Financial technology implementation challenges in the banking sector

Author

Mugoniwa, Godknows.

Title

Financial technology implementation challenges in the banking sector

Abstract

This study focused on the assessment of financial technology implementation challenges in the banking sector using a case study of the Commercial Bank of Zimbabwe. The objectives of this research were; to assess the financial technology implementation challenges in the banking sector, to assess the technological advancements in the banking sector, to clarify the roles of financial technologies in the banking sector, to recommend strategies to improve the use of financial technologies, to explore the benefits of financial technology implementation to the customers. The study used a descriptive research design and 80 respondents were selected using systematic random sampling. Data was collected by the use of questionnaires interviews and service reports. With the use of tables and graphs, the collected data were presented for analysis. Findings showed that technological advancement is of prime importance in the service delivery of retail banks as technologies ease the operations resulting in efficient and effective service delivery. The study concludes that the financial technology implementation challenges faced were legal and security issues, lack of mobile and technology expertise, internet connection problems, fear of change, and lack of resources.
The study recommends that banks should continually train their employees who will, in turn, pass the knowledge to their customers, therefore dealing with the issues of illiteracy, negative reception, and lack of customer awareness. Banks should also collaborate with internet service providers to gain high-quality internet infrastructure to enable the banks to offer better quality services and at the same time enhance internet accessibility.

Date

December 2023

Publisher

BUSE

Keywords

Financial technology,

Internet infrastructure,

Digital literacy,

Supervisor

Ms. Towo,