Internet banking adoption and usage in Zimbabwean commercial banks : an analytical approach

Abstract

Technology is revolutionizing the way business is conducted in every industry and commercial world. This study aimed at analysing the adoption and usage of Internet banking in Zimbabwe. It covered issues such as various banking services available through internet banking in Zimbabwe, factors influencing internet banking adoption in Zimbabwe, factors impacting negatively on customers’ utilization of internet banking and banks’ perceptions of internet banking. Questionnaires were administered to selected banking customers and staff of commercial banks using purposive and simple random sampling techniques. Findings from the study indicate that internet banking services in Zimbabwe include checking of balances and account activity, request for cheque book and same bank funds transfer. Lack of awareness on internet banking security, accessibility, lack of familiarity, age, gender, educational level and cultural resistance are some of the factors that affect internet banking adoption among customers. Internet banking is still in its teething stage and most of the banks do not offer full-fledged Internet banking though they have plans to do so. Bankers see Internet banking as a strategic opportunity that can be used to reduce transaction costs and enhance customer service delivery. It is therefore recommended that banks develop appropriate internet banking marketing strategies that maximizes value for customers and satisfaction in the long run.