Effect of Financial Products on the Performance of Selected Deposit Money Banks in Nigeria: 2005-2019, (Published)
This research study investigated the effect of financial products on the performance of selected deposit money banks in Nigeria. The study sought to ascertain whether the various products introduced by the banks in the face of keen competition have significantly impacted on their performances. Secondary data were utilized and sourced from annual reports and Nigerian Stock Exchange fact books. Multiple regression was used as a tool of data analysis. The results from test of the three hypotheses revealed that, mobile banking has significant positive effect on return on assets (ROA), point of sale has positive significant effect on return on equity (ROE) while automated teller machine also have positive significant effect on earnings per share (EPS). The study therefore recommended that, there is need for deposit money banks to heavily invest in technology as this will highly encourage the adoption of financial products technologies and this will influence the performance of deposit money banks in Nigeria. Banks management should strive to innovate better and cheaper ways of serving customers. With shorter transaction turnaround time, transactions volumes can be significantly increased.
Keywords: Automated Teller Machine, Deposit Money Banks, financial products, mobile banking, point of sale