1. How management information system (MIS) enhance effectiveness of the bank?

Without accounting and management information systems the businesses would be

less organized because that is a major part of accounting and management information
systems. Some of practical examples are:
 M-banking to date has largely been driven by mobile network operators and,
to a lesser extent, by some banks.
 An automated teller machine (ATM) or cash machine is a device that provides
the bank clients with access to financial transactions in a public space without
the need for a bank cashier
 Internet Banking allows clients to conduct financial transactions on the
website operated by their banks.
A bank is understood as a place where the financial services such as checking/savings and
providing credit to the customers are offered. The banks have become an instrument in
providing financial assistance to some activities as a policy or by regulation or for
meeting sociology-economic obligations.
The basic aims and objectives of (MIS) in banking industry and to reduce the problem or
barriers of effective communication and processing of data in the banking industry other
objectives are as follows:
 To facilitate the practice of electronics banking (E-banking) in Nigeria effectively.
 Management information system encourage the effectives performance or
implementation of automate trending system (ATM).
 Management information system encourages the effective implementation of
universal banking system (U-Banking).
 If helps the bank to perform automated clearing system services.
 If assists in gathering none and better information in the banking industry.
 Management information system aim at reducing works in the banking industry.
 Management information system ensures proper and adequate documentation of the
banking industry.
 Management information system reduce the number of errors and mistakes that
occur in the banking industry.
2. What is the role MIS in the bank
In banking, as we have in all industries the need for information is so important. This is
simply because all things being equal, good quality information aids good decisions and it
leads to effective performance of managerial function and is in turn should lead to the
attainment of the organizational goal.
The management of the bank should create a customer database and analyze the needs of the
customers from time to time to create suitable service package.
The customers (account holders) need constant advice on the status and its operations. Most
of the customers use their account for routine payments affecting the balance.
Based on these reports, the management of the bank should alert or warn the customer to act
on his account to correct the situation. The personal and individual account holders need such
a service badly as they have to manage their domestic or business activities in a tight money
situation. The MIS built around such demands would help not only the bank manager but also
the account holder.
The bank finances can be utilized in some ways to increase the banking operations by
offering credit to the right kind of customers. It is, therefore, necessary to study the trend in
the business industry and solicit the customers from the upcoming and growing business
sector. The MIS should concentrate on data collection from various sources to analyze and
conclude the future corporate strategy.
There is a lot of human aspect in the banking operations. With computerisation, the service
may become faster or quicker, but still, it requires a human touch and skill. Therefore MIS
enables to to upgrade the expertise and knowledge of the bank employees to offer proper
service to the customers.
The MIS should identify such needs and offer help to the management in designing training
courses for the employees to improve their knowledge about banking and the financial world.
A management information systems helps manager make decisions by providing information
from a database with little or no analysis.
3. What are the challenges that face MIS operators?

Managers are facing challenges and opportunities that business in managing information
systems and technologies to meet business goals.

1. By now you should be able to see that the success of an information system should not
be measured only by its efficiency in terms of minimizing costs, time, and the use of
information resources. Success should also be measured by the effectiveness of the
information technology in supporting an organization’s business strategies, enabling its
business processes, enhancing its organizational structures and culture, and increasing
the customer and business value of the enterprise. It is important to realize, however, that
information technology and information systems can be mismanaged and misapplied in
such a way that IS performance problems create both technological and business
failures.
2. Developing successful information system solutions to business problems is a major
challenge for business managers and professionals today. As a business professional, you
will be responsible either for proposing, assisting with development, or developing new
or improved uses of information technologies for your company
3. As a prospective manager, business professional, or knowledge worker, you will very
likely be challenged by the ethical responsibilities generated by the use of information
technology. For example, what uses of information technology might be considered
improper, irresponsible, or harmful to other people or to society? can you protect
yourself from computer crime and other risks of information technology?
4. Both information technology and the myriad of information systems it supports have
created interesting, challenging, and lucrative career opportunities for millions of men
and women all over the globe. At this point in your life you may still be uncertain about
the career path you wish to follow, so learning more about information technology may
help you decide if you want to pursue an IT/IS-related career. One thing is certain: You
will either work in an IT/IS-related career or you will regularly work with one or more
IS professionals. Either way, the knowledge you gain here will be invaluable throughout
your career.
4. What is the management information system (MIS)?
A management information system (MIS) is a computerized database of financial information
organized and programmed in such a way that it produces regular reports on operations for
every level of management in a company. It is usually also possible to obtain special reports
from the system easily. The main purpose of the MIS is to give managers feedback about
their own performance; top management can monitor the company as a whole. Information
displayed by the MIS typically shows "actual" data over against "planned" results and results
from a year before; thus it measures progress against goals. The MIS receives data from
company units and functions. Some of the data are collected automatically from computer-
linked check-out counters; others are keyed in at periodic intervals. Routine reports are
preprogrammed and run at intervals or on demand while others are obtained using built-in
query languages; display functions built into the system are used by managers to check on
status at desk-side computers connected to the MIS by networks. Many sophisticated systems
also monitor and display the performance of the company's stock.
The MIS represents the electronic automation of several different kinds of counting, tallying,
record-keeping, and accounting techniques of which the by far oldest, of course, was the
ledger on which the business owner kept track of his or her business. Automation emerged in
the 1880s in the form of tabulating cards which could be sorted and counted.
. When the first computers emerged after World War II punch-card systems were used both as
their front end and as their output.
Personal computers ("micros" PCs) appeared in the 70s and in the 1980s networked PCs
appeared and developed into powerful systems in their own right.
At present the initials IT are coming into universal use. "Information Technology" is now the
category to designate any and all software-hardware-communications structures that today
work like a virtual nervous system of society at all levels.
If MIS is defined as a computer-based coherent arrangement of information aiding the
management function, a small business running even a single computer appropriately
equipped and connected is operating a management information system.