An evaluation of digital transformation success factors in business banking: A case study of Wema Bank, Lagos.
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Background of the Study
Digital transformation success in business banking is driven by multiple factors, including technological innovation, strategic leadership, and a robust organizational culture. Wema Bank, Lagos, has embarked on an ambitious digital transformation journey aimed at overhauling its traditional business banking processes. The bank has invested in advanced digital technologies such as cloud computing, big data analytics, and artificial intelligence to revolutionize its service delivery, customer engagement, and risk management practices (Oluwaseun, 2023). These technologies enable the bank to provide personalized, efficient, and secure financial services to its business clients, thereby enhancing overall performance and competitiveness (Yakubu, 2024).
The success of digital transformation at Wema Bank is contingent upon several critical factors. First, leadership commitment and a clear strategic vision are essential to drive change and foster an environment of innovation. Second, the integration of cutting-edge technologies with existing systems must be managed carefully to minimize disruption and ensure continuity of operations. Third, comprehensive employee training and change management initiatives are required to overcome resistance and promote adoption of new digital processes (Adeleke, 2025). However, despite these initiatives, challenges such as system integration issues, cybersecurity risks, and regulatory compliance remain significant hurdles.
This study evaluates the success factors associated with digital transformation in business banking at Wema Bank, Lagos. By identifying the key drivers of successful transformation and examining the obstacles encountered during implementation, the research aims to provide actionable insights that can guide future digital initiatives in the banking sector. The findings are expected to inform strategic decisions and help banks balance the benefits of digital innovation with the risks inherent in transformational change (Chinwe, 2024).
Statement of the Problem
Even though digital transformation is critical for modernizing business banking, Wema Bank, Lagos, continues to face significant challenges that impede its success. A primary issue is the integration of new digital technologies with legacy systems, which often leads to operational disruptions and data inconsistencies (Ibrahim, 2023). Furthermore, the rapid pace of digital innovation demands continuous investment in system upgrades and employee training, creating financial and logistical challenges. Cybersecurity risks also remain a major concern, as any breach can have severe repercussions on customer trust and regulatory standing (Ogunleye, 2024).
Another problem is the resistance to change among employees and the difficulty in aligning traditional banking practices with innovative digital solutions. This cultural inertia, combined with the technical challenges of integration, results in a gap between the expected benefits of digital transformation and its actual implementation. As a result, Wema Bank struggles to fully capitalize on its digital investments, which may limit improvements in efficiency, customer satisfaction, and overall profitability (Akinola, 2025). This study seeks to identify and analyze these challenges in order to propose strategies that can enhance the success rate of digital transformation initiatives in business banking.
Objectives of the Study
• To evaluate the success factors of digital transformation in business banking at Wema Bank, Lagos.
• To identify challenges related to integrating new digital technologies with legacy systems.
• To assess the impact of leadership, training, and cybersecurity on digital transformation outcomes.
Research Questions
• What are the key success factors driving digital transformation in business banking at Wema Bank?
• What integration challenges hinder the effective implementation of digital initiatives?
• How do leadership, training, and cybersecurity measures influence the success of digital transformation?
Research Hypotheses
• H1: Clear strategic vision and leadership commitment significantly enhance digital transformation success in business banking.
• H2: Integration challenges between new digital technologies and legacy systems negatively affect transformation outcomes.
• H3: Comprehensive employee training and robust cybersecurity are positively correlated with digital transformation success.
Scope and Limitations of the Study
The study focuses on Wema Bank’s business banking division in Lagos and examines the factors influencing digital transformation success. Limitations include restricted access to internal transformation data and potential biases in evaluating organizational change.
Definitions of Terms
• Digital Transformation: The process of integrating digital technology into all areas of business operations.
• Success Factors: Key elements that contribute to the effective implementation of digital strategies.
• Legacy Systems: Older IT infrastructures that may hinder digital integration.
• Change Management: The strategies used to help employees adapt to new technologies.
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