The Impact of Mobile Banking on Customer Retention: A Case Study of Stanbic IBTC Bank
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Background of the Study
Customer retention has emerged as a critical focus for banks in an increasingly competitive financial sector. Mobile banking, which facilitates banking transactions via smartphones, has revolutionized the way banks interact with customers, offering convenience, accessibility, and personalized experiences (PwC, 2024). In Nigeria, where smartphone adoption is on the rise, mobile banking has become a strategic tool for customer engagement.
Stanbic IBTC Bank has made significant investments in its mobile banking platform, enabling services such as fund transfers, bill payments, and loan applications. Despite these advancements, customer attrition remains a challenge for banks in Nigeria, with factors such as poor user experiences, service disruptions, and security concerns cited as reasons (Financial Times, 2025). Understanding the extent to which mobile banking influences customer loyalty is vital for crafting strategies to enhance retention.
Statement of the Problem
While mobile banking is often seen as a driver of customer satisfaction and loyalty, the actual impact on retention rates within the Nigerian banking sector remains ambiguous. For Stanbic IBTC Bank, declining customer retention amidst increased mobile banking adoption raises critical concerns.
Issues such as service downtimes, perceived insecurity, and usability problems undermine the effectiveness of mobile banking solutions. Furthermore, the interplay between mobile banking features and customer retention behaviors has not been comprehensively explored in existing literature, necessitating an in-depth case study.
Objectives of the Study
- To determine the relationship between mobile banking features and customer retention at Stanbic IBTC Bank.
- To assess customer satisfaction with Stanbic IBTC’s mobile banking services.
- To identify barriers to customer retention associated with mobile banking.
Research Questions
- What is the relationship between mobile banking features and customer retention at Stanbic IBTC Bank?
- How satisfied are customers with Stanbic IBTC Bank’s mobile banking services?
- What barriers impact customer retention in the context of mobile banking?
Research Hypotheses
- Mobile banking features do not significantly influence customer retention at Stanbic IBTC Bank.
- Customer satisfaction with mobile banking services does not significantly impact retention rates.
- Barriers such as usability and security concerns significantly affect customer retention.
Scope and Limitations of the Study
The study examines the impact of mobile banking on customer retention at Stanbic IBTC Bank, focusing on customers within Nigeria. Limitations include data collection constraints and potential customer bias during surveys or interviews.
Definitions of Terms
- Mobile Banking: Banking services provided via mobile devices, allowing customers to conduct transactions remotely.
- Customer Retention: The ability of a business to retain its customers over time.
- Customer Satisfaction: The degree to which customer expectations of a service are met or exceeded.
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