1. An appraisal of digital disruption’s effects on traditional banking in Nigeria: A study of fintech innovations in Lagos State (2010–2020)
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Background of the Study :
Digital disruption has revolutionized the financial services industry globally, with fintech innovations challenging traditional banking models. In Nigeria, particularly in Lagos State, the emergence of digital financial services has altered customer expectations and redefined market competitiveness. Between 2010 and 2020, fintech startups introduced mobile banking, digital wallets, and blockchain-based payment systems, forcing traditional banks to adopt digital strategies to retain market share (Okonkwo, 2023). These innovations have increased financial inclusion and reduced transaction costs, yet they have also posed significant challenges for legacy banking institutions. Traditional banks face pressure to upgrade their technology infrastructure, streamline operations, and address cybersecurity risks. This study explores the extent to which digital disruption has affected traditional banking in Nigeria, analyzing changes in customer behavior, operational efficiency, and competitive dynamics. It considers whether fintech innovations have led to improved service delivery or exacerbated market fragmentation. The research draws on both quantitative data from banking performance metrics and qualitative insights from industry stakeholders (Balogun, 2024; Chima, 2025).
Statement of the Problem
Traditional banks in Nigeria are struggling to adapt to rapid digital transformation. Despite their efforts to innovate, many still lag behind fintech startups in offering seamless, efficient services. This technological gap has resulted in decreased customer satisfaction, reduced market share, and increased operational costs. The pressure to modernize is compounded by regulatory uncertainties and cybersecurity threats. The challenges faced by conventional banks in integrating digital technologies highlight the need for a thorough examination of digital disruption’s impact on the banking sector. This study investigates these challenges to identify the key factors undermining traditional banking performance in the face of fintech innovations (Eze, 2023).
Objectives of the Study:
1. To assess the impact of fintech innovations on traditional banking performance.
2. To identify challenges faced by traditional banks in adapting to digital disruption.
3. To propose strategies for enhancing digital integration in the banking sector.
Research Questions:
1. How have fintech innovations affected traditional banking operations?
2. What challenges hinder digital adoption by traditional banks?
3. What strategies can improve the integration of digital technologies in banking?
Research Hypotheses:
1. H1: Fintech innovations negatively impact the market share of traditional banks.
2. H2: Regulatory and cybersecurity challenges hinder digital transformation in banking.
3. H3: Strategic digital integration improves customer satisfaction and operational efficiency.
Significance of the Study (100 words):
This study evaluates the transformative impact of digital disruption on traditional banking, providing valuable insights for banks, regulators, and fintech stakeholders. The findings will inform strategies to bridge the technological gap, enhance service delivery, and ensure a competitive banking environment. Recommendations from this research are expected to guide effective digital integration, promoting financial stability and innovation in Nigeria’s banking sector (Okonkwo, 2023).
Scope and Limitations of the Study:
The study is limited to the effects of digital disruption on traditional banking in Lagos State, focusing exclusively on fintech innovations and their impact on banking performance.
Definitions of Terms:
1. Digital Disruption: The transformation caused by digital technologies altering traditional business models.
2. Fintech Innovations: Technological advancements in financial services provided by startups.
3. Traditional Banking: Conventional banking services provided by established financial institutions.
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