Consumer Epiphanies on Digital Banking Resilience in Developing Countries. Reflections from Zimbabwe

Abstract

This study focuses on understanding the perceptions of customers towards digital banking in the context of a developing country. The study aims to identify digital banking platforms used by consumers in the banking sector, analyse key factors that determine customers' perceptions towards digital banking, evaluate consumer satisfaction levels when using digital banking, determine the challenges that consumers face when using digital banking and proffer solutions to these challenges and recommendations that enhance the overall consumer experience when using digital banking. The study was rooted on the Technology Acceptance Model and adopted a qualitative approach. Structured face to face interviews were conducted on purposively selected bank customers in Harare and data saturation was reached on the 34th interview. The findings revealed widespread popularity of digital banking services amongst bank customers because of its convenience and accessibility. However, most customers shun digital banking because of a lack of technical knowledge and awareness, data privacy and security issues, network connectivity issues and high transaction costs. The study recommended that banks could put in place measures that encouraged the use and adoption of digital banking services such as consumer digital banking awareness programmes, improved biometrics to ensure security and privacy, reduced transaction costs and improved digital infrastructure.