IMPACT OF FINANCIAL TECHNOLOGY ON THE GROWTH OF DEPOSIT MONEY BANKS IN NIGERIA

Abstract

This study evaluated the effects of investing in financial technology and software on the profitability of deposit money banks in Nigeria. The study focused on the impact of software development and maintenance on bank's profitability (deposit growth).. The findings indicate that the sampled DMBs are investing in software technology for improvement in their banking operations. The study therefore recommends that DMBs should be commended for the efforts put in for investment in software technology. In conclusion, using up-to-date technology in banking can help enhance customer service and operational efficiency. Banks should adopt relevant Information Technology policies that would ensure the security and protection of their customer’s data as well as safeguarding their investments.