Digital Technology and Financial Performance of Deposit Money Bank in Nigeria

Abstract

This study examined digital technology and financial performance of deposit money bank in Nigeria. Specifically, the study investigate the effect of biometric, cloud computing, mobile banking and internet transfer on the performance of deposit money bank in Nigeria. Ex-post facto research design was used in the study, the study selected 10 deposit money banks in Nigeria as a sample size, the study used panel least square as a method of data analysis. Data used for the study were obtained from the financial report of the selected manufacturing firms in Nigeria for 10 years; the variables used are cloud computing, mobile banking, biometric and internet banking. The study finds out that biometric has significant effect on financial performance of commercial banks in Nigeria (t=3.583072=0.009). Cloud computing has no significant effect on financial performance of commercial banks in Nigeria (t=0.569002, p=0.5721). Mobile banking has significant effect on financial performance of commercial banks in Nigeria. (t=3.378671, p=0.0006). Lastly, Internet banking has significant effect on financial performance of commercial banks in Nigeria (t=2.896441, 0.0059). The study recommends that Biometrics should be encourage because the systems simplify and streamline transactions, reducing errors and improving efficiency in the banking business. Again, CBN should as a matter of urgency compel all the commercial bank in Nigeria to fix their Cloud competing and load it with cash for customers to have seamless and round-the-clock access. Thirdly, commercial banks should upscale their investments in digital technology infrastructure to enhance internal capacity to provide uninterrupted services, as well as develop capacity resolve customer complaints real-time.