An examination 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 has become essential in streamlining operations and reducing redundancies in the banking sector. Co-operative Bank of Nigeria has implemented a comprehensive digital transformation strategy aimed at integrating its disparate digital channels and automating key operational processes. This strategy involves deploying enterprise resource planning (ERP) systems, cloud-based solutions, and robotic process automation (RPA) to unify processes and improve data consistency (Adesanya, 2023; Obi, 2023). By consolidating these systems, the bank aims to eliminate redundant workflows, minimize manual intervention, and reduce operational costs, thereby increasing overall efficiency.
The digital transformation strategy is supported by extensive process re-engineering and employee training programs designed to foster a culture of innovation and continuous improvement. The integration of real-time data analytics and automated reporting mechanisms further facilitates informed decision-making and rapid response to operational challenges. As the banking industry faces increasing competitive pressure, reducing operational redundancies is critical for enhancing service delivery and achieving sustainable growth. Co-operative Bank’s initiative not only improves internal efficiency but also strengthens its ability to comply with regulatory requirements by ensuring that processes are standardized and auditable.
Statement of the Problem
Despite significant investments in digital transformation, Co-operative Bank of Nigeria still experiences operational redundancies that contribute to inefficiencies and increased costs. Integration challenges between new digital systems and existing legacy infrastructure often lead to data silos and duplicated processes, thereby hampering seamless service delivery (Obi, 2023). Additionally, resistance to change among employees and inadequate training on new digital tools can result in suboptimal utilization of technology, further limiting the expected efficiency gains. The lack of standardized performance metrics makes it difficult for management to assess the full impact of the digital transformation strategy on reducing redundancies, leaving potential areas for improvement unidentified. These issues ultimately diminish the effectiveness of the transformation initiative and hinder the bank’s ability to streamline operations effectively.
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 to enhance operational efficiency.
Research Questions
1. How does digital transformation strategy execution affect operational redundancies at Co-operative Bank of Nigeria?
2. What challenges impede the integration of new digital systems with legacy infrastructure?
3. How can the digital transformation strategy be optimized to improve operational efficiency?
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 challenges with legacy system integration and rapidly 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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