An assessment of digital strategy implementation in corporate banking: A case study of First Bank Nigeria, Lagos.
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Background of the Study
First Bank Nigeria, Lagos, has embarked on a comprehensive digital strategy to transform its corporate banking operations. In today’s competitive financial environment, the implementation of a robust digital strategy is critical to streamline processes, enhance customer experience, and ensure regulatory compliance. First Bank’s strategy includes the integration of advanced technologies such as cloud computing, artificial intelligence (AI), and big data analytics into legacy systems. These initiatives aim to consolidate disparate operational processes, improve data-driven decision-making, and deliver personalized services to corporate clients (Adeyemi, 2023). The bank’s digital strategy involves not only technological investments but also organizational changes, including staff upskilling and cultural transformation toward innovation. By embracing digital channels for customer onboarding, transaction processing, and risk management, First Bank seeks to reduce operational costs and minimize processing times.
However, the implementation process is complex, as it requires bridging the gap between new digital tools and traditional banking systems. Challenges such as integration issues, resistance to change, and cybersecurity vulnerabilities must be managed. Recent studies indicate that banks that effectively implement digital strategies experience higher customer satisfaction and improved operational efficiency (Chukwu, 2024). First Bank’s case is emblematic of the broader industry shift toward digital transformation, where strategic alignment and continuous investment in technology become imperative. The background highlights the bank’s commitment to digital innovation and the potential competitive advantages gained through streamlined operations, improved data analytics, and enhanced risk management frameworks (Ogunleye, 2025).
Statement of the Problem
Despite significant investments in digital strategy, First Bank Nigeria, Lagos, faces challenges in aligning new digital initiatives with existing legacy systems. Integration difficulties often lead to data silos and inconsistent customer experiences, hampering the full benefits of digital transformation (Ibrahim, 2023). Moreover, resistance to change among employees, coupled with insufficient training, undermines the effective use of digital platforms. Cybersecurity threats further compound the problem, as increasing digital interactions expose the bank to potential breaches. Regulatory pressures require continuous system updates, which strain financial and human resources (Adeleke, 2024). Consequently, there is a noticeable gap between the theoretical benefits of digital strategy and its practical implementation, affecting operational efficiency and customer satisfaction. This study aims to identify and address these obstacles, ensuring that the digital strategy aligns with corporate objectives and enhances overall performance (Chinwe, 2025).
Objectives of the Study
• To assess the effectiveness of the digital strategy implementation in enhancing corporate banking operations at First Bank Nigeria.
• To identify integration and employee adoption challenges associated with digital transformation.
• To evaluate the impact of cybersecurity and regulatory compliance on strategy success.
Research Questions
• How does the digital strategy implementation improve operational efficiency and customer service?
• What integration and adoption challenges impede effective digital transformation?
• How do cybersecurity measures and regulatory demands affect digital strategy outcomes?
Research Hypotheses
• H1: Digital strategy implementation significantly enhances operational efficiency in corporate banking at First Bank Nigeria.
• H2: Integration challenges between digital platforms and legacy systems negatively affect service quality.
• H3: Robust cybersecurity and continuous training are positively correlated with successful digital strategy implementation.
Scope and Limitations of the Study
This study focuses on the corporate banking division of First Bank Nigeria in Lagos. Limitations include restricted access to internal IT and performance data and the rapidly evolving nature of digital technologies that may affect long-term applicability.
Definitions of Terms
• Digital Strategy: A comprehensive plan for integrating digital technologies into business processes.
• Corporate Banking: Financial services provided to large business entities and corporations.
• Legacy Systems: Existing older IT infrastructures that may hinder digital integration.
• Cybersecurity: Measures and protocols to protect digital systems and data.
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