An Investigation of Digital Transformation Strategies in Corporate Banking: A Case Study of Sterling Bank, Kano
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Background of the Study:
Digital transformation has become a strategic imperative in corporate banking, enabling banks to enhance efficiency, customer engagement, and competitive advantage. Sterling Bank in Kano has embarked on a comprehensive digital transformation journey, incorporating technologies such as mobile banking, data analytics, and cloud computing into its corporate banking operations. These initiatives are designed to streamline processes, reduce operational costs, and improve the delivery of personalized financial services to corporate clients (Ibrahim, 2024). Digital transformation not only supports faster transaction processing and better risk management but also facilitates the creation of innovative products that cater to evolving business needs. However, the transformation process involves significant challenges including system integration, staff training, and cybersecurity concerns. This study examines Sterling Bank’s digital transformation strategies, assessing their impact on corporate banking performance and customer satisfaction, while identifying key factors that drive successful digital integration in the banking sector (Okafor, 2023).
Statement of the Problem:
Despite ongoing digital transformation efforts, Sterling Bank faces challenges in fully integrating digital technologies into its corporate banking operations. Integration issues with legacy systems, resistance to change among employees, and cybersecurity vulnerabilities hinder the realization of expected efficiency gains and customer satisfaction improvements. These challenges create a gap between the bank’s digital aspirations and its operational realities, potentially compromising competitive advantage.
Objectives of the Study:
• To evaluate the impact of digital transformation strategies on corporate banking performance at Sterling Bank.
• To identify key challenges in the digital integration process.
• To recommend strategies for overcoming these challenges and enhancing digital transformation outcomes.
Research Questions:
• How do digital transformation strategies affect corporate banking performance at Sterling Bank?
• What are the primary challenges in integrating digital technologies into existing systems?
• What measures can optimize digital transformation in corporate banking?
Research Hypotheses:
• H₁: Digital transformation significantly improves operational efficiency in corporate banking.
• H₂: Integration challenges and cybersecurity concerns negatively affect digital transformation outcomes.
• H₃: Comprehensive training and system upgrades enhance digital integration and performance.
Scope and Limitations of the Study:
This study focuses on Sterling Bank’s corporate banking operations in Kano, using performance data, staff interviews, and technology assessments. Limitations include evolving technology trends and potential resistance to change.
Definitions of Terms:
• Digital Transformation: The integration of digital technologies into all aspects of banking operations.
• Corporate Banking: Financial services provided to business clients.
• System Integration: The process of linking various IT systems and software applications physically or functionally.
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