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INVESTIGATING ON THE IMPACT OF TECHNOLOGICAL ADVANCEMENT ON THE PERFORMANCE OF FINANCIAL INSTITUTIONS IN CAMEROON
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Delivery: Within 24 hoursINVESTIGATING ON THE IMPACT OF TECHNOLOGICAL ADVANCEMENT ON THE PERFORMANCE OF FINANCIAL INSTITUTIONS IN CAMEROON
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Globalization brings numerous advantages to countries, particularly in terms of business opportunities. The elimination of economic borders has allowed companies to invest in new markets. However, this has also intensified competition as new players enter the market, prompting companies to strategize for survival in this challenging environment (Yıldırım, 2021; Yüksel, 2018). Two primary approaches to achieving this goal involve innovating by introducing new products or services and presenting existing products in new and advanced forms (Dinçer et al., 2018). In addition, financial institutions exemplifies increased competition following globalization, marked by a heightened focus on technological advancements (Ersin and Duran, 2019; Yüksel, 2018). Being an institution where developing new products and services is challenging, the emphasis lies in presenting existing products in novel ways. Technology-based electronic applications such as Internet banking, mobile banking, telephone banking, automated teller machines (ATMs), and point of sale (POS) networks play a crucial role in this process, offering substantial advantages when delivering existing products to customers. Beyond that, these electronic services enable customers to access various banking and finance products at a lower cost, 24 hours a day, reducing the reliance on physical branches.
According to Akhisar et al.,(2018); Ersin and Eti,(2020) this convenience fosters a preference for electronic banking services among customers. Furthermore, the increasing demand for technological advancement in terms electronic banking services (Fintech) has prompted banks and financial institutions to allocate a significant portion of their investments to this area, reflecting a trend expected to persist in the future (Tunay and Yüksel, 2019). Similarly, Yüksel (2018) further emphasized the substantial benefits that technological-based products offer to financial institution, as highlighted by Zhang et al. (2018). These advantages include cost efficiency, increased profitability, and reduced risks compared to traditional banking products, as noted by Tunay et al. (2019) and Zengin and Yüksel (2018). Additionally, research indicates that financial institution experience shorter return times on investments in technology-based products when there is a sufficient demand from customers. Beyond that, the evolution of financial technology (fintech) has redefined traditional banking operations, impacting aspects such as customer interactions, transaction processing, and data management (Deloitte, 2018). Fintech and electronic banking services, as demonstrated in applied studies across various countries, have been shown to enhance the overall performance of banks and financial institutions. However, challenges arise in underdeveloped and developing countries where insufficient infrastructure investment impedes the realization of expected results due to customer preferences for traditional branch-based banking (Long et al., 2021; Yüksel et al., 2019). Therefore, a survey will be conducted to investigate on the impact of technological advancement on the performance of financial institutions in Cameroon.
1.2 Statement of the Problem
Technological advancements emerge as a primary catalyst shaping the industry's evolution. While the fundamental functions performed by financial service firms have remained consistent over time and across borders, there have been notable shifts in the methods, instruments, and entities involved in delivering these services (Smith, 2020). however, the industry's key functions, such as clearing and settling financial transactions, risk management, transfer of economic resources across time, borders, and industries, financial aid provision, investment options, credit transactions, and financial consultation, have endured. Additionally, the manner in which these services are executed, the tools employed, and the entities providing them have undergone significant changes (Jones & Brown, 2019). Despite these advancements, there is a need to explore and address additional dimensions of the impact of technological advancement on the performance of financial institutions. One emerging problem is the potential increase in cyber threats and security concerns associated with the adoption of advanced technologies in financial operations. As financial institutions increasingly rely on digital platforms and interconnected networks, the vulnerability to cyberattacks grows, posing a risk to the integrity and confidentiality of financial transactions (Smith et al., 2021). Furthermore, the rapid pace of technological change may lead to challenges related to workforce adaptation and skill development within financial institutions, potentially hindering optimal utilization of new technologies (Doe & Johnson, 2018). Similarly, the potential disparity in access to and utilization of advanced financial technologies among different segments of the population raises concerns about financial inclusion and equity. While some individuals and businesses may benefit from technological advancements, there is a risk of leaving certain demographics behind, contributing to a digital divide in financial services (Brown & White, 2022). Hence, it is in the light of these that the study seeks an investigation on the impact of technological advancement on the performance of financial institutions in Cameroon.
1.3 Objectives of the Study
The main purpose of this study is to investigate on the impact of technological advancement on the performance of financial institutions in Cameroon. Specifically, the study will;
1. Determine the extent advanced technologies are adopted in financial institutions in Cameroon.
2.Identify the factors affecting the use of advanced technologies in financial institutions in Cameroon.
3. Ascertain the impact of technological advancement on the efficiency and productivity of financial institutions in Cameroon.
1.4 Research Questions
The following questions have been prepared for the study:
To what extent are advanced technologies adopted in financial institutions in Cameroon?
What are the factors affecting the use of advanced technologies in financial institutions in Cameroon?
3. What are the impact of technological advancement on the efficiency and productivity of financial institutions in Cameroon.
1.5 Significance of the Study
The study on the impact of technological advancement on the performance of financial institutions in Cameroon has major implications for a number of individuals. Firstly, financial institutions in Cameroon will gain useful ideas into enhancing their operations through the responsible adoption of technology. Secondly, regulatory bodies overseeing the financial sector can utilize the study's findings to formulate policies that promote the judicious use of technology while ensuring the stability of the financial system.
Furthermore, investors, whether domestic or international, would find the study instrumental in guiding their investment decisions within the Cameroonian financial sector. Also, government agencies responsible for economic development and planning in Cameroon have a vested interest in leveraging the study's insights to inform policies fostering technological innovation within the financial sector, thereby contributing to overall economic growth. Equally important, the study has potential implications for customers and the general public, empowering them to make informed choices about their banking preferences based on a deeper understanding of how technology can influence the accessibility and quality of financial services. Additionally, subsequent researchers will use it as a literature review. This means that other students who may decide to conduct studies in this area will have the opportunity to use this study as available literature that can be subjected to critical review. Invariably, the result of the study contributes immensely to the body of academic knowledge with regard to the impact of technological advancement on the performance of financial institutions in Cameroon.
1.6 Scope of the study
The scope of this study is boarded on an investigation on the impact of technological advancement on the performance of financial institutions in Cameroon. Theoretically, this study will determine the extent advanced technologies are adopted in financial institutions in Cameroon, identify the factors affecting the use of advanced technologies in financial institutions in Cameroon and ascertain the impact of technological advancement on the efficiency and productivity of financial institutions in Cameroon.
Geographically, the study will be delimited to staff of Afriland First Bank, Yaoundé, Cameroon.
1.7 Limitation of the study
In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. In addition, there was the element of researcher bias. Here, the researcher possessed some biases that may have been reflected in the way the data was collected, the type of people interviewed or sampled, and how the data gathered was interpreted thereafter. The potential for all this to influence the findings and conclusions could not be downplayed.
More so, the findings of this study are limited to the sample population in the study area, hence they may not be suitable for use in comparison to other schools, local governments, states, and other countries in the world.
1.8 Definition of Terms
Technology: refers to the application of scientific knowledge, tools, and methods for practical purposes, often in the creation and use of machinery, systems, and devices to solve problems or accomplish tasks.
Financial Technology: Fintech, is a term used to describe innovative technologies and software applications that provide financial services or enhance the efficiency of existing financial processes
Financial Institution: the portion of the economy that deals with the management, control, and investment of money. It includes a wide range of institutions, such as banks, investment firms, insurance companies, stock markets, and other entities that facilitate the flow of funds within an economy.
This material content is developed to serve as a GUIDE for students to conduct academic research
Delivery: Within 24 hours
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