DIGITAL TRANSFORMATION AND STRATEGIC MANAGEMENT PRACTICES OF DEPOSIT MONEY BANKS IN RIVERS STATE
Keywords:
Agile Strategy Development, Customer Expectations, Decision-MakingAbstract
This study investigated the impact of digital transformation on the strategic management practices of deposit money banks in Rivers State, Nigeria. The problem of strategic management of deposit money banks not substantially undergoing changes to keep pace with technological advancement to optimize operational efficiencies and remain competitive in an increasing digital market place necessitated this research in order to provide knowledgeable insight on the importance of incorporating digital transformation in their strategic decision making process. As a consequence, four research hypotheses were formulated. Using a sample of 170 employees from five major banks, the research examined the relationships between technological advancement, changing customer expectations, enhanced decision-making, and agile strategy development. Data was collected via structured questionnaire and analyzed using Pearson’s Product-Moment Correlation Coefficient. The findings revealed that changing customer expectations significantly impact enhanced decision-making and agile strategy development, while technological advancement does not show a significant effect on these variables. The study highlights the importance of aligning strategic management practices with evolving customer expectations to achieve better decision-making and agility. Recommendations include investing in customer-focused digital strategies and fostering a culture of continuous improvement and flexibility within banks
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