A strategy to enhance consumer trust in the adoption of mobile banking applications

Abstract

Despite the popularity of mobile banking applications among banks and a phenomenal increase in Commercial Bank of Zimbabwe (CBZ) customer base of 206.6% since 2009, uptake of mobile banking applications has remained deplorably low with CBZ Touch mobile application recording a meagre 8% uptake by 2018. This study sought to determine security, trust and other factors that affect the adoption of CBZ Touch banking application; and then establish a strategy to improve uptake of the application among users. Four-hundred structured, five-point Likert scaled, and self-administered questionnaires and five semi-structured interviews were delivered to conveniently sampled CBZ Touch users. A 60% response rate was recorded. Findings indicate that users do not consider security threats and their consequences as highly probable but are much alive to the social influence, usefulness and cost of the mobile banking app. Though customers of CBZ Touch trust the use of mobile banking app, they are not satisfied with the app and are sceptical about the effectiveness of such apps to meet their banking needs. CBZ has to improve the quality of the mobile banking app, market their app to potential users and regularly update customers on pertinent security threats and security mechanisms. This study proposes a strategy to enhance adoption of CBZ Touch mobile banking app.

Keywords:

• strategy
• technology adoption
• trust
• mobile technology
• Technology Threat Avoidance Theory

Acknowledgement

The authors would like to appreciate and acknowledge the immense contribution to this work by our late colleague Nhlanhla Sibanda, who worked tirelessly when this paper was being crafted, for, without him, this work may not have been a success. He went to be with the Lord when this work was being finalized. Thank you Nhlanhla Sibanda, You have fought the good fight, You have finished the race and You have kept the faith. 2 Timothy 4:7–8

Disclosure statement

No potential conflict of interest was reported by the authors.