An evaluation of periodic maintenance charge reviews on operational cost in banking: a case study of Wema Bank
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Background of the Study
Periodic maintenance charge reviews are essential for aligning service fees with actual operational costs. Wema Bank has adopted a systematic approach to reviewing and adjusting maintenance charges to ensure cost efficiency while maintaining customer satisfaction. Between 2023 and 2025, the bank has used digital analytics and performance data to periodically assess its fee structures, aiming to reduce inefficiencies and optimize revenue generation (Adeniyi, 2023; Okeke, 2024).
The process involves comparing historical cost data with current operational expenses and benchmarking against industry standards. This enables the bank to identify overcharging or undercharging issues and adjust fees accordingly. Effective maintenance charge reviews can lead to significant cost savings by minimizing unnecessary expenditures and improving resource allocation. Moreover, transparent fee adjustments contribute to enhanced customer trust, as clients perceive the fee structure as fair and justifiable.
However, challenges persist in integrating data from legacy systems and ensuring that the fee review process is both timely and comprehensive. Inconsistencies in fee adjustments across different branches may result in customer confusion and dissatisfaction. Additionally, the high cost of continuous system updates and staff training can impede the process. This study seeks to evaluate the impact of periodic maintenance charge reviews on operational cost efficiency at Wema Bank by analyzing financial performance data, customer feedback, and internal cost metrics (Ibrahim, 2025).
Statement of the Problem :
Despite Wema Bank’s proactive efforts to review and adjust maintenance charges periodically, challenges remain in achieving optimal cost efficiency. Customers have expressed confusion over frequent fee changes, and some branches appear to be overcharged relative to their operational expenses, while others are undercharged, leading to revenue disparities (Okeke, 2024). Inadequate integration of legacy data with modern analytics tools further complicates the fee review process, resulting in delays and inconsistencies in adjustments. These discrepancies can increase operational costs and adversely affect customer satisfaction, as perceived unfair fees may lead to attrition.
Moreover, the lack of a standardized framework for fee reviews across all branches leads to variability in cost control and operational efficiency. Without a unified approach, it becomes difficult for Wema Bank to accurately measure the effectiveness of maintenance charge policies and identify areas for improvement. This study aims to identify the gaps in the current review process and assess their impact on overall operational cost efficiency. The findings will provide actionable recommendations to optimize fee structures, streamline data integration, and ensure that maintenance charge reviews contribute positively to cost management and customer satisfaction.
Objectives of the Study:
To assess the impact of periodic maintenance charge reviews on operational costs at Wema Bank.
To identify challenges in data integration and fee adjustment processes.
To recommend strategies for standardizing and optimizing fee reviews.
Research Questions:
How do maintenance charge reviews affect operational cost efficiency?
What challenges hinder effective fee adjustments?
What measures can standardize the fee review process?
Research Hypotheses:
H1: Regular maintenance charge reviews improve cost efficiency.
H2: Inadequate data integration negatively impacts fee accuracy.
H3: Standardized fee reviews increase customer satisfaction.
Scope and Limitations of the Study:
The study focuses on Wema Bank’s maintenance charge review process from 2023 to 2025. Limitations include variations in branch performance and potential data discrepancies.
Definitions of Terms:
Maintenance Charge Reviews: Periodic evaluations and adjustments of fees for account management services.
Operational Cost Efficiency: The effectiveness of managing and reducing operational expenses.
Data Integration: The process of combining data from disparate sources for analysis.
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Chapter One: Introduction
