An assessment of financial technology adoption in corporate banking: A case study of Heritage Bank, Kano
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Background of the Study
The rapid evolution of financial technology (fintech) has transformed traditional banking models, especially in the corporate sector. Heritage Bank in Kano has embarked on an ambitious journey to adopt fintech innovations, aiming to enhance its service delivery, risk management, and operational efficiency. The integration of digital payment systems, blockchain technology, and advanced data analytics is enabling the bank to streamline processes and offer tailored financial products to large corporate clients (Adenuga, 2023). Fintech adoption has allowed the bank to minimize manual errors, reduce processing times, and improve transparency in corporate transactions. Additionally, the ability to harness real-time data has enabled Heritage Bank to make more informed credit decisions, ultimately reducing non-performing loans and improving portfolio quality.
The strategic implementation of fintech also plays a critical role in enhancing customer experience. By providing secure, real-time transaction capabilities and self-service options via mobile and web platforms, Heritage Bank has increased its market competitiveness. The digital transformation not only boosts operational efficiency but also aligns the bank with global best practices, meeting the evolving expectations of corporate clients. Despite these advantages, the adoption process is not without challenges. Issues such as integration with legacy systems, high implementation costs, and cybersecurity concerns remain significant obstacles. Additionally, the regulatory framework is continuously evolving, creating further complexities for fintech integration. These challenges underscore the need for a comprehensive assessment of fintech adoption in corporate banking to understand its impact on overall performance and sustainability (Oluwaseun, 2024; Chukwu, 2025).
Statement of the Problem
Despite the promising benefits of fintech, Heritage Bank struggles with effectively integrating new technologies into its existing corporate banking framework. A major challenge is the compatibility of fintech solutions with outdated legacy systems, leading to data inconsistencies and operational delays. High initial capital expenditure and continuous costs for system upgrades further strain financial resources. In addition, cybersecurity remains a pressing concern, as increased digitalization exposes the bank to potential data breaches and fraud. These issues are compounded by a rapidly changing regulatory environment that can delay technology deployment and increase compliance burdens. Furthermore, limited staff expertise in advanced digital systems results in suboptimal utilization of fintech tools, thereby diminishing potential gains in efficiency and customer satisfaction (Adenuga, 2023; Oluwaseun, 2024). The combined effect of these challenges impairs the bank’s ability to fully realize the benefits of fintech adoption, thus affecting its competitive edge in corporate banking. This study aims to systematically evaluate these challenges and offer recommendations to enhance the overall adoption process.
Objectives of the Study
- To assess the current level of fintech adoption in Heritage Bank’s corporate banking operations.
- To identify key challenges associated with integrating fintech solutions into legacy systems.
- To propose strategies for enhancing fintech integration and operational performance.
Research Questions
- What is the extent of fintech adoption in Heritage Bank’s corporate banking division?
- What challenges hinder the effective integration of fintech solutions?
- How can Heritage Bank improve its fintech adoption strategy to enhance performance?
Research Hypotheses
- H₁: Fintech adoption significantly enhances operational efficiency in corporate banking.
- H₂: Integration challenges with legacy systems negatively affect fintech benefits.
- H₃: Comprehensive training and cybersecurity measures improve fintech integration outcomes.
Scope and Limitations of the Study
This study focuses on Heritage Bank’s corporate banking operations in Kano and examines fintech adoption over recent fiscal years. Limitations include restricted access to internal technology data and the rapidly evolving nature of fintech.
Definitions of Terms
- Fintech Adoption: The implementation and use of financial technology solutions in banking operations.
- Corporate Banking: Banking services provided to large business entities.
- Legacy Systems: Outdated computer systems that may hinder the integration of new technologies.
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