Online Banking and Financial Performance of Deposit Money in Anambra State

This study investigated the online banking and financial performance of deposit money banks in Anambra State, Nigeria. The study investigated the relationship between electronic fund transfers, electronic bill payment and mobile banking services and financial performance of deposit money banks in Anambra State, Nigeria. Relevant conceptual, theoretical and empirical literature were reviewed. The study was anchored on Diffusion of Innovation Theory. Correlational research design was adopted. The study was carried out in Anambra State, Nigeria. The population of the study comprised 2090 employees of deposit money banks in Anambra State, Nigeria. The statistical formula devised by Borg and Gall was employed to determine the sample size of 408. The instrument used for the study was questionnaire. Face and content validity were adopted while, test re-test and Cronbach Alpha method were carried out to achieve reliability of the instrument. The research questions were analyzed using simple percentage while Pearson product-moment correlation analysis was used in testing the hypotheses. The result revealed that electronic fund transfers had a positive significant relationship with financial performance of deposit money; electronic bill payment had a positive significant relationship with financial performance of deposit money banks, and mobile banking services had a positive significant relationship with financial performance of deposit money banks in Anambra State, Nigeria. The study concluded that electronic banking had a positive significant relationship with financial performance of deposit money banks in Anambra State, Nigeria. The study recommended that Banks should focus on minimizing transaction times and costs associated with fund transfers and payments. Financial institutions should encourage businesses to adopt electronic bill payment systems by offering incentives and demonstrating the benefits of reduced paperwork, faster processing, and improved accuracy in financial transactions. Banks should give high priority to customer service delivery with the aid of mobile banking and should consider mobile banking as important key drivers towards successful implementation of customer service delivery.