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Automated Teller Machine Usage and Customers' Satisfactionin Nigeria

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Automated Teller Machine Usage and Customers' Satisfactionin Nigeria Global Journal of Management and Business Research: C Finance Volume 14 Issue 4 Version 1.0 Year 2014 Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Inc. (USA) Online ISSN: 2249-4588 & Print ISSN: 0975-5853 Automated Teller Machine usage and Customers’ Satisfaction in Nigeria By Odusina, Ayokunle Olumide Abraham Adesanya Polytechnic, Nigeria. Abstract- This paper endeavors to investigate ATM Usage and Customers’ Satisfaction in Nigeria. It was discovered that despite the increasing number of ATM installations in Nigeria. Customers’ needs are not satisfactorily met as customers are always seen on queue in large numbers at various ATM designated centers as well as poor service delivery of some of these machine. The research engages comparative analysis of three banks in Ogun State, Metropolis of Nigeria viz-a- viz First Bank, Guaranty Trust Bank and Skye Bank. However, questionnaires were distributed to the respondents. A total of 200 respondents answered the questionnaire cutting across the three banks, the chi-square statistical tool was used to analyze the data and the results showed a positive and significant relationship between ATM Usage and Customers’ Satisfaction. Keywords: ATM, bank, customers’ satisfaction, nigeria. GJMBR-C Classification : JEL Code: G19 AutomatedTellerMachineusageandCustomersSatisfactioninNigeria Strictly as per the compliance and regulations of: © 2014. Odusina, Ayokunle Olumide. This is a research/review paper, distributed under the terms of the Creative Commons Attribution-Noncommercial 3.0 Unported License http://creativecommons.org/licenses/by-nc/3.0/), permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited. Automated Teller Machine usage and Customers’ Satisfaction in Nigeria Odusina, Ayokunle Olumide Abstract - This paper endeavors to investigate ATM Usage and the available staff on the other hand. In another Customers’ Satisfaction in Nigeria. It was discovered that perspective, this in and out banking operation with despite the increasing number of ATM installations in Nigeria. polythene bags of money created attraction for Customers’ needs are not satisfactorily met as customers are hoodlums and thus exposed the customers to robbery. always seen on queue in large numbers at various ATM To reduce the congestion within banking halls, and in a designated centers as well as poor service delivery of some of 2014 these machine. The research engages comparative analysis bit to reduce the volume of carrying cash, banks came of three banks in Ogun State, Metropolis of Nigeria viz-a-viz up with electronic business transaction. Today, banking ear First Bank, Guaranty Trust Bank and Skye Bank. However, has developed into an era of menu-driven ultra robust Y questionnaires were distributed to the respondents. A total of specialized software programmes called banking 69 200 respondents answered the questionnaire cutting across applications. These applications can carry out virtually the three banks, the chi-square statistical tool was used to all banking functions relying strongly on information analyze the data and the results showed a positive and collection, storage, transfer, and processing. (Ovia significant relationship between ATM Usage and Customers’ 2006) Satisfaction. The consolidation and bail out exercise in the Keywords: ATM, bank, customers’ satisfaction, nigeria. Nigerian banking industry drew the attention of many I. Introduction banks to application of various technological devices in promoting/ achieving better customer service delivery utomated Teller Machine (ATM) is a product of that guaranteed customer satisfaction and translates technological development developed to enhance into increase profitability and higher return on Invest- A quick service delivery as well as diversified ment. financial services such as cash deposits, withdrawals, Globalization, left bank with no option other than funds transfer, transactions such as payment for utilities to adopt convenience of transaction to enhance ) credit card bills, cheque book requests and other C customers’ satisfaction if they really want to stay in ( financial enquiries. All financial institutions are using this business and also be profitable. Electronic Banking method/system, aggressively encouraging all their system is a brain child of ICT that made it possible for customers to take advantage of these services on the service providers and their customers in developing grounds of ease process but an unannounced financial economies to enjoy a good semblance of the services generation to the bank. enjoyed in the developed countries. It afforded banks Automated Teller Machine (ATM) is the first well the opportunities to satisfy customers which will encour- known machines to provide electronic access to age their consistence and continuous patronage. customers. With the advent of ATM, banks are able to The ATM card can also be regarded as Plastic serve customers outside the banking hall. ATM is Money; it is not only safe but convenient. The ease of designed to perform the most important function of settlement of bills has made it acceptable and important banks such as withdrawal of cash, deposits, printing of throughout the country. Virtually all banks in Nigeria mini statements settlements of bills. It does all through have introduced ATM because they want to remain an access to personal identification number (PIN), and a relevant in the sector. plastic that contains magnetic chip which the customer ATM was conventionally introduced as a means is identified through. of satisfying customers in 1989. It was installed by the In the years back, banking operation and or defunct Societe Generale Bank of Nigeria (SGBN) in the transaction was an ease process of walk-in to deposit or same year. Since its introduction, many Nigerian banks withdraw with less congestion or time consuming have installed ATM in response to the changing nature process via pass-book or cheque book. In recent time, of modern banking operation. Global Journal of Management and Business Research Volume XIV Issue IV Version I the complexity of human demand and or business Mohammed (2010) in his study opined that ATM transaction informed the influx of customers in and out deployments and its use by customers is just gaining of banking halls, which in one hand requires either the ground and it has also been characterized with some need for additional hands or stretching the services of disadvantages such as fraud perpetration, network failure in time of dire need of money, ignorance in terms Author: Abraham Adesanya Polytechnic, Ijebu Igbo, Ogun State, Nigeria. e-mail : [email protected] of services provided by ATM and large queue on ATM in ©2014 Global Journals Inc. (US) Automated Teller Machine Usage and Customers’ Satisfaction in Nigeria the designated places. The recent removal of service quality of banks services with online real time thereby charge pose another challenge, causing more patron- meticulous on choosing the bank to patronize. The age. With nearly 12,000 Automated Teller Machines, reason for the choice is mainly due to the fact that 131,000 point of sales machines, several internet pay- customers are seen to always be on queue in large ment portals and 25 million bank cards in circulation, number on these selected banks in Ogun State. the number of people with bank accounts grew from However, the recent withdrawal of ATM service 18.3 million in 2008 to 28.6 million in 2012. charge (N100) per transaction when one inter-change It is against this backdrop that this paper tends ATM and card and its implementation on 1st of March to investigate Automated Teller Machine usage and 2013 is a welcome development and this cause Customers’ Satisfaction in Ogun Metropolis of Nigeria customers to be more satisfied with ATM. with a particular reference to three (3) selected comm- Singh (2009), studied the ‘Impact of ATM on ercial banks. The motivation for this study stems from Customers’ Satisfaction’ comparatively studying three the fact that only limited empirical studies in this area banks in India conducted his research using 360 2014 have so far been carried out in most emerging respondents from the three banks, he used the F-ratio countries, particularly in Africa. Conducting research of statistics to test the difference in the customers ear Y this nature using the Nigerian environment will reduce satisfaction of the three banks. He concluded that the knowledge gap to the barest level. Material satisfaction level is the highest in State Bank of 70 The paper is organized as follows: Section 1 India, followed by ICICI and then to HDFC bank introduces the topic, sections 2 deals with literature Alabar, (2012), conducted research on ‘Electr- review, 3 with methodology while 4 and 5 deals with onic Banking Services and Customers Satisfaction in the result and conclusion respectively. Nigerian Banking Industry. He sampled 400 respond- ents of some selected banks (FBN, UBA, Access, II. Literature Review Diamond, GTB and Ecobank) across the six geo- political zones of Nigeria, Abuja inclusive. He found out Limited studies were available in the area of that Electronic Banking Services has significant influe- ATM, both in the developed and developing nations. nce on customers’ satisfaction after testing his The researchers look at some of the recent ones on the hypothesis using regression analysis. relationship between Automated Teller Machine and
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