The effect of digital banking trends on business banking competitiveness: A case study of First Bank Nigeria, Lagos
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Background of the Study
Digital banking trends are reshaping the competitive landscape of business banking by introducing innovative service delivery models and enhancing customer engagement. First Bank Nigeria in Lagos has been at the forefront of adopting digital banking technologies such as mobile banking, online platforms, and advanced data analytics to improve its service offerings. These trends enable the bank to provide faster, more efficient services and to tailor products to meet the evolving needs of business clients. By leveraging digital tools, First Bank has improved operational efficiency, reduced costs, and enhanced its ability to respond to market changes, thereby strengthening its competitive position (Oluwaseun, 2023). Additionally, digital banking facilitates better customer insights through real-time analytics, which supports targeted marketing and personalized service delivery. However, challenges such as integration with legacy systems, cybersecurity threats, and the need for continuous innovation remain critical (Adenola, 2024; Chukwu, 2025). This study explores the effect of digital banking trends on the competitiveness of First Bank’s business banking division, assessing how these trends influence market positioning and operational performance.
Statement of the Problem
Despite the adoption of digital banking trends, First Bank Nigeria faces obstacles that impede its competitiveness in business banking. Integration issues between new digital solutions and legacy systems can lead to operational inefficiencies and inconsistent service quality. Cybersecurity risks associated with increased digitalization also pose significant threats, potentially compromising customer data and trust. Moreover, rapid technological changes require constant innovation and substantial investments, which may strain the bank’s resources and impact its ability to maintain a competitive edge. These challenges undermine the potential benefits of digital banking trends and reduce the bank’s market responsiveness, ultimately affecting customer satisfaction and profitability (Oluwaseun, 2023; Adenola, 2024).
Objectives of the Study
- To assess the impact of digital banking trends on the competitiveness of First Bank’s business banking operations.
- To identify integration and cybersecurity challenges associated with digital banking.
- To propose strategies to enhance digital competitiveness and operational performance.
Research Questions
- How do digital banking trends influence competitiveness in business banking at First Bank Nigeria?
- What challenges affect the integration and security of digital solutions?
- What strategies can improve the overall competitiveness of digital banking services?
Research Hypotheses
- H₁: Digital banking trends significantly enhance business banking competitiveness.
- H₂: Integration and cybersecurity challenges negatively affect digital service performance.
- H₃: Continuous innovation and strategic investments improve competitive positioning.
Scope and Limitations of the Study
This study is confined to First Bank Nigeria’s business banking division in Lagos, focusing on digital banking initiatives over recent years. Limitations include evolving digital technologies and potential data access issues.
Definitions of Terms
- Digital Banking Trends: Emerging digital innovations and practices in the banking sector.
- Business Banking Competitiveness: The ability of a bank to attract and retain corporate clients.
- Cybersecurity: Measures to safeguard digital data and systems.
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