Effect of Innovation on Business Sustainability in Guaranty Trust Bank Plc, Area 3 Branch, Garki, Abuja

Abstract

This study examined the effect of innovation on business sustainability, using Guaranty Trust Bank Plc, Area 3 Branch, Abuja. The study adopted a survey research design. The study used the entire staff of Guaranty Trust Bank Plc, Area 3 Branch, Abuja, Nigeria as the population of the study which is 192 as the sample size. The data for the study was collected from the respondents who are staff members of the branch. The study utilised primary qualitative data which was converted to quantitative data using five-point Likert scaling. The study used correlation and regression analysis with the aid of statistical software package of SPSS version 25.00. The findings showed that there is a significant relationship between innovation and business sustainability of Branch. This implies that innovation (process innovation, organisational innovation and technological innovation) contribute significantly to business sustainability (business survival) of Branch. The study, therefore, recommended that the Branch of the Bank should continue in adopting innovation by investing more on commercial activities, research and development as well as new skills and methods of serving the customers since they are statistically significant to achieved business sustainability in the organisation.