The Adoption of Cloud Computing in Financial Services: A Study of Fintech Companies in Jigawa State
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- NGN 5000
Background of the Study
Cloud computing has revolutionized the financial services industry by providing scalable, cost-effective, and secure solutions for data storage, transaction processing, and customer engagement. Fintech companies, in particular, have leveraged cloud technologies to innovate and deliver financial products and services with greater efficiency (Olawale & Ibrahim, 2023). Cloud-based platforms enable fintech firms to offer services such as digital wallets, payment gateways, and data analytics while ensuring compliance with regulatory standards.
In Jigawa State, the fintech sector is growing, driven by increasing demand for digital financial services and the need to address financial inclusion challenges. However, the adoption of cloud computing faces obstacles such as data security concerns, regulatory compliance, and limited infrastructure (Garba & Usman, 2024). This study investigates how fintech companies in Jigawa State are adopting cloud computing and its impact on service delivery.
Statement of the Problem
Despite the potential of cloud computing to enhance financial services, fintech companies in Jigawa State face challenges in adopting this technology. Issues such as cybersecurity risks, high implementation costs, and a lack of skilled personnel impede widespread adoption. Additionally, compliance with data protection regulations poses a significant challenge (Bello et al., 2023).
The limited research on cloud computing adoption in Jigawa State's fintech sector creates a gap in understanding the benefits and challenges specific to this region. This study aims to address this gap by analyzing the adoption of cloud computing in fintech companies and its impact on financial service delivery.
Objectives of the Study
1. To assess the extent of cloud computing adoption in fintech companies in Jigawa State.
2. To identify the challenges fintech companies face in adopting cloud computing.
3. To evaluate the impact of cloud computing adoption on financial service delivery.
Research Questions
1. What is the extent of cloud computing adoption in fintech companies in Jigawa State?
2. What challenges do fintech companies face in adopting cloud computing?
3. How does cloud computing adoption impact financial service delivery in Jigawa State?
Research Hypotheses
1. Cloud computing adoption does not significantly impact financial service delivery in fintech companies in Jigawa State.
2. Challenges related to cybersecurity and regulatory compliance significantly hinder cloud computing adoption.
3. The extent of cloud computing adoption significantly varies across fintech companies in Jigawa State.
Scope and Limitations of the Study
The study focuses on fintech companies in Jigawa State and their adoption of cloud computing technologies. Limitations may include access to proprietary data and variations in the adoption levels of cloud computing among fintech firms.
Definitions of Terms
• Cloud Computing: A technology that enables the delivery of computing services over the internet.
• Fintech Companies: Firms that use technology to provide financial services.
• Financial Service Delivery: The provision of financial products and services to consumers.
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