An appraisal of customer behavior analysis in business banking: A case study of First City Monument Bank, Abuja
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Background of the Study
Customer behavior analysis involves understanding the patterns and preferences of clients to improve service delivery and product offerings in business banking. First City Monument Bank (FCMB) in Abuja has leveraged data analytics and market research to gain insights into the behavior of its corporate clientele. By analyzing transactional data, social media interactions, and feedback surveys, FCMB tailors its banking solutions to meet the specific needs of its customers. This strategic approach not only enhances customer satisfaction but also drives profitability by enabling more targeted marketing, efficient cross-selling, and customized financial solutions. The integration of digital tools and advanced analytical methods provides a comprehensive view of customer behavior, allowing the bank to anticipate market trends and respond proactively (Okeke, 2023; Adenola, 2024). However, challenges such as data silos, privacy concerns, and the complexity of analyzing unstructured data remain obstacles to fully exploiting customer behavior analysis. This study examines the effectiveness of customer behavior analysis at FCMB, with the goal of identifying key factors that influence customer engagement and retention in business banking.
Statement of the Problem
FCMB experiences difficulties in harnessing customer behavior data due to fragmented data sources and inconsistencies in data integration. These challenges result in an incomplete understanding of customer preferences, which can lead to less effective product offerings and marketing strategies. Additionally, privacy concerns and regulatory constraints limit the extent of data collection, while the complexity of processing large volumes of unstructured data further complicates analysis. Such issues diminish the bank’s ability to personalize services and maintain a competitive edge in business banking (Okeke, 2023; Adenola, 2024; Chukwu, 2025).
Objectives of the Study
- To evaluate the current practices in customer behavior analysis at FCMB.
- To identify challenges associated with data integration and privacy.
- To recommend strategies to enhance customer behavior analysis for improved business banking performance.
Research Questions
- What methods does FCMB use to analyze customer behavior?
- What challenges affect the integration and analysis of customer data?
- How can customer behavior analysis be optimized to improve service delivery?
Research Hypotheses
- H₁: Effective customer behavior analysis significantly enhances customer satisfaction in business banking.
- H₂: Data integration challenges negatively impact the quality of customer insights.
- H₃: Improved data governance enhances the accuracy of customer behavior analysis.
Scope and Limitations of the Study
The study focuses on FCMB’s business banking division in Abuja, examining customer behavior analysis over recent periods. Limitations include potential biases in self-reported customer data and restrictions on data accessibility.
Definitions of Terms
- Customer Behavior Analysis: The study of customer actions and preferences using data analytics.
- Data Silos: Isolated data systems that impede information flow.
- Business Banking: Financial services provided to corporate clients.
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