The Effect of Mobile Banking on Transaction Efficiency: A Case Study of First Bank, Akwa Ibom State
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Background of the Study
Mobile banking has revolutionized the way financial transactions are conducted by providing customers with immediate, on-the-go access to banking services. First Bank in Akwa Ibom State has been an early adopter of mobile banking solutions, aiming to enhance transaction efficiency and overall customer satisfaction (Okon, 2023). Mobile banking platforms facilitate real-time transactions, reduce dependency on physical branches, and streamline operations through automated processes. This transformation has led to significant improvements in the speed and accuracy of financial transactions, positioning mobile banking as a critical driver of operational efficiency (Ekong, 2024).
The integration of mobile banking has also democratized access to banking services, enabling customers from diverse backgrounds to perform financial activities conveniently. First Bank’s mobile applications provide features such as instant fund transfers, balance inquiries, and bill payments, which contribute to a more efficient banking process. Despite these advantages, challenges such as network reliability issues, security vulnerabilities, and varying levels of digital literacy among users persist, potentially limiting the full potential of mobile banking (Udo, 2025). This study examines the effect of mobile banking on transaction efficiency at First Bank, focusing on both the operational benefits and the challenges that affect the overall effectiveness of digital transactions.
Statement of the Problem
Although mobile banking has significantly improved transaction efficiency at First Bank, persistent challenges hinder its optimal performance. Network disruptions, security breaches, and occasional system glitches have been reported, leading to transaction delays and customer dissatisfaction (Okon, 2023). Moreover, not all customers possess the necessary digital literacy to navigate mobile banking applications effectively, which may result in errors or misuse of services. These issues undermine the potential benefits of mobile banking by affecting the speed and reliability of financial transactions.
Additionally, the bank faces challenges in maintaining a secure environment amid rising cybersecurity threats, which can compromise both transaction integrity and customer confidence. The financial implications of these disruptions include increased operational costs and potential loss of revenue due to inefficiencies. This study aims to identify the factors that negatively impact transaction efficiency in mobile banking at First Bank and to evaluate whether the benefits of mobile banking outweigh these challenges, thereby providing insights into improving overall system performance.
Objectives of the Study
- To assess the impact of mobile banking on transaction efficiency at First Bank.
- To identify the challenges affecting mobile banking transaction processing.
- To propose strategies to enhance transaction efficiency and security.
Research Questions
- How does mobile banking influence transaction efficiency at First Bank?
- What are the primary challenges affecting the efficiency of mobile banking transactions?
- What measures can be implemented to improve the efficiency and security of mobile banking transactions?
Research Hypotheses
- Mobile banking significantly improves transaction efficiency at First Bank.
- Network reliability and security issues are key determinants of transaction inefficiency.
- Enhanced user training and system upgrades are positively correlated with improved transaction efficiency.
Scope and Limitations of the Study
This study focuses on the mobile banking services of First Bank in Akwa Ibom State. Limitations include variable network conditions, differences in user digital literacy, and the rapidly evolving nature of mobile banking technologies.
Definitions of Terms
- Mobile Banking: The use of mobile devices to conduct financial transactions.
- Transaction Efficiency: The speed and accuracy with which financial transactions are processed.
- Digital Literacy: The ability to effectively use digital technology for banking purposes.
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