Virtual Banking Adoption And Customers’ Satisfaction In Zimbabwe

Abstract

Virtual Banking is a new phenomenon emerging in the Zimbabwean banking
sector. It has assisted in offering low cost and convenient banking solutions to the traditionally unbanked lower end of the market through the use of internet technology and Information Communication Technologies (ICTs). The rivalry among players in the financial services sector has given birth to such innovative banking solutions. Literature revealed that Virtual Banking has many benefits compared to branch banking. The research used random sampling focusing on commercial banks customers and employees across the banking sector. Primary data were collected using questionnaire for this descriptive research. The study revealed that education, age and income play an important role in Virtual banking adoption by customers. It recommended that the banking sector should fully recapitalize itself, acquire the latest Information and Communication Technology and partner with key stakeholders to form formidable business ecosystems.