AN ASSESSMENT OF THE RELATIONSHIP BETWEEN THE VOLUME AND VALUE OF ICT TRANSACTIONS IN THE NIGERIAN DEPOSIT MONEY BANKS (2014-2020)
Abstract
ABSTRACT
The benefit of using Information and Communication Technology for banking operations was examined in this work. As the customers in deposit money banks are natural persons, the changes in consumer behaviour is especially noticeable in the banking sector, as deposit money banks now have to keep up with the fast-changing preferences of the consumers to keep them satisfied in order to enhance the customer relationship and efficiencies. If deposit money banks fail to keep up with the new preferences, then customers will start to become unsatisfied and start looking elsewhere. The main objective of this study is to examine the effect Information Technology (ICT) on the profit performance of Commercial Banks in Nigeria. The method of data analysis employed in this study is Regression Analysis. Secondary data was obtained from Central Bank of Nigeria Financial Stability Report and Central Bank of Nigeria Draft Annual Report and Financial Statement. It was revealed that there was no significant relationship between the value of ICT transactions and the volume of ICT transactions from January to June, there is no significant relationship between the value of ICT transactions and the volume of ICT transactions from July to December, there was significant relationship between the value of ICT transactions and the volume of ICT transactions from January to December. The study therefore recommends that Banks should create a bi-annual or annual workshop on educating their customers on how to use the available banking ICTs successfully in order to increase bank patronage, volume of ICTs transactions and profitability, Banks should improve their ICTs service delivery in order to enhance efficiencies in the banking operation in Nigeria, Banks should discover more of new banking ICTs on a yearly basis in order to meet up with their foreign counterparts which will further strengthen the Banking industry in Nigeria.
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