DIGITAL TWIN TECHNOLOGY AND BUSINESS SUCCESS OF COMMERCIAL BANKS IN PORT HARCOURT

Abstract

This study investigated the relationship between Digital Twin Technology and Business Success of Commercial Banks in Port Harcourt. Specifically, the objectives of the study were to determine how real-time risk management and customer experience optimization relate with customer retention and market share growth of commercial banks in Port Harcourt. The correlational research design was adopted and the population of the study comprised twenty-six (26) commercial banks operating in Port Harcourt. 130 respondents were drawn from the population through a census approach in which 5 managers were selected from each of the commercial banks Port Harcourt. However, only 112 respondents provided data for the study through questionnaire that was designed in the Likert 5-point scale of strongly disagree to strongly agree. Pearson Product Moment Correlation (PPMC) was used to test four null hypotheses developed. From results of the analysis it was revealed that luxury branding and brand sophistication which are the dimensions of digital twin technology (real-time risk management and customer experience optimization) positively and significantly relate with customer retention and market share growth (i.e. measures of business success) of commercial banks in Port Harcourt. Based on these findings, it was concluded that the ability of digital twin technology to enhance real-time monitoring and management of risks allows banks to mitigate potential operational disruptions, thereby improving trust and loyalty among customers. Therefore, the study recommended amongst others that commercial banks should fully integrate digital twin technology into their risk management processes. This will enable them to monitor operations in real time, quickly respond to potential disruptions, and reduce the likelihood of financial losses.