FinTech privacy security and customer engagement in Nigerian financial sector
Department of Marketing, Faculty of Management Sciences, Akwa Ibom State University, Obio-Akpa Campus, OrukAnam, Nigeria.
Research Article
Open Access Research Journal of Science and Technology, 2024, 12(02), 155-168.
Article DOI: 10.53022/oarjst.2024.12.2.0146
Publication history:
Received on 10 November 2024; revised on 16 December 2024; accepted on 18 December 2024
Abstract:
One of the key achievements of digitization is the emergence of finance resources that could manage massive customer needs in the financial sector and tagged ‘Fintech’ the proliferation of this technology has become commonplace; creating plausible value addition in service delivery; as well as privacy concern on the technology effect on customer personal security/privacy information. The objective of this study is to examine fin-tech privacy security and customer engagement in Nigerian Financial Sector. Key issues to be considered include: customer privacy data protection, user application policy reforms, and customer trust. The Technology Acceptance Model (TAM) was adopted as the theoretical basis for articulating the model used for the study. Descriptive research design was adopted, in which 357questionnairs was administered to respondents in Lagos, Nigeria. The respondents were bank customers selected from the 2023 top five most profitable banks in Nigeria. systematic random sampling technique was adopted in selecting the respondents, which were administered based on the ranked percentages, additionally, personal interview was conducted to obtain information on where the close ended questionnaire could not cover. Data obtained was collated and analyzed. The study findings revealed that consistent breaches in customer privacy data, affect customers trust in Fintech, and the need to augment existing efforts in finding solutions to customer understanding of fintech application. The study recommends massive application of digital solutions by customers and service providers; as a means of countering the ‘gloomy side’ of fin-tech
Keywords:
Fintech Privacy Security; Customer trust; Customer Engagement; Policy Reforms; Nigeria
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0