The Effectiveness of electronic banking security strategies

Author

Mutingwende, Tafadzwa

Title

The Effectiveness of electronic banking security strategies

Abstract

The main aim of this study is to determine the effectiveness of electronic banking security strategies, whereby a case study of thirteen (13) commercial banks in Zimbabwe were interviewed. The study determine the Electronic Banking security strategies that are currently executed by Commercial banks in Zimbabwe, to describe the integrated banking systems on security strategies as well as to predict the effectiveness of Electronic Banking security strategies executed by commercial banks in Zimbabwe. Descriptive research design was used to determine facts concerning the nature of electronic banking security strategies. Of the Fifty-two (52) distributed questionnaires, only Twenty-six (26) respondents from thirteen (13) commercial banks have managed to complete questionnaires. After the collection of the data questionnaires and interviews, it was then analysed by Statistical Package for Social Sciences (SPSS) and the Excel inform of pie charts, tables and bar graphs. The study observed the following strategies; encryptions, virtual keyboards, passwords, firewalls, secure socket layers, personal identification number (PIN) and access codes were incorporated. From the main study, it was observed that the mainstreams of commercial banks were using between Three (3) and four (4) Electronic Banking security strategies. All security strategies being incorporated by commercial banks in Zimbabwe are tenant on either one of the Integrated Banking System application namely Primsoft, Globus, Equation and Flexcube. Thus, the relationship exists between electronic banking security strategies and the Integrated Banking System. Conclusion of the study findings proved that electronic banking security strategies incorporated by commercial banks in Zimbabwe are effective. The study went on to recommends that, Commercial banks should engage in regular environmental scanning in order to keep up-to-date environmental changes and they should continue educating their customers on security issues to alleviate the aspects that distresses the effectiveness of electronic security strategies

Date

2022

Publisher

BUSE

Keywords

Electronic banking

Security strategies

Supervisor

Mr Chaparadza