The impact of technological innovation on business banking service diversification: A case study of Citibank Nigeria, Lagos.
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Background of the Study
Technological innovation has become a cornerstone of modern business banking, driving service diversification and creating new revenue streams. Citibank Nigeria, Lagos, has leveraged cutting-edge technologies—including digital payment platforms, AI-driven advisory services, and automated loan processing—to expand its product offerings and cater to a broader range of corporate client needs (Olayinka, 2023). These innovations enable the bank to offer customized financial solutions that go beyond traditional banking products, such as integrated cash management systems, trade finance solutions, and digital asset management services.
By embracing technological innovation, Citibank aims to differentiate its services in a competitive market and adapt to the evolving demands of business customers. The integration of advanced data analytics and mobile technologies allows the bank to identify market trends, tailor financial products, and enhance customer engagement. This approach not only improves operational efficiency but also facilitates strategic diversification of services. However, the pursuit of innovation presents challenges such as high implementation costs, integration difficulties with legacy systems, and the need for continuous staff training (Ibrahim, 2024).
Citibank’s strategy underscores the importance of aligning technological investments with business objectives to achieve sustainable service diversification. This study evaluates the impact of technological innovation on the diversification of business banking services at Citibank Nigeria, examining both the benefits in terms of new product development and the operational challenges that must be addressed to sustain growth (Adeleke, 2025).
Statement of the Problem
Despite significant investments in technological innovation, Citibank Nigeria, Lagos, faces challenges in diversifying its business banking services effectively. A primary problem is the difficulty in integrating innovative digital solutions with existing legacy systems, which often leads to operational inefficiencies and delays in service rollout (Chinwe, 2023). This integration gap can inhibit the seamless delivery of new, diversified services and negatively impact customer experience.
Moreover, high costs associated with acquiring advanced technologies and the continuous need for employee training further constrain the bank’s ability to expand its service offerings. Resistance to change among staff and customers may also slow down the adoption of new products, resulting in a gap between the potential and actual benefits of technological innovation. These challenges underscore the tension between the drive for innovation and the practical limitations of existing infrastructure, necessitating a thorough investigation into how technological innovation can be optimized to support service diversification without compromising operational efficiency (Ogunleye, 2024).
Objectives of the Study
• To assess the impact of technological innovation on service diversification at Citibank Nigeria, Lagos.
• To identify integration and cost challenges in implementing new technologies.
• To evaluate the effect of technological innovation on customer satisfaction and operational performance.
Research Questions
• How does technological innovation contribute to service diversification in business banking at Citibank?
• What challenges hinder the integration of new digital solutions with legacy systems?
• How do innovation-driven services affect customer satisfaction and operational efficiency?
Research Hypotheses
• H1: Technological innovation significantly enhances service diversification in business banking.
• H2: Integration challenges and high costs negatively impact the adoption of innovative solutions.
• H3: Improved technological innovation is positively correlated with higher customer satisfaction and operational performance.
Scope and Limitations of the Study
This study focuses on the business banking division of Citibank Nigeria in Lagos. Limitations include access to internal financial data and the rapidly evolving nature of technological innovation.
Definitions of Terms
• Technological Innovation: The implementation of new digital tools and processes to improve service delivery.
• Service Diversification: The expansion of a bank’s product and service offerings.
• Legacy Systems: Older technology infrastructures that may impede new innovations.
• Operational Efficiency: The ability to deliver services quickly and cost-effectively.
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