E-BANKING SERVICE EFFICIENCY AND CUSTOMER SATISFACTION IN THE NIGERIAN BANKING SECTOR

Rasaki Dayisi  BAKARE; Thaddeus Ojo OLUFAYO; Charles Ighedoise OMOERA

BAKARE, Rasaki Dayisi Department of Business Administration, University of Lagos, Lagos, Nigeria
OLUFAYO, Thaddeus Ojo Department of Business Administration, University of Lagos, Lagos, Nigeria
OMOERA, Charles Ighedoise Department of Business Administration, University of Lagos, Lagos, Nigeria

Keywords: Customer satisfaction, Efficiency, Electronic banking services, Nigeria

Abstract

The paradigm shift in how banking services are done all across the world and Nigeria inclusive has made the increasing use of electronic banking delivery channels inevitable in the banking industry across the world. This trend became unavoidable as global financial practises revolve around online banking, hence its adoption in Nigeria. This paradigm shift has not only provided complete functions of operations but also advanced their electronic service efficiency. This study investigates how well the efficiency of e-banking services will bring about satisfaction among customers of commercial banks in Lagos state, Nigeria. This study adopted cross-sectional survey method using a descriptive research design. A web-based survey instrument was used to elicit information from 217 respondents from an infinite population of bank customers using key informant sampling to draw an initial sample and later snowball sampling to further reach out to respondents. The results obtained showed that bank customers were satisfied with the service delivery of their banks. Since the banking industry is highly competitive, it is therefore recommended that banks must ensure that there is consistency in the delivery of electronic banking services. It is also recommended that policymakers in the sector should ensure that service quality programmes be strictly followed and implemented effectively so that they will not be seen as only focussing on the bank’s objective of profits; but must also look into satisfying the needs of the customers as well.