An evaluation of digital transformation strategy execution 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 is reshaping the banking industry by streamlining processes and reducing operational redundancies. Co-operative Bank of Nigeria has embarked on a comprehensive digital transformation strategy aimed at integrating various digital channels and automating key processes to improve service delivery. By consolidating disparate systems and eliminating manual redundancies, the bank seeks to enhance operational efficiency, reduce costs, and improve customer satisfaction (Adesanya, 2023; Obi, 2023). The strategy includes the deployment of enterprise resource planning (ERP) systems, cloud-based solutions, and robotic process automation (RPA), all designed to create a seamless and integrated digital ecosystem.
Through digital transformation, Co-operative Bank can achieve real-time data synchronization and enhanced communication between departments, which reduces delays and errors. This integration not only facilitates smoother workflows but also provides a unified platform for monitoring and managing operations. The resulting improvements in efficiency are expected to lower operational expenses and create a more agile organization capable of responding to market dynamics. Moreover, a consolidated digital environment supports better regulatory compliance and risk management by providing accurate, up-to-date information across the organization. This study explores the effectiveness of digital transformation strategy execution in reducing operational redundancies and identifies the challenges that may hinder its success.
Statement of the Problem
Despite significant investments in digital transformation, Co-operative Bank of Nigeria still encounters operational redundancies that inflate costs and reduce overall efficiency. One major challenge is the integration of new digital systems with existing legacy infrastructures, which often leads to data silos and inconsistencies in process execution (Obi, 2023). These integration issues result in duplicated efforts, manual reconciliations, and delays that negatively impact service delivery. Additionally, resistance to change among employees and insufficient training on new digital tools can further hinder the successful execution of the transformation strategy. Moreover, the lack of standardized metrics to measure the reduction of redundancies makes it difficult for management to assess the effectiveness of the digital transformation initiatives. These issues collectively diminish the potential benefits of the strategy, necessitating a thorough evaluation to identify and address the operational bottlenecks.
Objectives of the Study
1. To evaluate the impact of digital transformation strategy execution on reducing operational redundancies at Co-operative Bank of Nigeria.
2. To identify integration and change management challenges in the digital transformation process.
3. To recommend strategies for optimizing digital processes and enhancing operational efficiency.
Research Questions
1. How does digital transformation strategy execution affect operational redundancies at Co-operative Bank of Nigeria?
2. What challenges hinder the effective integration of digital systems with legacy infrastructure?
3. How can the digital transformation strategy be optimized to reduce operational inefficiencies?
Research Hypotheses
1. H₀: Digital transformation strategy execution does not significantly reduce operational redundancies at Co-operative Bank of Nigeria.
2. H₀: Integration challenges do not significantly impact the reduction of operational redundancies.
3. H₀: Optimization strategies do not significantly improve operational efficiency.
Scope and Limitations of the Study
This study focuses on the digital channels and operational processes of Co-operative Bank of Nigeria, using performance data, employee interviews, and process analyses. Limitations include potential integration issues with legacy systems and evolving digital technologies.
Definitions of Terms
• Digital Transformation Strategy: A comprehensive plan to integrate digital technologies into all aspects of banking operations.
• Operational Redundancies: Duplicate or inefficient processes that lead to wasted resources.
• Change Management: The process of managing transitions in organizational processes and technology.
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