Technology Integration and Financial Performance of Selected Deposit Money Banks in Nigeria
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2022-12
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Lead City University
Abstract
The aim of this study is to examine the effect of Technology Integration on Financial performance of Deposit Money Banks in Nigeria. There is rapidly increasing integration of technology in the banking sector among developing economies. In order to achieve these objectives, this study collected data using questionnaire administered to 150 participants from 11 selected deposit money banks in Nigeria, out of which 112 responses were retrieved. The collected data was analyzed using SPSS version 26. The study employed descriptive statistics, exploratory factor analysis as well as ordinary least square and found out that technology have been integrated to a large extent among deposit money banks in Nigeria. The regression result indicated that there is a positive and significant impact of financial technology on the financial performance of deposit money banks in Nigeria (B= 0.224, t= 2.320, p < 0.05), while constraints to technology integration exhibits a negative and insignificant impact on financial performance of deposit money banks in Nigeria (B = -0.016, t = -0.164, p > 0.05). It was concluded that financial technology tools and financial technology as a whole are significant predictor of financial performance of deposit money banks in Nigeria. It was recommended that banks should embark on aggressive campaign and re-orientation of clients to create awareness for the customers to patronize the facilities especially in the area of use of ATMs, USSD, Internet banking, POS, mobile banking and others. This is because increasing acceptance and use of these financial technology tools will consolidate the gains from investing in them and improve the financial performance of these DMBs.
Keywords: Financial Technology, Technology Integration, Financial Performance.
Word Count: 262
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Kate Turabian