FINANCIAL TECHNOLOGY AND FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA
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Abstract
This study investigates the influence of financial technology (FinTech) on the financial performance of deposit money banks, focusing on Zenith Bank and Access Bank in Lagos State, Nigeria. Given the increasing use of FinTech in Nigeria’s banking industry, it is critical to comprehend how technology advancements affect banks’ overall financial performance, customer happiness, and operational efficiency.
The study employed a mixed-methods approach, analyzing secondary data from pertinent literature in addition to primary data gathered from 90 bank customers, staff, and financial reports. The results show that by increasing operational efficiency, cutting expenses, boosting income through digital banking services, and broadening market reach, FinTech considerably improves the financial performance of both banks.
The study also outlines a number of obstacles to technological integration that prevent FinTech from reaching its full potential, such as excessive implementation costs, cybersecurity threats, and insufficient infrastructure. Notwithstanding these limitations, FinTech adoption has raised customer loyalty, enhanced customer happiness, and boosted market competitiveness.
According to the study’s findings, FinTech will have a significant impact on how Nigerian banking develops in the future. To fully profit from FinTech, it advises Zenith Bank and Access Bank to make investments in strong technology infrastructure, improve cybersecurity protocols, encourage staff members to be digitally literate, and extend digital services to underserved markets.
To improve their digital services and maintain their competitiveness in the changing financial market, banks should also think about working with creative FinTech businesses. This study adds to the expanding corpus of research on FinTech adoption in Nigerian banks and offers useful advice for enhancing financial performance in the era of digitalization.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
The emergence of financial technology, or FinTech, has completely changed the global financial scene by providing creative solutions that improve the effectiveness, accessibility, and security of financial services. FinTech adoption in Nigeria has had a revolutionary impact, especially in the banking industry, as deposit money banks are using digital technologies to boost their bottom line. FinTech is the umbrella term for a variety of technologies that are revolutionizing traditional banking operations, such as blockchain, digital payments, mobile banking, and artificial intelligence (Olaoye et al., 2023).
The banking industry’s structures and services have been impacted by a number of changes brought about by technology advancements in the banking and financial sector. One such technological advancement that has had a big impact on the financial sector is financial technology, or FINTECH. The integration of financial technology into the banking industry has undoubtedly reinforced the vital and essential position that technology plays in the global banking industry.
Because they facilitate investments, mobilize savings, and promote economic growth, deposit money banks are vital to Nigeria’s economy. Nevertheless, they encounter obstacles like ineffective service delivery, elevated operational expenses, and restricted financial inclusion. FinTech solutions provide scalable, customer-focused, and reasonably priced technologies to address these issues.
For example, banks have been able to expand their services to marginalized communities thanks to the advent of online platforms and mobile banking, which has improved financial inclusion (Adegbite & Ogunyemi, 2023). This is evident in the way that banking products and services have been pushed by new business models in recent years, with technology and digital intelligence strongly fostering innovative and creative disruption in the global banking industry.
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ICT integration in the banking system led to the development of financial technology, which includes cutting-edge technologies used to provide financial services like online transfer payments, online financial planning, and peer-to-peer lending and borrowing, among other things. The banking system’s innovative approaches to addressing consumer wants and satisfaction are mostly due to the disruptive power of financial technology integration.
Despite the promising opportunities FinTech presents, its integration into the Nigerian banking system is not without challenges. Issues such as cybersecurity risks, regulatory constraints, and inadequate digital infrastructure pose significant barriers. Additionally, customer adoption of FinTech services depends on trust, ease of use, and awareness, factors that vary across different demographic groups (Okonkwo et al., 2022).
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