Abstract
This study investigates how digitalization enhances the performance of commercial banks adopting the purposive method and simple random sampling selecting 370 non-managerial employees from a commercial bank. A self-structured questionnaire was used as the major instrument for data collection and was analysed using SPSS version 25. From the result, it was discovered that there was a mild significant and positive relationship between the digitalization process and commercial bank performance (r = 0.114*; p<.05). Also, there is a positive significant relationship between product innovation and performance of commercial banks in Nigeria (r = 0.186; p< 0.001). The study recommends that digitalization processes if adequately and correctly implemented, will have a significant positive relationship on the performance of commercial banks in Nigeria ceteris paribus.
Highlights
Digitalization has become paramount as industries and institutions including commercial banks strive to adopt better and more effective methods of service provisions to their clients and day to day customers
This implies that effective digitalization process of commercial bank activities led to improved performance of commercial banks in Nigeria
Based on the findings of this study, it is concluded that digitalization has a long way in affecting the performance of commercial banks in Nigeria
Summary
Digitalization has become paramount as industries and institutions including commercial banks strive to adopt better and more effective methods of service provisions to their clients and day to day customers. A study carried out by Gareth et al (2006) as quoted by Abbasi and Weigand (2017) revealed that ‘banks in North America, Europe, Asia- Pacific and Latin America spent a total of $241billion on information technologies in the year 2016 and an overall increase of almost 4% when compared with the year 2015.’. They reiterated that the practice of digitalizing services carried out by financial institutions gives a new turn to service provision and make for better customer satisfaction as a result of diversity in service provision. The advent of technology has prompted advanced digital transformation, which is not restricted to techsavvy businesses, high-tech major established organizations have embarked on digital transformation venture too (Idiegbeyan-Ose, Ilo and Isiakpona, 2015; Weill and Woerner, 2018; Agboola, Asokomeh, Akinbode, Peter, and Deborah, 2017)
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