Submit your papersSubmit Now
For Enquiries: [email protected]
IIARD LogoIIARD
📄 Download Paper

Digital Transformation Strategies and Customers Satisfaction in Money Deposit Banks in Port Harcourt, Rivers State

Happiness Nwanyi Elekwachi PhD, Blessing Onwuanaku PhD

Abstract

This study examined the relationship between digital transformation and customer satisfaction of deposit money banks in in Port Harcourt, Rivers State. The population of the study was 90 bank staffs that are in charge of the commercial or retail banking units, corporate and investment banking units, as well as operations and services units in all the branches of these banks. All of the population was adopted as the simple size. The content validity of instrument was achieved using supervisors vetting and approval, while the internal consistency of instrument was achieved using the Cronbach Alpha Coefficient with all the items above 0.60. Data was analysed and result presented using tables, mean and standard deviation. The hypotheses were tested using the Spearman Rank Order correlation coefficient. The study found out that there is a significant positive relationship between Digital Transformation Strategies and customer satisfaction in Money Deposit Banks in Port Harcourt, Rivers State. It recommends that deposit money banks should take advantage of technological innovations and advancements as they are powerful tools for increasing efficient operations. Deposit money banks should set up virtual queuing system as it is a tool for managing people and operations, making it easier to manage the number of persons in the bank. Organizations should employ contactless/cardless transactions as it makes transactions and customers access to their accounts easier, while still maintaining privacy and Management teams should set up clear digital transformation strategies as it specifies how business transformation and processes are carried out.

Keywords

Digital TransformationCustomer SatisfactionDeposit Money BanksPort Harcourt

References

Abe, H., Isaac, W, Kaylynn, T., Kaitlyn, T.(2015) Organizational Agility. The Journal of Applied Business Research 31, 2. Ahmad, F. (2019). Organizational context and innovation adoption: A systematic review. International Journal of Management Reviews, 21(4), 347-366. Awah, S., Ugwu, K. E., Duru, E. E., &Onyeanwu C. C. (2022).Digital Transformation and Operational Performance of Nigeria's Financial Sector. International Journal of Innovative Science, Engineering and Technology, 9(11), 6-72. Amir, A. B. H. &Mohd, F. S. (2020). Why Customer Satisfaction is Important to Business? Journal of Undergraduate Social Science and Technology.2(1),1-22. Amjad, M. (2022).Implementing Digital Transformation Strategy: The Case of a Local Turkish Bank. A Thesis Submitted for the Award of a Degree of Master of Business Administration. Christian, M., Thomas, H. & Alexander, B. (2015).Digital Transformation Strategies. Business Information System Engineering 57(5), 339-343.DOI:10.1007/s12599-015-0401-5 Cinnie, L. (2019). Technology-Organizational-Environmental Framework. International Journal of Science and Business, 3(2), 179-195. Cisco(2021). What is Network Transformation. https//www.cisco.com/c/en/us/solution/enterprise/networks/network-transformation.html Deloitte (2023). Digital Transformation: The Age of Innocence, Inertia or Innovation? https://www2.deloitte.com/us/en/insights/focus/digital-transformation/digital - transformation-strategy.html. Drive Nets Education Center (2022). What is Network Transformation. https://drivenet.com/resources/education-center/what-is-network-transformation/ Forbes Technology Council (2024). Why Enterprises Should Know About Network Transformation. https://www.forbes.com/sites/forbestechcouncil/2024/01/09/why- enterprises-should-know-about- network-transformation/?sh=6609ebd66cf2 Fotis, C. K., Ioannis, G., & Maria, K. (2021). Digital Transformation and Strategy in The Banking Sector: Evaluating The Acceptance Rate of E-Services. Journal of Open Innovation Technology Market and Complexity, 7(3), 204.DOI:10.3390/joitmc7030204. Gupta, A. &Bansal, P. (2020). Impact of Cloud Computing or Banking Sector: A Review. International Journal of Management, Technology and Social Sciences (IJMTS), 5(2), 83- Harvard Business Review (2023). Why Digital Transformation Fail: The Surprising Disciplines of How to Take Off and Stay Ahead. https://hbr.org/2018/03/why-digital-transformation- fail Indeed (2022). Organizational Growth: Definition, Benefits, Drawbacks and stages. https://www.indeed.com/career-advice/career-development/Organizational-growth Jain, S., Kumar, A., &Mandal, S. (2014). Network Function Virtualization: An overview. IEEE Communication Magazine, 51(12), 24-30. Jeff, B. (2018). The Technology-Organizational-Environmental Framework. https://www.researchgate.net/publication/305398019 Kihara, D. M., & Hannah, O. B. (2024).Technology Innovation Strategy and Performance of Commercial Bank in Nairobi City County, Kenya. International Journal of Social Science and Humanities Research, 12(1), 110-121. Krentz, D., Ramos, F. M. V., Verissimo, P. E., Rothenberg, C. E., Azodolmolky, S., &Uhlig, S. (2015). Software-Defined Networking: A Comprehensive Survey. Proceedings of the IEEE, 103(1), 14-76. Lan, N. T. H., Hung, N. V., Anh, N. P., &Duy, V. N. (2023). How Does Digital Transformation Impact Bank Performance? Cogent Economics and Finance, 11(1). https://doi.org/10.1080/23322039.2023.2217582 Lee, S. & Chen, L. (2023). The Impact of Digital Transformation on Organizational Performance: Evidence From Money Deposit Banks. International Journal of Finance and Technology, 15(4), 112-129. Lisbeth, K. (2017). Digital Transformation Strategies in Small Business: A Case Study in The Swedish Manufacturing Industry. A Bachelor's Degree Thesis Within Business Administration, Department of International Management. Mamdouh, A. (2021). Software and Security Engineering in Digital Transformation.arXiv:2201.01359vi Mary, K. Pratt (2019). Build a Digital Transformation Strategy With Software at its Core.https://www.techtarget.com/searchcio/feature/build-a-digital-transformation- strategy-with-software-at-its-core Mayowa, G. A. et al. (2019). Effect of Digitalization on The Performance of Commercial Banks in Nigeria.IOP Conference: Earth Environmental Science, 331, Dio:10.1088/1755-1315/331/1/012014 McKinsey and Company (2023). The Digital-Transformation Strategy That Works. Retrieved From https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the- digital-transformation-strategy-that-works Michael, M. M., Ray, M.K. (2020). Technology-Organizational-Environmental Framework For Digital Transformation in South African Financial Service Providers. International Journal of Innovative Science and Research Technology, 5(5), 23-52. Moa et al.,& IEEE (2017). Mobile Edge Computing: A Survey. Internet of Things Journal.DOI:10.1109/JIOT.2017.2765881 Mojitaba, T. (2023). The Effect of Digital Transformation on Organizational Performance: A Dynamic Capability-Based Model. https://orchid.org/0000-0002-7267-3218 Pierre, J. (2023). Impact of Digital Transformation Strategies on Organizational Performance in Retail Industry in Cameroon. International Journal of Strategic Management, 2(1), 38-48. Qurantulain, F. (2023).Digital Transformation Strategies in Banking. https://www.wavetec.com/blog/banking/digital-transformation-tips-for-banks/ SCISPACE (2023).Digital Transformation and Organizational High Performance. https://typeset.io/questions/what-is-the-relationship-between-digital-transformation-and- 4u4795cz3w Shen, Z., Liang, X., Lv, J., Liu, C., Li, J. (2022). The Mechanism of Digital Environment Influencing Organizational Performance: An Empirical Analysis Based on Construction Data. Sustainability 14, 3330. https://doi.org/10.3390/su14063330 Singh, S. (2017). Environmental context and technological innovation: A study of Indian organizations. Journal of Business Research, 75, 292-301. 45-63. Smith, J. & Johnson, A. (2022). Digital Transformation in Banking: A Comprehensive Analysis. Journal of Bank Research, 10(2), 45-62. Wageeh, A. N. (2016). Organizational Agility: The key to Organizational success. International Journal of Business and Management, 11(5).DOI:10.5539/ijbm.v11n5p296 Wang, Y. (2017). The impact of organizational scope on technology adoption: A study of Chinese firms. Journal of Business Research, 75, 281-291. Westernman, G., Bonnet, D., McAfee, A. (2014) Leading Digital: Turning Technology Into Business Transformation. Harvard Business Review Press. Xiaoyan, T., Zhong, W., &Feng, Y. (2022). Research on the Relationship Between Digital Transformation and Performance of SMEs. Sustainability, 14, https://doi.org/10.3390/su14106012 Yongjie, Z., &Shanyue, J. (2023). How Does Digital Transformation of Banks Improve Efficiency and Environmental, Social and Government Performance? Systems, 11(7), 328. https://doi.org/10.3390/systems11070328

More Articles from WORLD JOURNAL OF INNOVATION AND MODERN TECHNOLOGY

AI-Assisted Risk and Incident Analysis: Advances and Future Opportunities

Author: Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey Okwesa, Serif Oyindamola, Oyesiji, Abubakar Umar Abdulmalik

Influence of Artificial Intelligence Tools on Teachers’ Instructional Delivery in Public Senior Secondary Schools in Gokana and Khana Local Government Areas of Rivers State, Nigeria

Author: BIIBALOO Juliet Legborsi, EDO Barineka Lucky, PhD NWILE Charles Befii, PhD.

Community-Centered Digital Skills: Empowering Adults for Life- Long-Learning in Yola North Local Government Area

Author: Adamu Abdullahi Potiskum, Emeka Godwin Timothy, Lawan Ladan

Dielectric Performance of Natural Ester Insulating Fluids as a Sustainable Alternative to Mineral Transformer Oil: A Systematic Review

Author: Ude Kingsley Okechukwu, Ugwu Kelvin Ikechukwu, Mmamel Ngozi Juliana, Nnamani, Micheal Obiora

Artificial Intelligence and Inclusive Practices in Special Needs Education: Opportunities, Challenges, and Future Directions

Author: Rahima Ahmadu Ribadu, Bobboi Abubakar