Impact of Product Innovation and Technological Innovation on Organisational Performance: Evidence from Nigerian Money Deposit Banks

The performance of deposit money banks is critical to economic stability and growth, especially in a rapidly evolving financial sector.However, in recent years, many deposit money banks in Osun State have been grappling with challenges such as increased competition, regulatory changes, and shifts in customer preferences.These issues have pressured banks to explore innovative strategies to maintain and enhance performance.Therefore, the impact of product and technological innovation on organisational performance in Osun State deposit money banks was examined.The study population comprises 1356 staff of selected money deposit banks, of whom 331 were sampled.A survey research design approach was used, and questionnaires were used to gather the data analysed, with the use of descriptive and regression statistics method of data analysis.Findings revealed that product innovation significantly affected organisational performance (R 2 = 0.243 p < 0.05).Further, technological innovation significantly influenced organisational performance (R 2 = 0.434, p < 0.05).This study concluded that product and technological innovation significantly enhanced the organisational performance of money deposit banks in Osun State.Based on this conclusion, the study recommended that banks prioritise new product development and improve existing products.Also, banks should prioritise investments in technology and digital transformation to enhances their performance.