Chapter One — 1.1 Background to the Study

In recent years, Product Lifecycle Management has emerged as a critical factor shaping user retention in digital products across organizations operating in and around Selected Commercial Banks in Nigeria. As institutions grapple with the pressures of globalization, regulatory reform, and shifting stakeholder expectations, understanding how product lifecycle management relates to user retention in digital products has become an important area of both scholarly and practical concern.

Selected Commercial Banks in Nigeria presents a useful setting for examining this relationship precisely because the conditions there — structural, regulatory, and behavioural — differ from those typically assumed in the broader literature, most of which draws on evidence from more developed economies.

1.2 Statement of the Problem

Despite a growing body of literature on product lifecycle management, there remains limited consensus on the precise nature of its relationship with user retention in digital products, particularly within Selected Commercial Banks in Nigeria. Many organizations continue to make decisions about product lifecycle management without a clear, evidence-based understanding of how those decisions ultimately affect user retention in digital products. This gap between practice and empirical understanding is the central problem this study seeks to address.

1.3 Objectives of the Study

1. To examine the effect of Product Lifecycle Management on user retention in digital products in Selected Commercial Banks in Nigeria.
2. To assess the extent to which product lifecycle management influences user retention in digital products within the study area.
3. To identify the challenges associated with product lifecycle management in relation to user retention in digital products.
4. To recommend strategies for optimizing product lifecycle management in order to improve user retention in digital products.

1.4 Research Questions

1. What is the effect of product lifecycle management on user retention in digital products in Selected Commercial Banks in Nigeria?
2. To what extent does product lifecycle management influence user retention in digital products within the study area?
3. What challenges are associated with product lifecycle management in relation to user retention in digital products?
4. What strategies can be adopted to optimize product lifecycle management in order to improve user retention in digital products?

1.5 Significance of the Study

This study is significant to a range of stakeholders. For policymakers and regulators, the findings offer evidence to guide the design of frameworks that support healthier outcomes around user retention in digital products. For managers and practitioners within Selected Commercial Banks in Nigeria, the study provides practical insight into how product lifecycle management can be better managed. Finally, it contributes to the academic literature on product management by extending existing knowledge into a specific empirical context, and offers a reference point for future researchers.

1.6 Scope of the Study

The study is limited to an examination of Product Lifecycle Management and its relationship with user retention in digital products within the context of Selected Commercial Banks in Nigeria. It reflects a clearly defined scope of analysis and relies on data and perspectives available within that scope; generalizing the findings beyond this specific context should therefore be done with appropriate caution.