Competitive Advantage of Multidimensional Knowledge Acquisition in the Nigerian Banking Industry.
ABSTRACT
The study is on competitive advantage of multidimensional knowledge acquisition in Nigerian banking industry. The theoretical frameworks for the study are value-based management strategy, blue ocean management strategy and business intelligent approaches.
The objectives of the study are: to ascertain the extent to which the level of improvement in international standard performance rating of Nigerian banks is enhanced by multidimensional acquisition of banking knowledge;
To determine whether acquisition of diversified banking knowledge is compatible with the quality of services Nigerian banks offer to the satisfaction of customers; to evaluate the impact of adequate multidimensional knowledge acquisition on financial strength, robustness and competitiveness of a bank;
To determine the rate of commercial banks financial contribution to industrial sector growth in Nigeria through diversified knowledge acquisition in banking;
To determine the extent to which financial support of Nigerian banks to commercialization of agricultural sector of Nigerian economy is enhanced by acquisition of multidimensional knowledge in banking; and to determine the degree to which the social development services of the Nigerian banking firms can be facilitated by the acquisition of multidimensional banking knowledge.
The research design for the study is longitudinal survey. The population of the study is one thousand and forty five (1045) staff of the selected banks (Zenith bank, First bank and Oceanic bank) in Imo, Rivers and Enugu States. The sample size of six hundred (600) was drawn from the study population using Cochran Systematic Sampling. Data were obtained from primary and secondary sources.
The research instrument was subject to content validity. For reliability of the research instrument, a test- retest method was adopted using Pearson’s Correlation Coefficient and the calculated result gave reliability coefficient of 0.81. Six hypotheses were proposed and tested using simple percentage analysis and regression analysis.
The findings reveal that the level of improvement in international bank standard performance rating is greatly enhanced by multidimensional knowledge acquisition among Nigerian banks.
Diversified knowledge acquisition in banking is not compatible with the services provided to the satisfaction of Nigerian banks’ customers, adequate knowledge acquisition has positive impact on financial strength, robustness and competitiveness in Nigerian banking industry.
Acquisition of diversified banking knowledge in Nigerian banks has significant rate of financial support in Nigerian industrial sector growth and development.
The level of financial support of Nigerian banks to commercialization of agricultural sector of Nigerian economy is greatly enhanced by acquisition of multidimensional knowledge in banking and social infrastructural development services of Nigerian banking firms is greatly facilitated by the multidimensional banking knowledge acquired by Nigerian banks.
The study recommends the following: Nigerian banks should exploit the wealth of international accepted best practices banking knowledge; Nigeria banks should upgrade their multidimensional banking knowledge acquisition in order to improve on the quality and quantity of customer service segmentation;
Nigerian banks should acquire vast knowledge in international best practices banking in order to impact positively on financial strength, robustness and competitiveness;
Central Bank of Nigeria should come up with policies that will encourage and mandate Nigeria banks to contribute massively in funding industrial development and growth in Nigeria.
Proper funding of agricultural commercialization by Nigerian banks is recommended to ensure food security sustainability, job creation and industrial raw material production.
TABLE OF CONTENTS
CHAPTER ONE INTRODUCTION
1.1. Background of the Study…………………………1
1.2. Statement of the Problem…………………………8
1.3. Objectives of the Study………………………11
1.4. Research Questions……………………………12
1.5. Research Hypotheses……………………………13
1.6. Significance of the Study………………………14
1.7. Scope of the Study……………………………15
1.8. The Area of the Study………………………………
161.9. Limitations of the Study……………………………16
1.10. Profiles of the Bank Studied………………………17
1.11. Criteria for selection of Bank…………………29
1.12. Definition of Terms………………………………29
References………………………………31
CHAPTER TWO REVIEW OF THE RELATED LITERATURE
2.1. Knowledge………………………………33
2.6. impact in Banking Firms ……………..……………
Techniques of Multidimensional 47
Knowledge Acquisition ……………………….51
2.7.Services and Products provided by Commercial Banks 58
2.8. Different issues of Standard Competitive Landscape in the Global Banking Industry And their Impact on the Development And Growth of Nigeria banking Industry……….……59
2.9.Diversification of Knowledge in Operations And Services of Nigeria Banking Industry; A blue Ocean Strategy 63
2.10.Role of Commercial Banks in National Economic and Industrial Development …………………..66
2.11. Service Quality Delivery knowledge and its Impact on Customer’s Satisfaction in The Banking Sector 67
2.12.Background, Nature and Concept Of competitive advantage ………………………66
2.13 Related research studies by other authors on multidimensional knowledge acquisition …………74
References ………………………………76
CHAPTER THREE RESEARCH METHODOLOGY
3.1 Sources of Data …………….……………… 81
3.2 Research Design ……………………………… 82
- Population of the Study ……………………………… 83
- Sample Size determination Method …………… …… 83
- Sample Size of the Study ………………………………. 86
- Data Analysis Techniques …………………………….. 86
- Description of Research Instrument ………………… 89
- Validation of the Instrument …………..…………… 89
- Reliability of the Research Instrument…………..…… 90
References ……………………………… 92
CHAPTER FOUR DATA PRESENTATION AND ANALYSIS
4.2. Testing of Hypotheses……………………………..105
4.3. Discussion of results…………………………….126
4.1. Simple Percentage Table Analysis…………………… 94
CHAPTER FIVE SUMMARY OF FINDING, CONCLUSION AND RECOMMENDATIONS
5.1. Summary of findings………………………………135
5.2. Conclusion………………………………137
5.3. Recommendations……………………………138
CHAPTER SIX AREAS FOR FURTHER RESEARCH AND CONTRIBUTIONS TO KNOWLEDGE
- Areas for further research ……………………… 139
- The contributions of the study to Knowledge………. 139
Appendix 140
INTRODUCTION
1.1 Background of the Study
Multidimensional knowledge acquisition in banking is the portfolio of diversified competencies and skills needed for effective and timely banking services and operations obtainable in international standard best practices in banking.
According to Uzor (2010), one of the Central Bank of Nigeria (CBN) guideline policies to commercial banks in Nigeria is adoption of the International Financial Reporting Standard (IFRS) latest December 2010.
The CBN is so adjourning Nigeria Commercial Banks to adopt broad knowledge in international accepted best practices in banking.
The portfolio of competencies and skills in banking beside time and savings deposit routine services include the knowledge of banking as financial partner in progress with the government towards nation building and development of economic sectors like agricultural sector, industrial sector, education sector infrastructural development, and job creation through loan financing or good–will competitive gesture.
Because banks are the medium to effect desirable changes in the real sectors, it is important for the Central Bank of Nigeria to show how its policy changes will stimulate economic growth and development across sectors and industries (Uzor, 2010).
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