An assessment of digital transformation strategy implementation on reducing operational redundancies in banking: a case study of Co-operative Bank of Nigeria
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Background of the Study
Digital transformation strategies are pivotal in streamlining banking operations by reducing redundancies and improving efficiency. Co-operative Bank of Nigeria has implemented a comprehensive digital transformation strategy that integrates online banking, mobile platforms, and automated processes. This integration aims to eliminate duplicate processes, minimize manual intervention, and enhance overall operational efficiency (Adebayo, 2023; Chinonso, 2024). By consolidating multiple digital channels, the bank seeks to simplify workflows, reduce costs, and ultimately deliver a more seamless customer experience.
Statement of the Problem
Despite significant investments in digital transformation, Co-operative Bank of Nigeria still experiences operational redundancies. Integration challenges between new digital systems and existing legacy processes can lead to inefficiencies and data silos. Additionally, staff resistance and inadequate training may hinder the full adoption of automated processes, reducing the expected operational benefits (Adebayo, 2023). These issues contribute to increased operational costs and hinder the bank’s ability to deliver timely services, emphasizing the need for a comprehensive evaluation of the digital transformation strategy’s effectiveness in reducing redundancies (Chinonso, 2024).
Objectives of the Study
- To evaluate the impact of digital transformation strategy implementation on reducing operational redundancies at Co-operative Bank of Nigeria.
- To identify challenges in integrating digital systems with legacy processes.
- To recommend strategies for optimizing digital transformation efforts to enhance operational efficiency.
Research Questions
- How does digital transformation implementation affect operational redundancies at Co-operative Bank of Nigeria?
- What challenges hinder the integration of new digital systems with legacy processes?
- How can digital transformation strategies be optimized to further reduce redundancies?
Research Hypotheses
- H1: Digital transformation strategy implementation significantly reduces operational redundancies at Co-operative Bank of Nigeria.
- H2: Integration challenges with legacy systems negatively affect operational efficiency.
- H3: Optimized training and change management improve the outcomes of digital transformation efforts.
Scope and Limitations of the Study
This study focuses on the digital transformation initiatives at Co-operative Bank of Nigeria and their impact on operational redundancies. Limitations include integration variability, evolving technology standards, and potential resistance from staff.
Definitions of Terms
- Digital Transformation Strategy: The plan and processes for integrating digital technologies into all areas of banking operations.
- Operational Redundancies: Duplicate or unnecessary processes that increase operational costs and inefficiencies.
- Legacy Processes: Traditional operational methods that may not integrate well with modern digital systems.
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