Virtual Banking Adoption And Customers' Satisfaction In Zimbabwe

INTERNATIONAL JOURNAL OF LATEST TECHNOLOGY IN ENGINEERING, MANAGEMENT & APPLIED SCIENCE (IJLTEMAS), 2023

COVID-19 pandemic has changed the way of doing business and living. In particular, banking services were not spared leading to increase in the adoption of digital banking. The study investigated the determinants of customer satisfaction of digital banking services in Zimbabwe. Privacy, convenience, ease of use, site organization, reliability and personal need were identified as determinants that affect electronic customer satisfaction of banking services and were subjected to an examination. Mixed methodology was adopted with a view to capture both qualitative and quantitative aspects of the phenomenon. A sample of 20 electronic banking customers in Harare were randomly selected. In-depth interviews and questionnaires were used as methods for collecting data. It was found that electronic customer satisfaction, ease of use, zero-rated application, privacy and reliability were the main determinants in Zimbabwe. The study recommends that when developing digital banking applications, banks should consider giving maximum attention to these determinants noted in the empirical study. Key words: Customer satisfaction, digital banking, site organisation, banking services

Technological advancements have altered the manner in which individuals conduct their personal and business affairs. This has prompted banks to realise the need to switch to online banking in an effort to increase customer satisfaction. In order to do this, banks have introduced the use of online transaction platforms to connect with their customers. Therefore the objective of this study was to find out the rate of adoption and the level of customer satisfaction with the online transaction platforms in commercial banks in Zimbabwe and how gender influences them. The study also sought to determine the factors influencing customer satisfaction in banks and how gender and age influences them. A sample of 268 customers was used. The online transaction platforms studied in this Paper were Internet banking, Automated Teller Machines, Mobile banking and Point of Sale. The study revealed that the adoption of online transaction platforms was relatively due to continued use of branch banking....

2013

This paper reports on the findings of a research that was conducted in Harare to determine the socio-demographic factors that influence internet banking adoption. The study was triggered by the fact that most banks had introduced internet banking for the benefit of both the customers and the bank but adoption of the technology had remained low. It is worth noting that the adoption of internet banking and other technologies is paramount for sustainable economic growth and development of an economy. Whilst earlier researches established factors that influence internet adoption such as ease of use, security concerns, resistance to change and accessibility among others, there was need to factor in the effects of demographics in the study. The research hypothesised that there was a relationship between internet banking adoption and educational level, occupation, age and income. Data was collected from 335 commercial bank customers using questionnaires. Data was analysed using Chi square ...

2017

Virtual banking is the provision of banking services via means other than traditional physical branches. Forms of Virtual Banking are ATM, Phone Banking, Home Banking and Internet banking. The rapid increase of Virtual Banking as a banking model has brought a new dimension to the banking industry as it has assisted in offering low cost and convenient banking solutions to the traditionally unbanked lower-end of the market through use of Internet Technology and Information Communication Technologies (ICTs).This paper shows that levels of customer satisfaction have changed due to different banking services offered through Virtual Banking. In this article author analyzed the relationship between type of banks and technology usage by customers.

Banks' external environment, including globalization and deregulations; have made the Banks highly competitive.

2013

This research paper sought to analyse the benefits and risks of electronic banking for commercial banks in Zimbabwe. A cross sectional survey was used to address the objectives and hypothesis of the study. The results revealed that e-banking in Zimbabwe has five critical success factors which are the use of e-banking for cutting costs, to enhance customer loyalty, to offer convenience, to improve profitability and competitive marketing. The study showed that the major benefits of e-banking are improved convenience to customers, cost reduction and an improvement in customer loyalty. The perceived risks of e-banking were revealed to be low levels of computer literacy, low security levels, lack of access to the internet for the majority of the population and operational problems associated with computer systems for most banks. The findings of the study imply that banks should invest more in improving customer awareness of e-banking products and reduce perceive risks of e-banking. The government and monetary authorities must improve legislation and infrastructure to encourage faster adoption of e-banking technologies.

2003

Abstract. The Internet has fundamentally changed the banking industry in South Africa by giving people more immediate control over the management of their finances. This research investigated whether a gap exists between customer expectations of Internet Banking and the satisfaction of these expectations in the virtual environment by South African banking institutions. The research was operationalized by means of a survey amongst internet banking users.

Joseph Mwenda, 2020

Technology advancement has changed how society and business is done. We are living in a global village where the needs and wants of customers are ever changing. Customers are demanding more and more quality services than before and it is no longer “business as usual” for organizations. Information sharing has exposed the modern day customer to various alternatives at their disposal. This study was conducted to investigate the impact of electronic banking as channel of service delivery at Atlas Mara Luanshya Branch. The case study aimed to investigate the low usage and adoption of electronic banking as a channel of service delivery and was guided by the following objectives: to identify the level of customer satisfaction with e-banking as a channel of service delivery, to identify the causes of low usage of e-banking, to make recommendations to management on how to improve the usage of e-banking as a channel of service delivery. Below are the factors that interacted together in this study; • How many customers use e-banking and why? • How many of these customers are satisfied with this channel of service delivery? • What are the reasons for other customers not willing to use e-banking? The study research methodology used was quantitative and it yielded several results among the few are that the ATM was the preferred channel of e-banking service by customers due to convenience to access funds. The other reasons given were that other than having known about other channels of e-banking, lack of knowledge and trust on how to use them was affecting usage. The study further revealed that low usage and adoption of e-banking at Atlas Mara Luanshya was as a result of lack of “customer trust” due to system unavailability caused by power outages and lack of knowledge on how to use these other e-banking services.

The purpose of the study was to investigate the impact of e-banking on the competitiveness of commercial banks in Zimbabwe. With the world experiencing a global electronic revolution where almost every business transaction can be done through electronic means, Zimbabwean banks have not been left out. The rise of e-banking in Zimbabwe poses a challenge on the competitiveness of commercial banks. The study focused on the impact of e-banking on traditional banks' market share growth, profitability and customer satisfaction. A descriptive design was employed and a sample of 100 e-banking customers and 100 commercial banks' staff was used in this study. The study was conducted in the capital city, Harare. Questionnaires with closed questions were used to gather primary data. The research found out that the establishment of electronic banking has brought about an increase in bank profits due to a decline in the operating costs as well as an expanded market base. The study found out that convenience of e-banking services is the major reason for customer satisfaction. The research also found out that banks have put in place strategies including increasing ATMs, integrating with mobile telecommunications firms as well as building strong customer relations as means to minimize the impact of e-banking on their performance and competitiveness. The study recommended that commercial banks should expand their services to remote areas such as the rural areas.

International Journal of Marketing and Business Communication, 2017

Purpose: The aim of the present paper was to identify current customers of e-banking by predicting their intention to use and its acceptance and impacts on customer satisfaction in selected banks of Ethiopia. Research philosophy and approaches: The philosophy of this research was positivism philosophy and the approach of this research is a deductive approach, the type of the research was quantitative type/ cross-sectional survey design. Design/methodology: The design of this study was conclusive/inferential research design. Data was collected from a self-administered survey from selected banks of Ethiopia. Exploratory Factory Analysis (EFA) by using SPSS 16 and Confirmatory Factor Analysis (CFA) by using AMOS 21 in order identify the factors those affect e-banking adoption. Finally, SEM analysis was done to check the impact of TAM (technology acceptance model) on customer satisfaction. Findings: Perceived ease of use and perceived usefulness were significantly influences the intentions of electronic banking users, intentions of Electronic Banking were significantly influences the Actual usage of Electronic Banking Services and lastly actual usage of electronic banking affect customer satisfaction Research limitations/implications: Sampling issue (researchers select only five banks' customers (Commercial, Wogagen, Dashen, Zemen Bank, and Nib International Bank of Ethiopia purposively) but these five banks are not the only banks to provide e-bank services in Ethiopia); there are other banks as well in Ethiopia. As a result, the analytical results presented here thus may have limited generalisability and care should be taken when generalising the findings of this study. Originality/value: This paper was a pioneer study of satisfaction with electronic banking adoption, especially of the relationships between Technology adoption factors with and its impacts on customer satisfaction