainment industry. This was industry can be categorized into four different components: Entertainment, education, content development and multimedia/web design. The entertainment market in India was r elatively new compared to some other Asian countries. But it was among the fastest-growing in the Indian entertainment sector. With approximately 200 entertainment studios, India has emerged as a global outsourcing hub for entertainment technology services. The key drivers for the entertainment industry are the increasing domestic demand for entertainment movies and the increase in entertainment studios and training centers across the country. MEANING OF PESTLE ANALYSIS P-Political E-Economical S-Social T-Technological L-Legal E-Environmental Political factors are how and to what degree a government intervenes in the economy. Specifically, political factors include areas such as tax policy, labour law, environmental law, trade restrictions, tariffs, and political stability. Political factors may also include goods and services which the government wants to provide or be provided (merit goods) and those that the government does not want to be provided (demerit goods or merit bads). Furthermore, governments have great influence on the health, education, and infrastructure of a nation. Economical factors include economic growth, interest rates, exchange rates and the inflation rate. These factors have major impacts on how businesses operate and make decisions. For example, interest rates affect a firms cost of capital and therefore to what extent a business grows and expands. Exchange rates affect the costs of exporting goods and the supply and price of imported goods in an economy Social factors include the cultural aspects and include health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. Trends in social factors affect the demand for a companys products and how that company operates. For example, an ageing population may imply a smaller and less-willing workforce (thus increasing the cost of labour). Furthermore, companies may change various management strategies to adapt to these social trends (such as recruiting older workers). Technological factors include ecological and environmental aspects, such as RD activity, automation, technology incentives and the rate of technological change. They can determine barriers to entry, minimum efficient production level and influence outsourcing decisions. Furthermore, technological shifts can affect costs, quality, and lead to innovation. Legal factors include discrimination law, consumer law, antitrust law, employment law, and health and safety law. These factors can affect how a company operates, its costs, and the demand for its products. Consumer protection laws are designed to ensure fair competition and the free flow of truthful information in the marketplace. These factors can affect how a company operates, its costs, and the demand for its products. Environmental factors include weather, climate, and climate change, which may especially affect industries such as tourism, farming, and insurance. Furthermore, growing awareness to climate change was affecting how companies operate and the products they offerit was both creating new markets and diminishing or destroying existing ones. POLITICAL ANALYSIS OF ENTERTAINMENT INDUSTRY Government Support Mr. Kapil Sibal, Minister of State for Science and Technology, identified entertainment industry as one of the important sector for Indias export oriented growth.10 However, compared to governments in other countries; efforts by the Indian government to encourage the sector have been very minimal. The government of South Korea funds entertainment ventures on a partnership baswas.11 Bangladesh has a World Bank-funded support programme for the entertainment industry. In contrast, there have not been many initiatives from the Indian government to promote the entertainment industry, at least till the past one year. The Indian government signed co-production treaty with France about 20 years ago and efforts are on to reactivate it. A treaty was signed with the Italian government, which in turn sent a delegation to Goa. Efforts are also on to sign similar agreements with Britain, Japan, Brazil, Canada, Netherlands and China. These treaties will lead to sharing of costs by partner nations and also the dispersion of technical know-how amongst the partner nations. New Government Initiatives A 25-acre Special Export Zone (SEZ) was going to be constructed in the outskirts of Thiruvananthapuram exclusively for the entertainment industry. The commerce ministry was said to have approved the creation of the SEZ within the Film and Video Park (FV Park) set up by the Kerala Industrial Infrastructure Development Corporation near Thiruvananthapuram. The state government was said to have created a 15,000 sq meters entertainment facility to welcome entertainment houses to create their bases. The FV Park made a good start when the Chennai-based Prasad Labs has made it its base to process all Malayalam films for the next two years. Kerala has been making efforts at convergence in the areas of information technology and cinema. The Entertainment Production Association of India recently suggested to the Information and Broadcasting Ministry of India that all TV channels must ensure 10% reservation for local animated content. The government can further encourage investments and particip ation in this sector by providing tax benefits. It can provide grants to Indian animators for participation in international conference and for taking up training programs abroad 2. ECONOMICAL ANALYSIS OF ENTERTAINMENT INDUSTRY Indias attractiveness as an entertainment hub lies in the presence of an English-speaking workforce, high-quality software engineers, a large pool of creative talent, good studios and low costs. The cost of producing a 30-minute 3D entertainment programme in India was US$60,000 compared to US$250,000-400,000 in the United States and Canada. India has a cost advantage compared to the Philippines, which was another low cost producer of entertainments. The average monthly salary of an entertainment professional in India was US$600 compared to US$1,000-US$1,200 in the Philippines. The cost of outsourcing one hour of entertainment work to India was estimated to be 30% to 40% of the corresponding costs in leading entertainment centres in Korea, Taiwan and the Philippines. Indias advantages in low costs have been exploited by many multinational firms and production studios. The advent of digital entertainment coincided with the liberalization of the Indian economy and India offered the benefits of lower production costs, strong creative and technical skills and a large English speaking population. This has led to the development of state of the art entertainment studios in several Indian cities, and these studios are collaborating with global entertainment companies. FACTOR THAT AFFECTING THE ECONOMIC GROWTH OF ENTERTAINMENT INDUSTRY Lack of Finance Indian entertainment firms cannot match their western counterparts in financial strength. It was pointed out that state support in the form of tax holidays was crucial for success in the entertainment business. Canada, for example, offers major incentives to its studios for developing entertainment products. However, financial institutions in India have not been much forthcoming in funding projects in entertainment and interactive media. The long gestation period before fruition of projects discourages potential investors. This can be a major hurdle, and it has, in fact, led to the stoppage of a few production ventures. For example, Jadooworks had to stop production of animated epic of Krishna due to technical problems and lack of funding. The firm was supposedly on the verge of bankruptcy and this has led to the retrenchment of about 250 workers.7 Interestingly, Jadooworks was the same firm which drew appreciation from Thomas Friedman in an article in February 2004 for employing tra ditional artistes and transforming their skills to computerised digital painting he was arguing that globalisation can have beneficial impact on traditional artwasts.8 The experience of Jadoo works underlines the fact that it was still too ambitious for Indian companies to single-handedly enter into entertainment projects. Even a small project in the entertainment industry entails a budget of US$30 million, which was not affordable for Indian firms. 3. SOCIAL ANALYSIS OF ENTERTAINMENT INDUSTRY Entertainment Products for Illiterates The interactive media and entertainment industry in India has a large domestic market too to tap on. A field-study based research conducted by one of the authors in July-August 2004 on the diffusion of ICTs in Indias rural areas offers some interesting results in this regard.6 The study showed that televsion was a highly popular medium as a source of information in the Indian countryside, as it combines visual and audio effects and was less demanding of the cognitive skills of the user. Almost 35 per cent of Indias over 1 billion population was illiterate. There was great demand from this segment of Indian population for an innovative medium that facilitate communication and information sharing, while at the same time, being easily accessible to the masses via the television. Products of interactive media and entertainment can fill this demand gap to a large extent; they can be great tools for education, entertainment and awareness among illiterates in Indias rural and urban areas. SOCIAL FACTORS AFFECTING FILM AND ENTERTAINMENT INDUSTRY The Indian Entertainment industry: Facing the manpower challenge Despite the impressive growth forecasts, the Indian Entertainment and Gaming industry will account for less than two percent of the worldwide market in 2010. Obviously a much larger opportunity exists beyond what was currently being envisaged and the potential remains high. India can participate in a more significant way in the global Entertainment market, provided the country has built up requisite manpower, with the relevant expertise, to fuel its growth. According to analysts, India has the potential to grow its Entertainment industry to around US$ 1 billion by 2010, but will remain restricted to US$ 869 million on account of a looming demand-supply gap in the area of employable human resources.   A similar situation exists in the gaming segment as well, which has the potential to achieve revenues of US$ 732 million by 2010, but was expected to touch only around US$ 424 million by that period, owing to the paucity of skilled manpower.   The employment statistics for the Indian  entertainment  and gaming industry during 2006 were as follows: Around 16,500 professionals were employed by the Indian Entertainment industry during 2006. This figure was forecast to increase at a CAGR of 14-15 percent and exceed 26,000 by 2010. There were nearly 150 gaming companies in India, employing about 2,500 people. This number was forecast to increase at a CAGR of over 50 percent to exceed 13,000 by 2010, with the industry revenue forecast to grow nearly ten-fold and reach US$ 424 million. 4. TECHNOLOGICAL ANALYSIS OF ENTERTAINMENT INDUSTRY While it was true that Indias entertainment industry was growing at a remarkable pace, the fact remains that this growth was largely a result of the mushrooming of studios-for-hire. In entertainment feature films, for example, while Indian companies carry out the technological entertainment work, character design, and storyboarding are done abroad. India was yet to become a successful player in concept creation, the high value-adding segment of the industry which remains a preserve of western firms. Indias advantages of low costs in this industry will be too short-lived, and sooner rather than later, the country will have to start developing new technologies. Skills The entertainment industry was still young. Indian cinema was yet to make its mark on the global stage. The booming entertainment outsourcing industry was constantly demanding new skills and fresh infusion of new talent into the industry. As such, it was imperative that we have a healthy pipeline to supply talent to the industry. Skills required in the entertainment field can be clubbed under two broad categories, mainly technical skills and soft skills. Programming expertise, analytical ability, and proficiency on the software are basic requirements for technical skills. The number of professionals joining the entertainment industry has been growing at a compound annual growth rate (CAGR) of 18.2 percent and was expected to grow at the same rate. Though India possesses the manpower with the requisite skill set, what remains an area of concern was the education imparted to this manpower from the quality perspective. This has resulted in mushrooming of multimedia institutes. What was interesting was that quite a few reputed organizations have come forward and started a chain of multimedia institutions for two reasons. One, they can use the trained professionals for in-house entertainment development and secondly, use this education channel for market diversification and penetration. However, companies need to invest considerable time and money in bringing these students up to the levels where they start earning revenue for the organization. Need For technological training to employees There are no academic institutes like Indian Institutes of Technology, Regional Engineering Colleges, Polytechnics, etc., churning out animators by the thousands. What we have are only fine arts schools which teach the fundamentals but not the technical skills required for production, points out K. Chandrasekhar, General Manager, Media Works, and Tata Elxsi. According to him, this was a major drawback for the industry in India. Education in new media has to be embedded into the mainstream curriculum. Students have to realize that they can have a lucrative career as animators, and the governments as well as educational institutions have to start programmes for their career development. The entertainment sector will benefit greatly by giving encouragement to the community of traditional artists as much as to technically trained professionals. In other words, integration of the rural and urban talent will prove highly beneficial. Also, NASSCOMs President Kiran Karnik believes that there was a need for an entertainment academy to build a steady inflow of entertainment professionals in the industry. NASSCOM extended its help to the government for framing the curriculum and also work with the industry players to enhance the academic-industry interface. 5. LEGAL ANALYSIS OF ENTERTAINMENT INDUSTRY Intellectual property Outsourcers have always been concerned with the protection of their intellectual property in India. India was one of the few countries which have failed to take stern action against its infringement. India needs to strengthen its IP policy and ensure that companies operating in the outsourcing sphere take stringent steps to take care of clients IP rights. International Cooperation in the Entertainment industry The Indian government was signing co-production treaties with other countries. Professional organisations too are trying to promote the Indian entertainment sector abroad. ASIFA, India, organises film festivals, conducts workshops and entertainment film competitions at the international level. Kahani and Entertainment Bridge have showcased their entertainment shows at Cannes Mipcom (a summit where mobile, broadband and interactive professionals from 95 countries interact with broadcasters, producers and distributors) in October 2005. X-media Lab has been floated to help local, independent digital media producers reach their ideas successfully to the market with assistance from outstanding international new media professionals, who act as mentors to the companies and project teams. The second lab held in Singapore from 17 19 November 2005, Creating Successful Computer Games, attracted worldwide response. Indian developers have also been invited to interact with eight of the best games people in the world. There was also a plan to do a lab in India next year.14 According to Mohit Anand, Country Manager, Microsoft Entertainment and Devices Division, Microsoft India, Gaming in the last 7-8 years has really come a long way but it still has a long way to go. Critical factors like PC penetration, organised retail, broadband, and gaming hardware need to be addressed to help the industry. Those factors are gradually changing and the future definitely looks bright. India was the youngest country in the world, and the new generation was completely tech savvy. We believe that gaming was definitely here to stay and evolve.15 What are the opportunities for engagement between India, Singapore and other Southeast Asian countries in the field of interactive media and entertainment industry? To begin with, Singapore and Southeast Asia will be an important market for products from Indias entertainment industry. Singapore has significant expertise in telecommunication and media industry. Harnessing the favourable trade and investment climate offered by the Comprehensive Economic Cooperation Agreement between the two countries, firms in Singapore should consider investing in Indias entertainment and media business. Maya Academy of Advanced Cinematic, a leading player in the Indian entertainment industry, was planning to extend its operations to Singapore. It was currently working on a project for BBC and has also been involved in the video games division. Entertainment was one of the fastest growing sectors in India-ASEAN relations. The entertainment industry was expected to grow at a compound annual growth rate of 20 percent from 2002 to 2007. The entertainment industry, with total revenues of US$3.6 billion in 2002, was projected to grow up to US$8.7 billion by 2007. ASEAN was a big market for Indian films. There are tremendous collaboration opportunities between India and ASEAN in the area of 3D entertainment, graphics, etc. The Philippines was, until recently, a fast growing entertainment industry, rich in creative talent, and it was a major destination for outsourcing by entertainment firms in the United States. However, with rise in costs, the entertainment industry in the Philippines has begun to decline, and Filipino workers in the industry have been migrating to India and Singapore in search of jobs. India, the Philippines, Singapore and even China must realize that there was little to be gained in the entertainment industry in the long run by competing with each other on costs. Rather, they should seek avenues for cooperation, and direct their efforts at acquiring intellectual property rights in this creative industry. 6. ENVIRONMENTAL ANALYSIS OF ENTERTAINMENT INDUSTRY Ability to scale operations. Indian firms are facing a talent shortage which affects their ability to scale up their operations based on client demands. This also affects the clients confidence in off shoring large chunks of work. Though Indian companies have put in place huge expansion plans, these are often marred by various reasons. Tie-ups with educational institutes are helping overcome thwas difficulty. Opportunities in Collaborations Indian companies are trying to improve quality and making attempts to compete globally with the market leaders in the industry. It was said that the year 2004 was a watershed for the Indian entertainment and gaming industry (according to the Federation of Indian Chambers of Commerce and Industry [FICCI] report on the Entertainment Industry). The year was marked by increased use of entertainment in the Bollywood segment. According to the FICCI report, the increasing demand for downloads of games on mobile phones will enhance the opportunities for gaming companies and bring in new entrants. Several Indian companies are entering into collaborations with foreign new media companies, which outsource their work to the Indian companies. Recently, Toonz Entertainment floated a joint venture with First Serve International LLC, a global media company which aims to produce and distribute top-notch entertainment programming for the world market. The new venture will be headed by former Walt Disney executive Ed Bordering. In 2004, a Chinese company also invested in India Games Ltd. Toronto-based entertainment Products Company Kahani was collaborating with Mumbai based Entertainment Bridge. In this venture, Kahani was expected to invest US$30-US$40 million over the next three years to engage in film production. The storylines and scripts will be completed in Canada whilst product development and promotion are expected to be done in India. The company was also planning to tie up with Bangalore and Hyderabad-based studios. Zees entertainment arm, Padmalaya Telefilms, has signed a US$14 million contract with Italian producer-distributor, Mondo TV, to co-produce four new animated series. Padmalaya also has collaborations with British entertainment companies Mallard Media and Ealing Entertainment. CONCLUSION The Indian interactive media and entertainment industry has seen tremendous growth in the last year or so. It was fast emerging from being an outsourcing destination for western entertainment companies to develop and showcase its own capabilities and potentials. The emergence of various industry-related organizations and companies, and the availability of affordable and talented expertise, point to tremendous potential this sector has to offer. Whilst there are internal challenges to the Indian interactive media and entertainment industry, given the efforts being undertaken by the government and like-minded organizations, it will be sooner rather than later, that India lays a strong claim as a major international player in this industry. It was thus opportune for Singapore and countries in the region to identify potential opportunities for collaboration so that we are able to ride on the waves of the Indian interactive media and entertainment industry.

Biblical Influence and Symbolism in The Old Man and the Sea :: Old Man and the Sea Essays

Biblical Influence and Symbolism in The Old Man and the Sea Many times, stories by Ernest Hemingway have much religious influence and symbolism. In The Old Man and the Sea, by Ernest Hemingway, numerous occurrences in the life of Santiago the fisherman are similar to the incidents recorded in the life of Jesus of Nazareth. The names of the characters translated from Spanish to English are just one of those many similarities. The characters in The Old Man and the Sea are in actuality, major figures in the New Testament. Santiago is an old man, yet he had young eyes. No matter how defeated he was, he would never show it and he would look on the brighter side of things. In my mind, these traits make Santiago a god-like figure. Manolin, which translates into Messiah, is Jesus (Stoltzfus qtd in CLC 13:280). Santiago is the "father" who teaches his symbolic son and disciple, Manolin. After catching the largest marlin, Manolin will leave his parents in order to follow the teachings of Santiago, his master, just as Jesus did (Stoltzfus qtd in CLC 13:280). Pedrico is actually Saint Peter, Jesus' closest apostle and a great fisherman (Wilson 50). Peter helped Jesus fish for souls as Pedrico helped Manolin fish for food. Santiago gives Pedrico the head of the mutilated marlin which symbolizes Saint Peter as head of the Christian church and the first Pope (Stoltzfus CLC 280). In the story, there are many references to the crucifixion of Jesus. Santiago's badly injured hands evoke the hands of the crucified Jesus and three other situations reinforce this theory (Brenner, The Old Man and the Sea, Story of a Common Man 37). First, Santiago's marlin is approached by a pair of shovel nosed sharks. "Ay', he said out loud." (Hemingway, The Old Man and the Sea 107) There is no meaning of "Ay", but perhaps it is the sound a man makes as his hands are nailed to wood (Brenner, The Old Man and the Sea, Story of a Common Man 38). Next, once back on shore, Santiago climbs the hill to his shack, with the mast on his shoulder, falling several times (Hemingway, The Old Man and the Sea 121). This is an obvious reference to Christ's struggle to carry the cross up the hill Cavalry (Crossan, The Historical Jesus 163).

Adoption of Information and Communication Technology Essay

Abstract Nigerian banking industry has become highly ICT-based and is reaping the benefits of technological revolution as evidenced by its application in most of its operations. The objective of this paper was to determine if the Nigerian banks have failed or succeeded in the adoption and use of ICT (see table 2.1). An evaluation of the adoption and use of ICT infrastructures from the periods between years 2000 to 2008 indicated steady growth. It is presumed that as of today, the Nigerian banks may have attained their ICT potentials in their operations, though with some challenges. The paper concludes that the adoption of ICT has influenced the content and quality of banking operations. This paper recommends that investment in information and communication technology should form an important component in the overall strategy of banking operators to ensure effective operations. Keywords: Information, Communication, Technology, Banking & Industry. INTRODUCTION Information and Communication Technology (ICT) is the automation of processes, controls, and information production using computers, telecommunications, software and other gadget that ensure smooth and efficient running of activities. It is a term that largely covers the coupling of electronic technology for the information needs of a business at all levels. ICT has surpassed the role of support services or only electronic data processing; its fields of applications are slightly global and unlimited. Its devices especially the Internet and modern computer email facilities have further strengthened early modernizations like the telephone and fax. Other ICT devices include data recognition equipment, factory automation hardware and services, telecomputing and teleconferences using real time and online system (Adeoti, 2005). The application of information and communication technology concepts, techniques, policies and implementation strategies to banking services has become a subject of fundamental importance and concerns to all banks and indeed a prerequisite for local and global competitiveness. Information and Communication Technology (ICT) directly affects how managers decide, how they plan and what products and services are offered in the banking industry. It has continued to change the way banks and their corporate relationships are organized worldwide and the variety of innovative devices available to enhance the speed and quality of service delivery. Harold and Jeff (1995) contend that financial service providers should modify their traditional operating practices to remain viable in the 1990s and the decades that follow. They claim that the most significant shortcoming in the banking industry today is a wide spread failure on the part of senior management in banks to grasp the importance of technology and incorporate it into their strategic plans accordingly. Considering ICT to ensure banks survival, Woherem (2000) claimed that only banks that overhaul the whole of their payment and delivery systems and apply ICT to their operations are likely to survive and prosper in the new millennium. He advices banks to re-examine their service and delivery systems in order to properly position them within the framework of the dictates of the dynamism of information and communication technology. The banking industry has witnessed tremendous changes linked with the developments in ICT over the years. Nigerian banks have undergone changes in their operations since the consolidation process of 2005, when some banks were forced to merge with others to meet Central Bank of Nigeria’s (CBN) recapitalisation fund necessary for operation. Until then, most of the banks operated paper based systems at inception and later adjusted at the dawn of ICT revolution. In recent times, ICT, which basically involves the use of electronic gadgets especially computers for storing, analyzing and distributing data, is having a dramatic influence on almost all aspects of individual lives and that of the national economy – the banking sector inclusive. The increasing use of ICT has allowed for integration of different economic units in a spectacular way. This phenomenon is not only applicable to Nigeria but other economies of the world, though the level of their usage may differ. In Nigeria, ICT usage especially in the banking sector, has considerably improved, even though it may not have been as high as those observed for advanced countries (Adeoti, 2005; Adeyemi, 2006). The use of ICT in the banking sector became of interest to this study due to the significant role it plays in the economy. It helps in stimulating economic growth by directing funds to economic agents that need them for productive activities. This function is very vital for any economy that intends to experience meaningful growth because it makes arrangements that bring borrowers and lenders of financial resource together and more efficiently too than if they had to relate directly with one another (Adam, 2005; Ojo, 2007). In essence, the banking sector acts as a bridge that connects lenders and investors in the economy. The bank reforms (especially the recapitalization that specifies a minimum capital base of 25 billion naira for commercial banks), are pursued with a view to making the sector realize its objectives in advancing the economy (CBN, 2006). It is expected that the impact of these reforms will be enhanced with the use of ICT because it will create some form of competitive advantage and improve banking services through accuracy and efficiency in their transactions. In other words, it will change the nature of banks’ services in terms of quality which will culminate in greater service delivery and productivity. This is in tandem with the findings made by Adeoti (2005) that the use of information technology has the ability of improving the competitiveness of Nigerian manufacturing industries. In fact, ICT has had an impact on the Banking Industry as its emergence allows banks to apply credit-scoring techniques to consumer credits, mortgages or credit cards. Hence, products that used to be highly dependent on the banks ´ evaluation of its customers have now become more standardized. Other examples of ICT impact on the Banking Industry include the increased process efficiency, which can reduce costs in banks. This has also produced changes in the structure of bank income. As a result of increased competition that has lowered margins in lending operations (the banks’ traditional business), banks have diversified their sources of income and rely increasingly on income from fees services rather than interest rate spreads. Fees charged for services include typical banking activities like payment transactions, safe custody and account administration. Data storage and retrieval is another wonderful innovation brought into the Banking Industry, where specialized software is engaged to create database to be manipulated by Database Management Software (DBMS). A single database created could be used for several purposes within the system in order to eliminate data redundancy. From the above discourse, this paper seeks to determine whether or not the adoption of ICT enhances the operations of Nigerian banks. To achieve this, the introductory part of this paper after defining what ICT is, clearly established that to remain viable in the current age as financial concerns, banks must adopt ICT. In the succeeding sections, the paper will review relevant literature and identify the types of ICT infrastructures used in Banks; the benefits and effects of ICT on banking industry will be discussed, after which an evaluation of its success or failure will be done; then, the conclusion and recommendations will be made. LITERATURE REVIEW The Concept of ICT and a Perspective in Nigerian Banks Technology can be referred to as the application of knowledge for the execution of a given task. It entails skills and processes necessary for carrying out activities (works) in a given context, while ICT encompasses computer systems, telecommunication, networks, and multimedia applications (Frenzel, 1996). It came into use in the late 1980’s replacing earlier terms like Electronic Data Processing (EDP), Management Information System (MIS), although the latter terms are still in use (Frenzel, 1996). ICT has transcended the role of support services or only electronic data processing; its fields of applications are somewhat global and unlimited. Its devices especially the Internet through the World Wide Web (www) and modern computer email facilities have further strengthened early innovations like the telephone and fax. Other ICT devices include data recognition equipment, factory automation hardware and services, tele-computing and teleconferences using real time and online system (Adeoti, 2005). It is a concept that is having a remarkable effect on almost entire aspects of the human endeavours. This connotes that it involves the application of principles to engage physical component in achieving an intended goal. The convergence of computer and telecommunication after about four decades of applying computers to routine data processing, mainly in information storage and retrieval, has created a new development where information has become the engine of growth around the world. This development has created catch-up opportunities for developing countries such as Nigeria to attain desired levels of development without necessarily ‘reinventing the wheels’ of economic growth. This new technology has brought far-reaching revolution in societies, which has tremendously transformed most business (banking) scenes (Ovia, 2005). With respects to the banks in Nigeria, the first established bank was in 1892 (then African Banking Corporation). However, there was no banking legislation until 1952 when three foreign banks (Bank of British West Africa, Barclays Bank, and British and French Bank) and two indigenous banks (National Bank of Nigeria and African Continental Bank) were established, with a total number of 40 branches (Iganiga, 1998). As at 1988, the Nigerian banking system consisted of the CBN, 42 commercial banks and 24 merchant banks (Iganiga, 1998; Adam, 2005). From 1970, the banking sector grew significantly in terms of number and coverage as a result of increase in economic activities. However, between 1970 and 1985, the growth of the sector was relatively slow due to predominant government regulations but the period 1986-2000 witnessed a phenomenal growth of the sector as a result of the financial deregulation policy, that is the Structural Adjustment Program-SAP of 1986 (Iganiga, 1998). This brought about the liberalization of bank licence leading to a rapid change in the sector. Some of the banks were characterized by paper oriented methods, rather than technological based systems and this resulted to slow pace of their operations vis-à  -vis their employees’ productivity cum general performance. The use of computers and other ICT gadgets in their operations were limited. This was one of the reasons adduced by Ojo (2007) as factors responsible for the Nigerian financial sector malaise. To mitigate the shocks experienced in the system, the Federal Government of Nigeria came up with the financial sector reforms through the CBN. The policy thrust on bank reforms encompasses the sum of the variations that occur in the direction of a comprehensive banking system. The bank reforms agenda, among others, specified a minimum capital base of 25 billion naira for the commercial banks that took effect in December, 2005 (Diamond Bank, 2005; CBN, 2006). This has reduced the number of commercial banks in Nigeria from 89 to 25, which was done via the processes of mergers, acquisition and the stock market (CBN, 2006; Ige, 2007). The major aim was to make Nigerian banks vibrant and resilient, clothed with efficiency and financial strength to absorb possible shocks, thereby instilling public confidence as well as global relevance (Soludo, 2004). ICT and Nigerian Banking Sector The revolution in ICT has made the banking sector changed from the traditional mode of operations to presumably better ways with technological innovation that improves efficiency. ICT can enhance efficiency via its use and in recent times banks have been encouraged by the rapid decline in the price of ICT gadgets. This has perhaps increased the bank level of ICT usage (Ovia, 2005).The increase might have also be attributable to business environment that became relatively flexible to accommodate new forms of technological change as a result of reforms in the country. Banking is becoming highly ICT-based and because of its inter-sectoral link, it appears to be reaping most of the benefits of revolution in technology, as can be seen by its application to almost all areas of its activities (Akinuli, 1999). It has broadened the scope of banking practices and changed the nature of banking as well as the competitive environment in which they operate. A broad opening has been experienced around the world for banks and they are currently taking due advantage of these innovations to provide improved customer services in the face of competition and faster services that enhance productivity (Akinuli, 1999; Ovia,2005). Technological advancement facilitates payments and creates convenient alternatives to cash and cheque for making transactions. Such new practices have led to the development of a truly global, seamless and Internet enabled 24-hour business of banking. ICT revolution both in terms of innovation rate, speedy operation, and cost per unit (portraying reduction in average total and marginal costs) has made a good number of banks embrace the use of ICT infrastructure in their operations (Akinuli, 1999). The technological innovation that is being witnessed currently in the Nigerian banking sector is possible of impacting on the banks’ mode of transactions especially in their payment systems. The payment systems are made feasible by ICT gadgets such as Automated Teller Machine (ATM), Electronic Fund Transfer (EFT), Clearing House Automated Payments (CHAPs), Electronic Purse (E-PURSE), Automated Cheque Sorter (ACS) and Electronic and Transfer at Point of Sale (EFTPOS), which have made transactions easy and convenient. This phenomenon is capable of bringing about speedy operations and enhanced productivity (Adeoti, 2005; Ovia, 2005). Though there may be little interruptions at times due to network failures, which may make customers unable to carry out transactions at that point in time. This little shortcoming is not in any way comparable to the days when banking halls were characterized by long queues mainly as a result of delays in the traditional banking operations. Now banks can provide comprehensive services to their customers by making them access their accounts via online services. These instruments have an edge over the traditional payment instruments because it is safer, more efficient, convenient and cost effective. Before the introduction of these ICT services in the banking industry, manual processing of documents were in use. The bankers were made to cope with this onerous task, and the process made business transactions minimal. Besides several hectic procedures, people had to contend with, banks’ customers were inevitably made to spend several hours in the congested banking halls in carrying out their transactions (Ovia, 2005). The present situation The ICT culture in Nigerian economy can be said to be on the increase. Nigeria is the largest Internet subscriber in Africa with about 100,000 Internet users as at 2000, which was estimated to have grossly increased (Balancing Act, 2007). It has also been observed that Nigeria’s telecommunication density had remarkably increased by more than 2,550% from 0.35% in 1992 to 9.3% in 2004, thereby greatly exceeding the International Telephone Union’s (ITU) benchmark of 1% (Ndukwe, 2005). This phenomenon has helped banks keep substantial information on-line which reduces the cost of marketing their products. Being a competitive tool, it enhances the creation of customized services, reduces the cost of operation, and improves productivity as well as profitability. More interestingly, almost all the banks in Nigeria have internet and on-line real time banking facilities which has improved the scope of Nigerian banking. It has aided transfer of funds from one location to another without any involvement of facial transactions thereby reducing the incidence of loss of funds to stealing and the likes. Another recent one is the telephone banking technology that allows customers to have transactions on their accounts by calling a particular telephone number, through voice activation, and using a tone pad. All of these improve the comfort of banking transactions. THE TYPES OF ICT SUBSTRUCTURES USED IN BANKS Ovia (2005) opined that ICT adoption will improves three critical domains which are efficiency, quality, and transparency in any organisation. Agboola (2001) discussed the dimensions in which automation in the banking industry manifest in Nigeria. They include: Bankers Automated Clearing Services: Automated Payment Systems, Automated Delivery Channels. In the analysis done by Alawode and Kaka (2008) on ICT infrastructures used in Nigerian banks between the periods of 2000 to 2008, found a proportionate increase in adoption and use. The specific ICT infrastructural use within year 2000 to year 2008 include Internet Access; Internal Network; SMS Alert; Substitution of Postal Mail; ICT Security Measures; Authentication and Automated Payment System. The tabular presentation of the ICT structures and the analysis are presented below. This analysis and other recent literature will form the basis for evaluation of ICT adoption success or otherwise, and informs its inclusion in this seminar paper. TABLE 2.1:SURVEY DATA OF SOME SELECTED BANKS IN NIGERIA AND THEIR UPTAKE IN SOME ICT INFRASTRUCTURES Serialnumbers| ICT infrastructures| Percentage of Nigeria Banks that use a particular ICT infrastructure within year2000 to year 2008.| | | 2000 – 2002| 2003 – 2005| 2006 – 2008| 1| Internet Access | 27%| 88%| 91%| 2| Internal Network| Wire based| 68%| 82%| 92%| | | Wireless| 08%| 19%| 28%| 3| SMS Alert| NIL| 22%| 98%| 4| Substitution of Postal mail | 18%| 38%| 88%| 5| ICT Security measures| 62%| 81%| 94%| 6| Authentication| 33%| 76%| 85%| 7| Automated PaymentSystem| 1%| 28%| 87%| Source: Alawode and Kaka (2008) Internet Access: An important indicator of the general uptake of Information and Communication Technology (ICT) in the Banking Industry relates to the use and availability of Internet. Internet access is a precondition for e-Business, as this is the main channel for e-banking. The general availability of Internet allows for the analysis of overall ICT-readiness in the Banking Industry. The Table shows that 91% of Banks studied in Nigeria have access to the internet within year 2006 and 2008, While 27% and 88% from year 2000 to 2002 and from year 2003 to 2005 respectively. The drastic change that occurred from 27% to 88% from year 2000 to 2002 and from year 2003 to 2005 respectively was as the result of ICT awareness competitive products introduced by some the so called â€Å"new generation banks†. Virtually all other banks also braced up to satisfy their customers and there was general improvement in the services and products of Banking Industry. Use of Internal Network: The application of networks is a vital part of an effective ICT-enabled system, which is especially true in the case of banks with a branch network. Local Area Network (LAN) may also be seen as a basic indicator of the minimum infrastructure required to enable companies to conduct e-banking at a substantial level. Wire-based LAN is currently the dominating technology. The survey shows that 92% banks surveyed use wire-based LAN from year 2006 to 2008. The fact that LAN is a relatively low-tech and easily attainable ICT solution, would to some extent explain the wide coverage of this technology from year 2000 to 2008. Wireless LAN is a relatively new technology in the Banking Industry, and is used to permit bank employees to access network resources from nearly any convenient location. The fact that, wireless LAN is relatively new technology accounts for its low percentage uptake in Banking Industry. Use of SMS alert: Instant notification of transactions made was another innovation brought by ICT through the use of smart phone in conjunction with the internet facility in the Banking Industry. Virtually all banks studied in Nigeria use SMS-Alert, except some of the Micro-finance Banks. It was an ICT infrastructure that recorded no patronage between year 2000 and 2002. Substitution of postal mail: The Banking Industry is currently being renewed in many areas. One of these areas relate to the digitalization of formerly paper-based processes. Electronic mail is increasingly being applied for especially non-legal correspondence like account statements, marketing and sales. More than 80% banks surveyed have substituted electronic mail with old postal mail within year 2006 to 2008. This outcome shows that, efficiency gains from electronic mail are yet to be reaped and indicates that the Industry is a bit fragmented in its uptake of electronic mail as means of communication. ICT security measures: The security issue is of special concern in the Banking Industry, as banking is highly based on trust from its customers. Hence, the risk of hackers, denial of service attacks, technological failures, breach of privacy of customer information, and opportunities for fraud created by the anonymity of the parties to electronic transactions all have to be managed. Depending upon its nature and scope, a breach in security can seriously damage public confidence in the stability of a financial institution or of a nation’s entire banking system. Hence, by introducing the appropriate security measures and putting security concerns at ease, the BI might be able to attract the segments among consumers who previously were not inclined to use e-banking. Furthermore, it is also in the banks’ own interest to improve security, as digital fraud can be costly both in financial losses, and in terms of the damage it does to the brand of the bank in question. Authentication: The common concern among users of e-banking is related to the authentication of users and data connections. The use of digital signatures is not as common as PIN codes or encryption, and reason is the fact that digital signature is relatively new technology. The research even shows that none of the studied banks uses digital signature as the form of authentication, but the up-take in other types of authentication is generally high, up to 85% within the year 2006 and year 2008. Automated Payment System: Devices used in Automated Payment Systems include Automatic Teller Machine (ATM) and Electronic Funds Transfer. ATM still ranked higher in its spread than Electronic Funds Transfer, Low rate of spread of this technology might be due to cost, fear of fraudulent practices and lack of facilities necessary for their operation. But generally speaking, the adoption of Automated Payment System increased dramatically. The table shows the increase from 28% to 87% within the range of 3-years. BENEFITS OF ICT ADOPTION ON BANKING INDUSTRY Many researchers have agreed on some benefits that accrue to ICT adoption and use in the banking industry. These include among others: Enhanced operational efficiency. The use of ICT in the banking industry enhances the operational efficiency of the banks (Madueme, 2009). For example, the use of SMS alert, an ICT infrastructure that recorded no patronage among Nigerian banks between year 2000 and 2002, has presently aided instant notification of transactions. Improved quality of service delivery. Many researchers (Ikechukwu, 2000; Madueme, 2009; Fenuga & Oladejo, 2010) confirm that the application of ICT to banking operations has undoubtedly enhances the quality of customer service delivery in the banks. The uses of ICT-based payment systems such as Automatic Teller Machine (ATM) and Electronic Funds Transfer have actually improved the service delivery of Nigerian banks to its customers. For example, a money transfer transaction that used to take me days to transact has been reduced to a matter of few minutes. For a case in point, last week, I sent money to my brother through UBA bank and before I got to the gate after the transaction, I got a call from him confirming that his account was credited through a message alert. Increase in customer satisfaction. This benefit derives from the one above. According to Fenuga and Oladejo (2010), the adoption and use of ICT in the banking industry has increased customers’ satisfaction due to improved quality of banking services. Referring to the above case of personal experience, it is unequivocal that customer satisfaction has markedly increased as a result of adoption and application of ICT in Nigerian banks. Improved profit performance. Another important benefit of the adoption and use of ICT in the banking industry has to do with improved profit margin. Many studies (Baba & Harker, 1997; Ikechukwu. 2000; Madueme, 2009; and Oladejo & Adereti, 2010) have shown significant and positive correlation between ICT adoption and profitability of organisations. Increase in market shares. When ICT is successfully adopted and applied to banking operations, the overall performance of the banks is improved and this manifest in the corresponding increase in market shares, profitability and other indicators of performance (Oladejo & Adereti, 2010). Enhanced competitive advantage. Researches by Ikechukwu (2000) and Oladejo and Adereti, 2010 have lent credence to the fact that application of ICT to the operations of the banks has boosted their operational efficiency and brought about greater competitive advantage in the industry. EFFECTS OF ICT ON BANKING INDUSTRY Agboola (2001) studied the impact of computer automation on the banking services in Lagos and discovered that Electronic Banking has tremendously improved the services of some banks to their customers in Lagos. The study was however restricted to the commercial nerve centre of Nigeria and concentrated on only six banks. He made a comparative analysis between the old and new generation banks and discovered variation in the rate of adoption of the automated devices. Aragba-Akpore (1998) wrote on the application of information technology in Nigerian banks and pointed out that ICT is becoming the backbone of banks’ services regeneration in Nigeria. He cited the Diamond Integrated Banking Services (DIBS) of Diamond Bank Limited and Electronic Smart Card Account (ESCA) of All States Bank Limited as efforts geared towards creating sophistication in the banking sector. Ovia (2000) discovered that banking in Nigeria has increasingly depended on the deployment of Information Communication Technology and that the ICT budget for banking is by far larger than that of any other industry in Nigeria. He contended that On-line system has facilitated Internet banking in Nigeria as evidenced in some of them launching websites. He found also that banks now offer customers the flexibility of operating an account in any branch irrespective of which branch the account is domiciled. Cashless transactions were made possible in our society of today. The mover of the economy (Banking Industry) is now well positioned to meet-up with the new challenges from the costumers, competitors and even from the nation’s economy with right tool in their hand to reach limitless point of success. The Industry is now growing on daily basis with respect to new innovations that are coming out in the world of technology. Evaluation The banking business in Nigeria today can be assessed as being highly ICT based. The analysis of Alawode and Kaka (2008) ICT infrastructures used in some selected banks between year 2000 to year 2008 as earlier presented in table 2.1 clearly indicate the steady growth of ICT application in Nigerian Banks. Internet access usage, for example, rose from 27% between years 2000-2002 to 91% between years 2006-2008. SMS Alert that was nonexistent between the periods of 2000-2002 rose from nowhere to 98% between years 2006-2008. Similarly, Automated Payment System that was barely 1% between years 2000-2002 rose dramatically to 28% in years 2003-2005 and sky rocketed to 87% between years 2006-2008. The research, which provided the above analysis, is over 5 years old now. Considering the rate of growth reported in the analysis, it is obvious that most of the infrastructures may have reached their full potential. Drawing from above background, one could reasonably accept Akinuli’s (1999) viewpoint when he observed then that it appears Nigerian banks were reaping most of the benefits of revolution in technology, as can be seen by its application to almost all areas of its activities. Adeoti (2005), Ovia (2005) and Osabuohein (2008) in separate remarks affirmed the fact that the technological innovation witnessed in Nigerian banking sector is possible of impacting on the bank’s mode of operations especially in their payment systems. It is indeed unequivocal to state that ICT adoption in Nigerian banks has broadened the scope of banking practices and changed the nature of banking as well as the competitive environment in which they operate. Such new practices have led to the development of a truly global, seamless and Internet enabled 24-hour business of banking. In summary, the adoption of ICT in Nigerian banks can be said to be a success though not without some challenges. Challenges The automation of banking operations is really posing challenges to the Consumers, the banks themselves and Regulatory/Supervisory authorities in Nigeria. Among the issues concerned are: Infrastructural deficiencies: It is obvious that the use of ICT in the banking industry require minimum level or basic infrastructure such as electricity, telecommunication and motorable roads. Yet all these remain great challenges even as they feature as manifestos in all political campaigns. Ineffectiveness of telecommunication service providers and epileptic supply of electricity have often times cost people to spend days suffering to recover trapped cards in ATMs. For example, there was a day my friend’s card got trapped for only God knows the reason, but on a Saturday when the banks staff could not be accessed to recover neither the card nor alternatively withdraws money at UBA Aliade road branch. He had to wait until Monday morning to recover his card. Whatever his purpose for wanting to access money must have been defeated. Consumer Awareness and capacity: A major challenge of ICT banking to many illiterate and semi-literate population of the country who reside in rural areas is lack of awareness of how the systems work and their inability to access the services which mostly exist in cities and high populated work areas or institutions. Access to ATM and GSM Telephones: There are inadequate banking facilities to cover for the growing population of Nigerians who can access the services. Many households are unable to afford terminals and all accessories required for operating in today’s banking system. The recent Federal government’s 60 billion naira telephone project for 10 million farmers (Olatunji, 2013) is one exemplification that majority of Nigerians are too poor to afford a telephone, a necessary accessory for accessing ICT banking services. Consumer Protection: Another major challenge of adoption of ICT is the absence of statutory or regulatory provisions to protect the consumer of the products/services. Fraud: So much fraud has been reported within and outside banks due to ICT adoption. The high exposure of the system to fraudsters, hackers and other criminally minded persons who could access, retrieve and utilize confidential information from the system if security measures are weak; to checkmate unauthorized intrusion is another challenge to the authorities. Systems Operational Risks: Bank IT rests on computers and telecommunications which could be susceptible to system failure, internal manipulations and inconsistent regulatory policies (Etim, 2000). Conclusion Concerns about ICT role in attaining effectiveness, efficiency and productivity were raised in the late 1980s. Since then a large number of studies have emerged both at the industry and firm level that have substantially improved our understanding of the relationship between ICT and firm performance. This paper has clearly defined what ICT is and presented a review of relevant literature to aid understanding of the historical antecedents or reforms that necessitated its adoption in Nigerian banks by assessing the benefits and effects, and the journey so far. The paper further evaluated the success of ICT adoption as well as addresses the challenges it has posed to banks, consumers of services and supervising authorities. The paper concludes that the adoption of ICT has influenced the content and quality of banking operations positively. From all indications, ICT presents great potential for business process reengineering of Nigerian Banks. It is imperative for bank management to intensify investment in ICT products to facilitate speed, convenience, and accurate services, or otherwise lose out to their competitors. Recommendation This paper recommends that investment in information and communication technology should form an important component in the overall strategy of banking operators to ensure effective performance. References Adam, J.A. (2005). Banking Sector Reforms: The Policy Challenges of Banks Consolidation in Nigeria. Selected Papers for 46th Annual Conference, Nigerian Economic Society, August 23-25. Adeoti, J.O (2005). Information Technology Investment in Nigerian Manufacturing Industry: The Progress So Far. Selected Papers for the 2004 Annual Conference, Ibadan: Nigerian Economic Society, 213-244. Adeyemi, K.S (2006). Banking Sector Consolidation in Nigeria: Issues and Challenges. Union Digest, 9(3&4) June (http://www.unionbankng.com/adeyemi.pdf). Agboola, A. A. (2006). Electronic payment systems and Tele-banking services in Nigeria. Journal of Internet Banking and Commerce, 11(3), 112-124. Agboola, A. A. (2001). Impact of Electronic Banking on Customer Services in Lagos, Nigeria. Journal of Economics and Financ, 5(1&2), 45-73. Akinuli, O.M. (1999). Information Technology in Nigeria’s Banking Industry: Operational Applications, Problems and Future Challenges. CBN Bullion, 23(3), 71-75. Alawode, A. J. and Kaka, E. U. (2008). Information and Communication Technology (ICT) and Banking Industry. Proceedings of the 1st International Technology, Education and Environment Conference, African Society for Scientific Research (ASSR) 673-677. Aragba-Akpore, S. (1998). The Backbone of Banks’ Service Regeneration. Moneywatch, July 22, p23. Baba, P. and Harker, P. (1997). Examining the Contributions of Information Technology towards Productivity in United States Retail Banks. Pennsylvania: Wharton School. Balancing Act, (2007). Balancing Act News Update (http://www.balancingact- africa.com/country_profile.php?id=24). CBN, (2006). Press Release. The Guardian, Vol.22 (9902), January 3, p.11. Diamond Bank, (2005). Banking Industry Report, Strategic Planning Unit, December (http://www.diamondbank.com/public/Banking%20Industry%20Report%20December%202005.pdf). Etim, S. O. (2000). Electronic Banking: The Risks in the Insurance. A Paper Presented at Centre for Insurance Research Luncheon, Lagos, May 23. Fenuga, O. J. and Oladejo, R. K. (2010). The Effect of Electronic Payment on Customer Service Delivery in Nigerian Banks. International Journal of Economic Development Research and Investment, 1(1), 5-16. Frenzel, C.W. (1996). Information Technology Management, Cambridge: Thomson Publishing Company. Harold, B. and Jeff, L. (1995). Don’t Let Technology Pass You By. ABA Banking Journal, 73-81. Iganiga, B.O (1998). Contemporary Issues in Money and the Nigerian Financial System, Lagos: Amfitop Books. Ige, C.S (2007). Reforms in Development. The Reformers, 2(1), 4-16. Ikechukwu, G. (2000). Enhancing the Performance of Banking Operations through Appropriate Information Technology in Nigerian Banking Industry. Ibadan: Spectrum Books. Madueme, I. S. (2009). Impact of information technology on the ptofitability of commercial banks in Nigeria. International Journal of Business and Common Market Studies, 6(1&2), 112-121. Ojo, J.A.T. (2007). Financial Sector Maladaptation, Resource Curse and Nigeria’s Development Dilemma. Public Lecture, Covenant University, Ota, Ogun State, January 25. Oladejo, M. O. and Adereti, A. S. (2010). Impact of information technology on the performance of microfinance institutions in Ogun state, Nigeria. International Journal of Economic Development Research and Investment, 1(1), 44-55. Olatunji, S. (2013). FG to give rural farmers N60bn cell phones. Punch, January 3, www.punching.com/business/business economy/fg-to-give rural-farmers-n60bn-cell-phones/ Osabuoheien, E. S. C. (2008). ICT and Nigerian Banks Reforms: Analysis of Anticipated Impacts in Selected Banks. Global Journal of Business Research, 2(2), 67-76. Ovia, J. (2000). From Banking Hall to E-Platform. Financial Standard, January 15. P. 6. Ovia, J. (2005), Enhancing the Efficiency of the Payment System in Nigeria. CBN Bullion, 29(1), 8-18. Soludo, C.C. (2004). Consolidating the Nigerian Banking Industry to Meet the Development Challenges of the 21st Century. An Address Delivered to the Special Meeting of the Bankers’ Committee, Abuja, July 6. Woherem, E. W. (2000). Information Technology in the Nigerian Banking Industry. Ibadan: Spectrum.

The eNotes Blog Calling all teachers check out our new eNotes lessonplans!

Calling all teachers check out our new lessonplans! Here at , we publish new lesson plans and response journals for teachers all the time. Check out our latest additions below! And remember, these items are free for download with your subscription to the   Teachers Edition.   New Lesson Plans: ( lesson plans have been written, tested, and approved by working classroom teachers. The main components of each plan include an in-depth introductory lecture, discussion questions, vocabulary lists, chapter-based questions, essay prompts and a multiple-choice test. They also offer complete answer keys for the instructor.) Jane Eyre  (174 pages) Things Fall Apart  (85 pages) Death of a Salesman  (47 pages) New Response Journals: (An Response Journal is designed to encourage your students to read and write more effectively and with more pleasure. Each Response Journal includes a rich variety of writing prompts: some will take students directly into the text, while others will give students an opportunity to express their thoughts and feelings and to reflect on their own experiences.) The Hunger Games  (26 pages) Roll of Thunder, Hear My Cry  (20 pages) About our special Teachers Edition: The Teachers Edition currently offers 105 lesson plans, with 3 new plans added each month. Your subscription guarantees you an unlimited number of downloads of these plans and response journals, plus other classroom resources like user-uploaded documents, daily QA, and thousands of study guides. For more information on the Teachers Edition or a free sample of one of our lesson plans, click here. Are you a teacher? employs real instructors as Educators in our Homework Help program for students. Submit your application today and join our team of experts!

End of World War 1 essays

End of World War 1 essays As the news of the individual surrender spread, fellow Germans saw that they were losing the war and started mutinies. Many people told the Kaiser to seek an armistice with the allies. However, he did not show any intensions of giving up. With the end so close, many American newspapers started to create rumors that the armistice had signed been signed by the Germans. They assumed that our leaders were suing for peace. They were still only considering signing an armistice. The American armistice was based on Woodrow Wilson's fourteen-point plan. He did have a hard time convincing the other allies that the fourteen-point plan was going to work. Wilson who was wanted peace without actually winning the war. By the time the armistice was signed, the people of Germany were happy that the war had ended. The treaty was signed at Rethondes, France at 5:00 pm on November 11 1918. Two days earlier Kaiser Williams of Germany had abdicated and fled to the Netherlands. Prince Max of Beden had immediately accepted defeat. The word quickly passed along the front and at 11:00 the battles should stop. Many notes had passed between Prince Williams and President Wilson in the days that led to the armistice. All of the matters were discussed through notes although a representative was sent to explain the idea behind the fourteen point and other American theories that led to the formation of the armistice. After the armistice was signed and the war ended many of the Americans flooded the towns located near the front, they celebrated. Many sang their national anthem. The streets were crowded with people. The town center was so filled that you could hardly see anything. Church bells ringed through out Europe to praise the end of the war. Many people even sung huge flags of either America or France. Many of the soldiers just stared and wondered what was going on. They had seen all the death and did not realize why the men celebrated. ...

Consumer Behaviour in UK and China Automobile Industry Dissertation - 1

Consumer Behaviour in UK and China Automobile Industry - Dissertation Example These five questions are very important as it covers all major areas for studying consumer behaviors. In order to cater to those five questions, this paper has presented and discussed important sections like literature review, primary research and secondary research. The literature review has presented an  important theoretical background to understand the mechanism of consumer behavior. The primary research has obtained important data for identifying the prevailing consumers’ behaviors and secondary research has provided the factual data to link with the primary data. The gathered primary data has disclosed major trends in consumer behavior in car markets of the UK and on the Chinese people. These primary data are also discussed and analyzed in the light of the given theoretical background and secondary data. The output of the primary data analyses has supported the consumer behavioral theories and secondary data. As per the discussions based on literature review, primary a nd secondary data, this paper is able to cater to the five pre-defined research questions. The consumer behavior in the  automobile industry of China and UK is influenced by a number of factors like culture, economic condition, brand, quality, price etc and these factors vary as per the national culture and system of the two countries. The successful automobile companies presented in both countries are able to differentiate and identify the multiple factors influencing the consumer buying behavior. The cultural paradigm of different markets like China and Britain reflect significant impacts on the purchasing behavior of cars and domestic vehicles. The main aim of the paper revolves around understanding the reasons or factors which bring about cultural changes and thereby affect the demand for cars in the two markets.  

The Role of Nationalism in Castros Regime in Cuba Essay

The Role of Nationalism in Castros Regime in Cuba - Essay Example In this regard, nationalism is better understood as the identification of people to a nation. It is the notion that people from the same nation share similar interests and values particular only to themselves. It is however of important to note that people use nationalism in different ways and have different ideologies regarding the whole subject. Castro arose to power in 1959 after leading a nationalist revolution that overthrew the previous government. He attempted to manifest nationalism through two ways i.e. socialism and communism. From the analysis and review of various literatures, I therefore argue that nationalism in Cuba was a repression to support Castro’s government. Role of nationalism in Castro’s reign Before he came into power, Castro was viewed as a nationalist and this saw him lead a revolution that brought him into power through support from various nationalists. This move was however not supported by the U.S because they did not want a charismatic nationalist like Castro to lead Cuba. In any case, the United States had a lot of vested interest in the country and needed a leader they could manipulate, certainly not Castro . Castro came up with an ideology of getting people to work for the benefit of all and not just individuals. During his reign, he valued national land and he did positive work for the people. This was seen when he bought back foreign owned land that was Cuban. He allowed Cuba to be run by its people. Through this, he garnered a lot of support from the masses. However, he later changed and became a communist when he integrated with the Soviet Union which put this imposition on him. This changed the notion of nationalism and it is from this perspective he used the nationalist ideology as a way of suppressing people. However he continued gaining much support from the people even as his regime became more despotic. Nationalism was one of the core elements in Castro’s platform. His core punch line was ‘with Fidel everything, against Fidel Nothing’2. In this case, those who opposed him were viewed as enemies of the state and had no place in Cuba. This propelled people to be in support of him even if his ideologies were unfavorable. No one among his elites questioned his role as a demonstration of nationalism. He used a manifestation of culture in nationalism by announcing to upper and middle classes that he shared their cultural and ideological prejudices. This was a form of communism whereby this people were to continue enjoying their employment as well as other benefits if they were in support of him. He moved to nationalize Cuba schools, industries and hospitals. This was a way of imposing communist tendencies into the country. This in essence was to have control over this institutions keeping in mind that these people could support him and not oppose him in order for their institutions to succeed. However, many people faced many challenges such as the scarcity of jobs in the country. Because of the great economic hardships, the workers were less likely to oppose him. This therefore justifies that nationalism was a form of repression. He used nat ionalism to counter policies that were against his regime. An example of such policy was the economic Embargo from the United States which wanted to see him out of power but he got support out of nationalism because of the notion that a sovereign society was not to get interference from other states. Because the United States had opposed him as a result of his communist ties, they did not get support from the people hence he continued to reign. He used unfriendly policies from the U.S in order to stir up nationalism hence convincing a lot of Cubans. This again was a repression on the ideology of nationalism. H