An appraisal of digital customer analytics in business banking: A case study of First Bank Nigeria, Lagos.
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Background of the Study
Digital customer analytics involves the systematic collection, processing, and analysis of customer data to derive actionable insights that enhance service delivery and strategic decision-making. First Bank Nigeria, Lagos, has implemented sophisticated digital analytics tools to better understand customer behavior, preferences, and needs within its business banking division (Oluwaseun, 2023). By leveraging big data, machine learning, and real-time analytics, the bank is able to personalize its service offerings, optimize customer engagement strategies, and improve overall satisfaction. Digital customer analytics enables the bank to segment its corporate clientele, predict customer needs, and tailor financial products accordingly, which leads to more efficient resource allocation and targeted marketing efforts (Ibrahim, 2024).
The bank’s analytics framework integrates data from various sources, including mobile transactions, online interactions, and customer feedback channels, to provide a comprehensive view of customer behavior. This holistic approach supports proactive decision-making and helps in identifying emerging trends that can inform product development and service enhancements. However, challenges such as data quality, privacy concerns, and integration with legacy systems can hinder the effectiveness of digital customer analytics (Adeleke, 2025).
This study examines how digital customer analytics impacts business banking operations at First Bank Nigeria, Lagos, evaluating its influence on customer engagement, service customization, and overall profitability. It also identifies the key obstacles to effective analytics implementation and proposes strategies for overcoming these challenges.
Statement of the Problem
First Bank Nigeria, Lagos, faces several challenges in harnessing digital customer analytics to its full potential. A primary issue is ensuring the accuracy and completeness of data collected from disparate channels, which is critical for reliable analytics (Chinwe, 2023). Integration of analytics tools with legacy systems often leads to data fragmentation and inconsistencies, undermining the ability to generate actionable insights. Additionally, concerns over data privacy and regulatory compliance can restrict the use of advanced analytics, limiting its scope and effectiveness (Ogunleye, 2024).
Furthermore, there is a gap in digital skills among staff, which hinders the interpretation and utilization of complex analytics outputs. High costs associated with analytics software and continuous data management also pose financial challenges. These obstacles create a discrepancy between the anticipated benefits of digital customer analytics and the actual improvements in service delivery and customer engagement, affecting overall business performance (Ibrahim, 2024).
Objectives of the Study
• To evaluate the impact of digital customer analytics on service personalization and customer engagement at First Bank Nigeria, Lagos.
• To identify challenges related to data quality, integration, and privacy in digital analytics.
• To propose strategies to optimize the use of customer analytics for enhanced business banking performance.
Research Questions
• How does digital customer analytics influence customer engagement in business banking?
• What are the main challenges in integrating and maintaining high-quality customer data?
• What measures can improve the effectiveness of digital customer analytics in corporate banking?
Research Hypotheses
• H1: Digital customer analytics significantly enhances customer engagement and service personalization.
• H2: Data quality and integration challenges negatively affect the performance of digital analytics.
• H3: Enhanced data governance and staff training are positively correlated with improved analytics outcomes.
Scope and Limitations of the Study
This study focuses on the corporate banking division of First Bank Nigeria in Lagos. Limitations include access restrictions to proprietary customer data and the rapidly evolving nature of digital analytics technologies.
Definitions of Terms
• Digital Customer Analytics: The process of analyzing customer data to gain insights into behavior and preferences.
• Business Banking: Financial services offered to corporate and commercial clients.
• Data Governance: Policies and procedures that ensure the quality and security of data.
• Big Data: Large volumes of structured and unstructured data used for analysis.
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