The Adoption of Cloud Computing in Financial Services: A Study of Fintech Companies in Jigawa State
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Background of the Study
Cloud computing has emerged as a transformative technology that enables businesses to access computing resources on-demand, reducing the need for significant upfront investment in IT infrastructure (Smith et al., 2024). For fintech companies, cloud computing offers scalability, flexibility, cost efficiency, and the ability to deliver services more securely and rapidly to clients (Chukwuma & Onuoha, 2023). In Jigawa State, fintech companies are increasingly adopting cloud solutions to streamline operations, improve service delivery, and enhance data security. However, despite its advantages, the adoption of cloud computing in financial services raises concerns about data privacy, regulatory compliance, and integration with legacy systems. This study explores the factors influencing the adoption of cloud computing by fintech companies in Jigawa State and its effects on their service offerings.
Statement of the Problem
Fintech companies in Jigawa State face challenges in fully utilizing cloud computing due to concerns over data security, regulatory compliance, and integration with existing systems. While cloud computing offers significant advantages, the adoption process remains slow due to these barriers. This study seeks to evaluate the impact of cloud computing on fintech companies in Jigawa State, focusing on its adoption, benefits, and challenges.
Objectives of the Study
- To evaluate the impact of cloud computing adoption on the performance of fintech companies in Jigawa State.
- To identify the challenges and barriers hindering the adoption of cloud computing in fintech companies.
- To propose strategies for overcoming these challenges and enhancing the benefits of cloud computing for fintech companies.
Research Questions
- How does the adoption of cloud computing affect the performance of fintech companies in Jigawa State?
- What challenges and barriers do fintech companies face in adopting cloud computing?
- What strategies can help overcome the challenges and maximize the benefits of cloud computing in fintech companies?
Research Hypotheses
- Cloud computing adoption does not significantly affect the performance of fintech companies in Jigawa State.
- Data security and regulatory concerns do not significantly hinder the adoption of cloud computing in fintech companies.
- Proposed strategies do not significantly enhance the adoption of cloud computing in fintech companies.
Scope and Limitations of the Study
The study focuses on fintech companies in Jigawa State. Limitations include the challenge of obtaining data from private companies and potential biases in respondents' views on the impact of cloud adoption.
Definitions of Terms
Cloud Computing: The delivery of computing services like storage, processing, and software applications over the internet.
Fintech Companies: Financial technology companies that provide innovative financial services using technology, including payments, lending, and insurance solutions.
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