Digital Financial Innovation and Customer Loyalty in Deposit Money Banks
A Study of Zenith Bank
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Abstract
The implementation of digital financial innovations presents significant challenges for financial institutions, particularly in enhancing customer satisfaction, service quality, and customer retention. This study examines the impact of digital banking revolutions proxied by Mobile financial services, online banking and digital payment systems on these key aspects of customer experience at Zenith Bank in Abuja, Nigeria. Adopting a survey research design, the study focused on a target group of 115 employees and employed a census methodology for comprehensive data collection. Data was gathered through structured questionnaires made up of a 5-point Likert scale and analyzed using regression analysis. The findings revealed that mobile banking significantly improves customer satisfaction, internet banking has a strong positive correlation with service quality, and digital payment systems play a vital role in customer retention. The study concludes that embracing digital innovations is crucial for enhancing customer experiences in the banking industry. Therefore, it is recommended that Zenith Bank should continue investing in technological advancements to optimize mobile banking services, enhance internet banking security, and improve the efficiency of digital payment systems. Zenith Bank should focus on these areas in order to enhance customer experience and loyalty thereby ensuring its competitiveness in the rapidly evolving digital financial landscape.
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Copyright (c) 2025 Abdullahi Ndaman, Awwal Mohammed (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abdullahi Ndaman, University of Abuja, Nigeria.
Business Administration Department,
University of Abuja, Nigeria.
Awwal Mohammed, University of Abuja, Nigeria.
Business Administration Department,
University of Abuja, Nigeria.
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