Please note! This essay has been submitted by a student.
After a close look on the relationship in my finding, it shows that banks needs to invest more on technology which come in form of software and hardware. With the help of this trending technology it is clear from my result on the issued questionnaire that a gross invest in technology will tend to increase productivity and general growth in the bank. Also, increased investment in disrupting technology has accelerated growth in the banking industry.
Also, digital technology facilitates the absorption of high and medium skilled labor because it build a bridge between both personnel engagement which in turns brings about a drastic positive effect on the labor output of the banking industry. As a result of this research carried out, from my observation and with the help of my questionnaire, it show that digital technology will help bank operation in a wider spectra and it will enhance high level of customer satisfaction The case studies indicate that digital technology also enables banks offer a broad variety of services to customers, coordinate branch activities, meet up with changes in government regulations and policies as well as adjust to market demands and competition. From research analysis it shows that an average of 26.2 million of Nigerians, representing 32% of the adult (above 18 years of age) population have bank accounts and has a database with a financial institution. From research according to the central bank of Nigeria, there is an adult population of about 70 % of the adult unbanked.
Reason been that that manual orthodox or traditional method of banking is unreliable. Therefore to justify investment on digital technology, banks and financial firm need to draw out explicit and uncommon approach to reach the vast population of the unbanked. We have a vast way of achieving this objective, one of them which is very sacrosanct to this research is to increase the geographical outreach of the financial system through the use of non-bank agents; this approach or methodology which should be implore has to be in the high level of investment in innovative technological products and services which will bring about a drastic increase of reaching to the unbanked.
Finally, during this research study indicates that basic technologies such as cloud, big data, Robotic Process Automation, (RPA), Internet of Things (IoT) amongst other disrupting technology, are crucial to the operations of banks in other for them to meet up to the vast economy population feedbacks. Also, this research gives a broad view that in other to meet the ever increasing sophistication of customers’ feedback, new government policies and stay ever competive in a fast changing and growing economy, an easy to use, scalable, reliable and flexible a robust technology solution is essential.