Analyzing the disruptive innovation of fintech startups in the traditional banking landscape in Nigeria: A case study on Access Bank PLC
Awodu, Mirian (2023)
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023120534428
https://urn.fi/URN:NBN:fi:amk-2023120534428
Tiivistelmä
The purpose of this study is to investigate how Nigeria's traditional banking industry has been disrupted by fintech innovation, and to assess how the banks have responded to this disruption, using Access Bank Plc as a case study.
Utilizing questionnaires and interviews, both quantitative and qualitative approaches were included in the study methodology. The results show that the impact of Fintech start-ups has led to notable transformations in Nigeria's traditional banking sector.
Fintech, or financial technology, has brought about a disruptive innovation in several areas. These include digital payments, chatbots, mobile apps, peer-to-peer lending, online investment platforms, digital wallets, blockchain technology, artificial intelligence, and others. These innovations have the potential to completely change the traditional banks’ business model in Nigeria by strengthening customer relationships, optimizing human resource management, improving branding, and providing clients with cost-effective banking services.
By forming personal Fintech subsidiaries and collaborating with Fintech firms, Access Bank has strategically responded to the Fintech revolution by meeting and exceeding client expectations.
Utilizing questionnaires and interviews, both quantitative and qualitative approaches were included in the study methodology. The results show that the impact of Fintech start-ups has led to notable transformations in Nigeria's traditional banking sector.
Fintech, or financial technology, has brought about a disruptive innovation in several areas. These include digital payments, chatbots, mobile apps, peer-to-peer lending, online investment platforms, digital wallets, blockchain technology, artificial intelligence, and others. These innovations have the potential to completely change the traditional banks’ business model in Nigeria by strengthening customer relationships, optimizing human resource management, improving branding, and providing clients with cost-effective banking services.
By forming personal Fintech subsidiaries and collaborating with Fintech firms, Access Bank has strategically responded to the Fintech revolution by meeting and exceeding client expectations.
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