The Impact of Revolution Strategies and Competitive Advantage on Nigerian Banks
DOI:
https://doi.org/10.58425/ijeib.v1i1.42Keywords:
Commercial Banks, Competitive Advantage, Revolution, Technology.Abstract
Purpose: The purpose of this study was to examine how Revolution strategies affected competitive advantage of Nigerian Commercial Banks.
Methodology: This study adopted descriptive and explanatory research designs. The study used primary data collected using semi-structured questionnaires. Reliability was tested through a pilot study on 5 deposits taking micro finance using the test–retest method. Data was analyzed descriptively and inferentially. Descriptive statistics including frequency, percentage, mean and standard deviation was used after which the data was presented using tables and charts.
Results: The study revealed that whereas process, product and market revolution have an effect on competitive advantage, technology Revolution was the key driver in competitive advantage as it allowed real time transaction processing, overall customer experience and offered convenience to the customers.
Conclusion: The study concludes that process Revolution, product Revolution, market Revolution and technology Revolution significantly influences competitive advantage among commercial banks in Nigeria.
Recommendation: The study recommended that banks must take immediate steps to improve Revolution by critically assessing current Revolution capabilities and performance, and ensure they are aligned in creating value and convenience to customers while reducing the cost of doing business.
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