Citation:Kofoworola Sekinat Ogboye, Folorunso I, Akande and, Jerry Kwarbai (2022) Determinants of Digital Banking Convenience and Customer Satisfaction of Selected Deposit Money Banks in Nigeria, European Journal of Accounting, Auditing and Finance Research, Vol.10, No. 2, pp.1-30
The banking industry has enjoyed customer loyalty for over a decade with a high customer retention rate across board but the emergence of technology within the banking sector has aroused the interest of customer to switch from one bank to the other. Worst still, competitors from adjacent information technology driven industries and other financial organization are now flooding the market with innovative, creative and technology-driven idea which is a deviation from the conventional banking system and customers now are making decisions much faster and have access to a plethora of offers, leaving financial institutions struggling for customer loyalty. Therefore, the study examined the determinants of digital banking convenience and its effect on customers’ satisfaction in selected money deposit banks in Lagos State, Nigeria.The research designs adopted for this study was survey research design. The target population for this study was customers of the selected deposit money banks in Lagos State, Nigeria. The sample size for the study was 140 and simple random sampling technique was adopted for the study. The research instrument was questionnaire which was validated by the supervisor and the reliability was 0.731. The data for the study were analysed using simple regression analysis.The study showed that digital banking has significant effect on customers’ satisfaction in selected deposit money banks in Lagos State, Nigeria. The finding also revealed that speed of delivery has significant effect on customers’ satisfaction of deposit money banks in Lagos State, Nigeria with Adj R2 = 0. 173; F-Statistics (df = 4, 432) = 27.559 and p-value = 0.000. The study revealed that ease of use has significantly effect on customers’ satisfaction of customers in deposit money banks in Lagos state Nigeria with Adj R2 =0.340; F-Statistics (df = 4, 432).= 66.312 and p-value = 0.000.The study concluded that customers prefer digital banking services which would pave for sustainable development to the banking industry. It is however recommended the gains of this innovation should be consolidated through provision of more service points and user-friendly customer-oriented financial products.
Keywords: Accessibility, Education, age and attitude of customers, ease of use, privacy and security, speed of delivery
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