BANKING SERVICE INNOVATIONS AND CUSTOMER SATISFACTION IN ILORIN METROPOLIS OF NIGERIA
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Date
2022
Journal Title
Journal ISSN
Volume Title
Publisher
MALETE JOURNAL OF ACCOUNTING AND FINANCE
Abstract
The increasing stiff competition in the banking industry has placed customer satisfaction
at the centre of banks’ product and service decisions. The study examines the impact of
banking service innovations on customer satisfaction in Ilorin metropolis. The study
employed survey research design and the population consist of bank customers in Ilorin
metropolis from which four hundred and twenty five (425) customers were drawn as
sample. Descriptive statistics and Partial Least Square Structural Equation Model (PLSSEM) were employed in the analysis of data collected through structured questionnaire.
The findings revealed that, cardless ATM service (t-value = 5.650, p-value = 0.000) and
phygital banking (t-value = 6.175 and p-value = 0.000) have significant impact on
customers satisfaction at 5% level of significance whereas envelop deposit service had no
significant effect. The study concluded that banking service innovations such as cardless
ATM and phygital banking are the service innovations that influence customer satisfaction
in Ilorin metropolis. The study therefore recommended that managements of DMBs should
provide more ATMs with cardless operation options at bank premises or other commercial
points in the metropolis. Also, DMBs’ management should design more user friendly,
personalised and less costly digital bank applications which can enable customers to
efficiently access virtually all bank services even without visiting any branch.