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Financial Technology in the Banking Sector in Nigeria

Student: Samuel Adelaja

Supervisor: Jeff Downing

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Finance (Master)

Year of Graduation: 2021

ANNOTATION ON FINANCIAL TECHNOLOGY IN THE BANKING SECTOR IN NIGERIA. Financial technology (FinTech) has been become the main tool in the banking sector I this contemporary time. It has served as a backbone of knowledge in terms of quality delivery of services, operations and productivity of services. Banks strategizes on the service to offer a customer, before deploying it, usually with the fintech, it is always something better that improves the present terms of services or an entirely new innovation that will completely over haul the existing procedure. The introduction of fintech into the banking sector is not exactly easy but yet it has been functioning Fintech has indeed disrupted traditional banking services, financial product and services which has all been handled as a whole by the banks has been decentralized through the use of mobile Apps like Robbinhood, Coinbase, Binance and so on. Stocks could be traded, Peer to Peer lending which occurs on sites like Chib. Loans are provided on big market force by providers like Renmoni, Pigyvest, Remita, Opay, VoguePay, Paystack, Flutterwave and so on. Crypto currency are been traded on apps like Meta4, Meta5, Blockchain, Binance and others. Point of sales machine has also reduced unnecessary queue at the banking halls. Although, fintech might appear susceptible to cyber crime, cyber security has become an utmost importance in present time. Millennials are consumer of technology, they are more aware of fintech, considering their size which play a significant role in determining the financial market. It is of utmost necessity that their interest be retained through the financial institution of provision of satisfactory services to their need. Financial technology has created a growing evidence in the modernization of the competitive world especially in the banking sector and also firm organizations. Financial technology applications which are derived from electronic banking and other financial component has advanced the creativity of the banking sector. This study measured the profitability of banks performance in Nigeria due to the introduction of electronic banking in the banking sector. The returns on equity (ROE) and returns on assets (ROA) were used to measure the profitability of the bank performance. From the collected data, we used it to test for pre- and post-adoption of the electronic banking performance difference between means using a standard statistical technique for an independent sample at 5 per cent level of significance for performance factors such as Return of equity and Return of assets. REFERENCE Abbas, J., Muzaffar, A., Mahmood, H. K., Ramzan, M. A., & Rizvi, S. S. U. H. (2014). Impact of technology on performance of employees (a case study on Allied Bank Ltd, Pakistan). World Applied Sciences Journal, 29(2), 271-276. Adeyeye, M. (2008). E-commerce, business methods and evaluation of payment methods in Nigeria. Electronic Journal of Information Systems Evaluation, 11(1).

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