| dc.description.abstract | The increasing prevalence of cyber threats and fraudulent activities has heightened the
need for robust security measures in the financial sector, particularly in customer onboarding
processes. This study investigated the implementation of a blockchain technology framework
to enhance the security and efficiency of the customer onboarding process at Equity Bank,
one of Kenya’s leading financial institutions. The research aimed to assess the impact of
decentralized ledger technology, cryptographic security, and consensus mechanisms on the
onboarding process. The study is guided by four specific objectives: (1) To evaluate the
current problem with Equity Bank's customer onboarding process. (2) To analyze the existing
blockchain technology solutions to the customer onboarding process in other institutions. (3)
To analyze the existing solutions and processes for customer onboarding and assess the use of
blockchain technology at Equity Bank, Kenya. (4) To develop a blockchain framework for
customer onboarding, explicitly focusing on Equity Bank Kenya. (5) To test the functionality
of the developed framework for consumer onboarding at Equity bank, Kenya. Corresponding
research questions were formulated to explore these objectives in detail. A mixed-methods
approach was employed, combining qualitative interviews with Equity Bank staff, bank
security experts, and customers and quantitative surveys to collect comprehensive data. The
Technology Acceptance Model (TAM), Diffusion of Innovations Theory, Information
Security Theory, Distributed Ledger Theory, and Operational Efficiency Theory provide the
theoretical framework for the study. These theories helped the study understand the dynamics
of blockchain technology's adoption, security enhancements, and efficiency improvements.
The study's significance lies in its potential to inform Equity Bank’s strategy for
implementing blockchain technology, contributing to the broader body of knowledge on
fintech innovations, and guiding policy development for secure and efficient customer
onboarding processes. In conclusion, the research underscores the transformative potential of
blockchain technology in securing the customer onboarding process, highlighting its
applicability in enhancing data protection, reducing fraud, and improving operational
efficiency at Equity Bank. Future research could expand the scope to include comparative
studies across different banks and regions, further testing the findings and exploring
additional fintech innovations. | en_US |
