Financial Technology Innovation and Non-Financial Performance in the Nigerian Banking System

Oge Augustine Sunday
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Oge Augustine Sunday: Bamidele Olumilua University of Education, Science and Technology, Ikere Ekiti (Bouesti), Department of Management Science

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 2, 2420-2436

Abstract: The study investigates the relationship between financial technology innovation and non-financial performance in the Nigerian banking system, with a focus on the complex dynamics of FinTech adoption, the perception of innovation culture, digital security perception, and customer happiness in the Nigerian banking industry. The study used a descriptive survey research technique, with a specific focus on undergraduate students at Bamidele Olumilua University of Education, Science and Technology, Ikere Ekiti. The population of the institution consisted of around 7500 students, and a sample size of 380 students was estimated using Taro Yamale’s technique. The reliability study validated the coherence of the self-structured questionnaire, attaining a score of 0.82. The results emphasize the substantial influence of the rate at which Fin Tech is adopted on customer satisfaction inside the banking system of Nigeria. The Chi-Square value of 119.8 and a p-value less than 0.001 suggest a strong statistical relationship, highlighting the significant impact of FinTech adoption on overall customer satisfaction in the Nigerian banking system. Moreover, the research indicates that there is a notable impact of the perception of innovation culture on customer satisfaction within the banking system of Nigeria. This is supported by a Chi-Square value of 113.7 and a p-value below 0.001, indicating a robust statistical correlation. Furthermore, the research highlights a significant impact of Digital Security Perception on Customer Satisfaction in the Nigeria Banking System, as shown by a Chi-Square value of 192.3 and a p-value below 0.001. This highlights the substantial influence of the perception of digital security on influencing the overall level of consumer satisfaction in the Nigerian banking industry. In light of these findings, recommendations for the Nigerian banking sector include enhancing FinTech integration to meet evolving customer needs, cultivating an innovation culture, strengthening digital security measures, implementing regular customer feedback mechanisms, and undertaking educational initiatives to increase customer awareness and understanding. It is essential to implement these ideas in order to create a banking environment that prioritizes the needs of customers and guarantees long-term happiness in the digital age.

Date: 2024
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