An investigation of mobile app usability and customer retention in banking: A case study of fintech firms in Niger State
- Project Research
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Background of the Study
With the rapid adoption of mobile technology and internet banking, fintech firms have emerged as key players in the Nigerian banking sector. These firms offer innovative financial services through mobile applications that allow users to perform banking tasks such as money transfers, bill payments, loan applications, and account management—all from their smartphones. The widespread use of mobile apps has transformed customer expectations, with users demanding more efficient, secure, and user-friendly banking experiences.
Mobile app usability plays a significant role in determining customer satisfaction and retention in the fintech industry. A well-designed mobile app that is easy to navigate, offers a seamless user experience, and provides secure transactions can lead to increased customer loyalty and repeat usage. However, mobile banking apps often face challenges related to performance, interface design, security concerns, and user training. For fintech firms in Niger State, understanding how the usability of their mobile apps affects customer retention is crucial for fostering long-term relationships and maintaining competitive advantage.
This study aims to investigate how mobile app usability influences customer retention in fintech firms operating in Niger State. By exploring various usability factors such as app design, functionality, accessibility, and security, this research will provide insights into how fintech firms can improve customer satisfaction and reduce churn rates.
Statement of the Problem
In Niger State, fintech firms have increasingly adopted mobile banking applications as a means to deliver financial services. While these apps offer convenience, many customers struggle with issues related to app usability, such as difficult navigation, slow loading times, and security concerns. As a result, the rate of customer retention among these firms may be compromised. Despite the growing importance of mobile app usability in the fintech sector, there is limited research on how app usability specifically affects customer retention in Niger State's fintech industry. This study seeks to fill this gap by examining the relationship between app usability and customer retention in fintech firms.
Objectives of the Study
1. To evaluate the impact of mobile app usability on customer retention in fintech firms in Niger State.
2. To identify the key usability factors that influence customer retention in mobile banking applications.
3. To explore the challenges fintech firms in Niger State face in enhancing mobile app usability and improving customer retention.
Research Questions
1. How does mobile app usability affect customer retention in fintech firms in Niger State?
2. What are the key usability factors that influence customer retention in mobile banking apps?
3. What challenges do fintech firms in Niger State face in improving mobile app usability?
Research Hypotheses
1. Mobile app usability significantly influences customer retention in fintech firms in Niger State.
2. Usability factors such as app design, ease of navigation, and security significantly affect customer retention in mobile banking apps.
3. Fintech firms in Niger State face significant challenges in improving mobile app usability, including technological limitations and resource constraints.
Scope and Limitations of the Study
This study will focus on fintech firms in Niger State that provide mobile banking services. The research will examine how mobile app usability factors influence customer retention rates. Limitations may include challenges in obtaining customer feedback and the variability in the quality of mobile banking apps across different fintech firms.
Definitions of Terms
• Mobile App Usability: The degree to which a mobile banking application is easy to use, efficient, and provides a positive user experience.
• Customer Retention: The ability of a business to retain customers over time by ensuring repeat usage of its products or services.
• Fintech Firms: Companies that use technology to offer financial services, including mobile banking, digital wallets, and online payment systems.
