Abstract
Zambia’s financial sector has undergone significant transformation in the last few years. Commercial banks have continued to use huge investments in technology based innovations and training of man power to handle new technologies. The purpose of this study was to determine the effect of technological innovations on the financial performance of commercial banks in Zambia. The study used consolidated data for all the commercial banks in Zambia i.e. 19 banks. This study aimed to: (1) determine the relationship between mobile banking transactions and the financial performance of commercial banks in Zambia; (2) find out the relationship between internet banking transactions and the financial performance of commercial banks in Zambia; and (3) determine the relationship between ATM transactions and the financial performance of commercial banks in Zambia. Monthly data for a period of four years was used in this study. The study looked at innovations in the area of Internet Banking, Mobile Banking and Automated Teller Machines (ATMs). The innovations were studied in relation to their effect on the commercial bank’s performance as measured by the income. A descriptive research design was used in this study. Secondary data was collected from the Bank of Zambia and various audited financial and other statements of individual commercial banks. SPSS as software was used for data analysis. The findings revealed that bank technological innovations had a positive effect on the financial performance of commercial banks in Zambia. It was also established that mobile banking transactions had a strong positive influence on the financial performance of commercial banks in Zambia whilst Internet banking transactions had a weak relationship with the financial performance of commercial banks in Zambia. Automated Teller Machine transactions also had a strong positive effect on the financial performance of the financial performance of commercial banks in Zambia.
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