TECHNOLOGICAL INNOVATION AND FINANCIAL PERFORMANCE OF COMMERCIAL BANKS IN YENAGOA, BAYELSA STATE

Abstract

The paper looked at the link between financial performance metrics (profitability, return on investment, and return on assets) and technological innovation in Bayelsa State's commercial banks. The survey research design approach adopted for the study, which includes conducting interviews and using questionnaires. One hundred and five (105) people made up the study's sample size and population. They were sampled from 15 commercial banks in the state of Bayelsa and served as the study's respondents. The study used the Spearman rank-order correlation coefficient to examine the data and evaluate the hypotheses. The research revealed a significant statistically positive correlation between technical innovation and financial performance, meaning that commercial banks that invest in technological innovation see an improvement in their financial performance. To raise their performance level, the research advised commercial banks to purchase the necessary technology infrastructure that supports technological innovation.