An investigation of innovation diffusion in corporate banking: A case study of First City Monument Bank, Abuja
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Background of the Study
Innovation diffusion in corporate banking refers to the process by which new technologies, strategies, and practices are adopted and integrated into banking operations. First City Monument Bank (FCMB) in Abuja has been at the forefront of adopting innovative solutions to enhance service delivery, improve risk management, and increase customer satisfaction. The diffusion of innovation within the bank involves the systematic implementation of digital tools, data analytics, and advanced communication platforms that transform traditional banking models (Okafor, 2023). FCMB’s innovation strategy is designed to accelerate the adoption of cutting-edge practices that align with global best practices, thereby creating a competitive advantage in the corporate banking sector.
The bank employs a structured approach to innovation diffusion that includes pilot testing, feedback collection, and gradual scaling of new solutions. This method ensures that innovations are thoroughly vetted and adapted to meet the specific needs of corporate clients before full-scale implementation (Chukwu, 2024). Additionally, FCMB’s commitment to continuous improvement is reflected in its investments in research and development, strategic partnerships with technology providers, and regular training programs for staff. However, challenges such as resistance to change, integration with legacy systems, and the high cost of technology adoption can impede the diffusion process (Adenuga, 2025). This study examines the factors that facilitate and hinder the diffusion of innovation in FCMB’s corporate banking division, providing insights into how banks can effectively harness new technologies for sustainable growth.
Statement of the Problem
Despite its proactive innovation strategy, FCMB faces significant challenges in diffusing new technologies throughout its corporate banking operations. A primary issue is the resistance to change among certain employees and managerial staff, which slows down the adoption process and creates operational bottlenecks (Okafor, 2023). Moreover, the integration of innovative solutions with existing legacy systems often results in compatibility issues that delay full implementation. High costs associated with technological upgrades and the continuous need for staff training further strain the bank’s resources (Chukwu, 2024). In addition, inconsistent communication between innovation teams and operational units can lead to misalignment between strategic goals and on-ground execution. These challenges compromise the bank’s ability to fully leverage innovative practices to improve service quality and operational efficiency (Adenuga, 2025). The study seeks to investigate these barriers and provide recommendations for improving the diffusion of innovation in corporate banking.
Objectives of the Study
- To investigate the current state of innovation diffusion in FCMB’s corporate banking division.
- To identify barriers that impede the adoption of innovative technologies.
- To propose strategies to enhance the diffusion process and improve operational performance.
Research Questions
- How is innovation currently diffused within FCMB’s corporate banking operations?
- What barriers hinder the effective adoption of new technologies?
- What measures can be taken to facilitate smoother innovation diffusion?
Research Hypotheses
- H₁: Effective communication between innovation and operations teams enhances innovation diffusion.
- H₂: Resistance to change significantly slows the adoption of new technologies.
- H₃: Strategic investments in training and technology integration improve innovation diffusion.
Scope and Limitations of the Study
The study focuses on FCMB’s corporate banking division in Abuja, reviewing innovation diffusion practices over recent years. Limitations include potential biases in employee feedback and the dynamic nature of technological change.
Definitions of Terms
- Innovation Diffusion: The process by which new ideas and technologies are adopted and spread within an organization.
- Corporate Banking: Financial services tailored for large business entities.
- Legacy Systems: Outdated technological infrastructures that can hinder new technology adoption.
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