Innovation and Competitiveness of Deposit Money Banks in South-South, Nigeria

Dr. Needorn. R.  S.; Dr. Okoisama. T.  C.; Agbiriogu. E.  K.

doi:10.51699/ajdes.v15i.448

Authors

Dr. Needorn. R. S. Department of Management, University of Port Harcourt, Rivers State, Nigeria
Dr. Okoisama. T. C. Department of Management, University of Port Harcourt, Rivers State, Nigeria
Agbiriogu. E. K. Department of Management, University of Port Harcourt, Rivers State, Nigeria

DOI:

https://doi.org/10.51699/ajdes.v15i.448

Keywords:

Innovation, product/service innovation, process innovation, Competitiveness, Deposit Money Banks

Abstract

The study investigated the link between innovation (dimensioned by product/service innovation and process innovation) and competitiveness of deposit money banks in South-South, Nigeria. The cross-sectional survey design was adopted and the underpinning philosophy is positivism. The study population consists of all the branches of the systemically important Banks in South-South, Nigeria. The accessible populations consist of 520 middle management staff of the identified Banks and a sample size of 221 was determined using the Krejcie and Morgan's formula, however, this was adjusted upwards by 20% to provide for non-responses and attritions. The Bowley’s formula was utilised to proportionally allocated sample and the stratified random sampling was adopted with the aid of random numbers. The average variance extracted and standardised estimates were principally used to assess convergence validity and discriminant validity. Descriptive statistics involves the use of mean and standard deviation, while inferential Statistics involved the use of Structural Equation Modeling to test the hypotheses at 0.05 significance level. The results lend credence to the position that innovation is a highly imperative factor in ensuring competitiveness. Thus, it is recommended that Management of deposit money banks should have a wide applications of new products/services and respond promptly to customer needs / wants. Furthermore, Managers of deposit money banks should regularly conduct training for staff, encourage the implementation of new knowledge and be quick to embrace new technology, in order to be competitive.

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