THE IMPACT OF DIGITAL TRANSFORMATION ON TRADITIONAL ACCOUNTING PRACTICES IN NIGERIAN BANKS.
Abstract
This study examines “The Impact of Digital Transformation on Traditional Accounting Practices in Nigerian Banks” with a specific focus on First Bank Nigeria. The research investigates how the advent of digital tools, introduction of digital methods, changes in the digital landscape, and evolving digital tools influence accounting operations. A structured questionnaire was administered to a sample of 50 First Bank employees across various departments involved in accounting and financial reporting. The findings reveal that digital transformation has significantly enhanced the efficiency, accuracy, and timeliness of accounting processes. Tools such as automated accounting software, digital ledgers, and real-time data analytics have reduced manual errors and streamlined financial reporting. However, the study also highlights challenges, including the need for continuous staff training, cybersecurity concerns, and the adoption of legacy systems to newer technologies. The results underscore the necessity for Nigerian banks to adopt proactive digital strategies, invest in employee capacity building, and implement robust security frameworks to fully leverage the benefits of digital transformation in accounting. This research contributes to the growing body of knowledge on digital transformation in emerging economies and provides practical insights for banking institutions navigating the evolving digital landscape.
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