CONSUMER DATA PRIVACY AND CORPORATE PERFORMANCE OF COMMERCIAL BANKS IN PORT HARCOURT

Abstract

This paper investigated the relationship between Consumer Data Privacy and Corporate Performance of Commercial Banks in Port Harcourt. Specifically, the objectives of the paper were to determine how data protection and access control relate with sales volume growth and profit growth of commercial banks in Port Harcourt. The survey research design was adopted. The population of this study comprised of 26 quoted commercial banks in Port Harcourt. 130 respondents were drawn from the population through census approach. However, only 104 respondents provided data for the study through questionnaire that was designed in the Likert 5-point scale of strongly disagree to strongly agree. Pearson Product Moment Correlation (PPMC) was used to test the formulated four null hypotheses. From results of the analysis it was revealed that data protection and access control which are the dimensions for consumer data privacy positively and significantly relate with sales volume growth and profit growth (i.e. measures of corporate performance) of commercial banks in Port Harcourt. Based on these findings, it was concluded that there is a relationship between consumer data privacy and corporate performance of commercial banks in Port Harcourt reveals critical insights that underscore the importance of robust data protection measures in driving corporate success. Therefore, the study recommended amongst others that commercial banks in Port Harcourt should prioritize the implementation of advanced data protection protocols. This includes encryption of sensitive consumer data, regular security audits, and adoption of cutting-edge cybersecurity technologies. By doing so, banks can minimize the risk of data breaches, which, in turn, will foster consumer trust, leading to increased customer retention, higher sales volumes, and profit growth.