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Examining the Influence of Financial Technology Devices on Banking Practices in Nigeria: A Data Analysis

Formulate one Research Question and one Hypothesis;

Research Question; To what extent will developments in financial technology devices influence banking concepts, strategies, and practices in Nigeria.?
Hypothesis; There will be no significant relationship between financial technology devices influence and Nigeria’s banking concepts, strategies, and practices.
The Data;
  • Saves time (58%)
  • Helps me to feel to be in control of my finances (48%)
  • Saved me money (46%)
  • Reduce fear and stress of managing money (34%)
  • Help me recover from Financial Mistakes (27%)
    Source: Plaid (2022) in Fintech Effects Survey
To explore the impact of financial technology devices on banking in Nigeria, we'll analyze data on their perceived benefits. This includes how they save time, help users feel in control of their finances, save money, reduce stress, and aid in recovering from financial mistakes. We'll examine if these benefits correlate with changes in banking concepts, strategies, and practices in Nigeria. Our hypothesis suggests there will be no significant relationship, but the data may reveal otherwise.

Continue the analysis

To proceed with the analysis, we'll first need to quantify the impact of financial technology devices on banking practices. This involves correlating the benefits reported by users with changes in banking strategies and practices in Nigeria. We'll look for data on banking trends in Nigeria pre and post the introduction of financial technology devices. This comparison will help us understand if there's a significant relationship between the two, as hypothesized.

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