CHAPTER ONE: PROJECT PROPOSALIntroduction Electronic banking has become an important part in the banking sector in Zimbabwe’s economy, it increases the efficiency in rendering services to customers. At the emergence of global economy e-business has become necessary in the business strategy and speed up economic growth and development in the country. Electronic banking has become famous because of its flexibility, speed, convenience and accessibility. It also provides benefits like easy transfer of funds, onlinepurchasing, speed transaction with less cost and it time saving.

In recent years, the adoption of e-banking began to occur quite extensively as a channel of distribution for financial services due to rapid advances in IT and intensive competitive banking markets (Mahdi and Mehrdad 2010;Dube, et. al .2009). Goi 2005 refers to e-banking as a technological innovation that contribute to the distribution ofchannels of banks, with the advent of e-banking technology has been driven by changes in thedistribution channels as evidenced by automated teller machine (ATM), tele – banking, PC banking and most recently internet banking (chang, 2003).

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Electronic banking is the term used for new generation banking system; it is also called online banking which is an outgrowth of PC banking. Electronic banking uses internet as the delivery channel by which to conduct banking activity such as transfer funds, paying bills, e-transact, paying mortgages and purchase of financial instrument (Mohammed et al 2009). Electronic banking as contributed in increasing the efficiency of banking operations as well as providing more convenience to customers even without interacting face to face with the bankers. E-banking has experienced volatile growth and has transformed traditional practices in banking (Gonzalez, 2008).Electronic banking comes with a lot of advantages, it allows customers to view their accounts, make payments and manage their accounts anytime. Consumers are usually drawn to a product or service that is convenient, comfortable and cheap. Al-Sukkar and Hasan (2005), asserts that with the help of online banking services, they are lower banking fees, reduction in paper work and human error. Customer satisfaction is improved and there is a reduction in the number of people visiting the banks and this will minimize queues in the branches. Electronic banking is a powerful tool driving development and supporting growth in the Zimbabwe’s economy through the nature of product and services and the way these are packaged, delivered and consumed. Banks and other business are turning to electronic commerce (e-commerce) to improve business efficiency and attract new customers (Kannabiran and Narayan, 2005). With e-banking banks are able to improve their customer relations and as well as expanding their activities. Electronic banking is smart and interactive as it usually provides auto-solutions and troubleshooting functionalities. It also saves a lot of time and effort as there is no need to go to a branch of bank and perform transactions. This research will be conducted to explore the extent to which internet banking is used by Zimbabwean customers in their daily transactions with banks. Could internet banking be diffusing at a slow pace in Zimbabwe? What are the levels of acceptance of internet banking in Zimbabwe? The researcher would also want to find out the factors that affect the acceptance of internet banking by customers in Zimbabwe.Background of studyBanking industry in Zimbabwe today is in the midst of an IT revolution. Before the emergence of modern banking system, banking operations were done manually which led to a slowdown in settlement of transactions. This manual system involves posting transactions from one ledger to another by human beings and due to changes in technology, e-banking evolved. Even though Zimbabwe did not embrace electronic banking early compared to developed countries, this concept has gained recognition in the microfinance industry and it is considered as a means of gaining competitive advantage (Muriuki, 2009).With the introduction of e-banking, financial institutions are investing more on providing the customers with the new technologies such as personal computer (PC) banking, mobile banking, automated teller machines (ATM), electronic funds transfer, account to account transfer, paying bills online, online statements, credit cards among others. This mode of banking is considered as complimentary delivery channel for services rather than a substitute for the brick and mortar banking branches. It is envisaged that a host of benefits ranging from regulation, operational costs, accessibility of services will accrue to the institution and customers that adopt the technology which will in turn impact on the firm’s financial performance.Ndlovu, I and Sigola, M (2013), analyzed the benefits and risks of internet banking for commercial banks in Zimbabwe. The findings of this study also indicated the major benefits of e-banking as improved convenience to customers, cost reduction and an improvement in customer loyalty. However internet banking just like any technology used by banks and other financial intermediaries opens avenues for threats as well. It may open the door for identity theft and other forms of malfeasant behavior that sometimes characterize e-banking transactions. These risks may be operational, legal risk, reputation and transaction. My research is different from the research done by Ndlovu and Sigola in Zimbabwe because they concentrated on finding out the risks and benefits of e-banking. In this research I want to find out the effectiveness level of internet banking, the acceptance level of internet banking and to identify the factors that affect the acceptance of e-banking in Zimbabwe. The findings of my research will help bank managers to make decisions on how they can encourage their customers to use internet banking.Statement of the problem The adoption of e-banking in everyday transaction of customers by banks has been a success but the problem still prevails as the acceptance rate is still low. According to Daniel, (1999), more developed service is one that provides customers with the opportunity to gain access to their accounts and executes transaction or to buy products online via the internet. Through e-banking, banks main aim is to satisfy existing customers and also attract new customers. In recent years, the adoption of E-banking began to occur quite extensively as a channel of distribution for financial services due to rapid advances in information and communication technology and intensive competitive banking markets. The customer’s profiles are also changing and they are drawn more to products and services that offer more convenience. This dynamism of the banking environment is posing a lot of challenges to all banks. Tan and Teo (2000) note that the challenge to expand and maintain banking market share has influenced many banks to invest more in making better use of the Internet. The emergence of e-banking has made many banks rethink their strategies in competitive markets.Banks’ external environment, including globalization and deregulations; have made thebanks very competitive. They need to consider other ways of maintaining and attractingcustomers. It has become necessary for banks to use of technology to respond to their continuously changing requirements. According to The Banking Survey 2009 in a local business and finance journal Market Intelligence, customers are not entirely satisfied with the quality of service provided by commercial banks in Zimbabwe. Queuing time is considered reasonable at ATMs but too long in banking halls. The decline in the quality of banking services may be attributed to the fact that there has been an increase in the number of banking transactions. It is frequently reported that the grievance handling processes in the banks are not adequate enough to address the issues to fully satisfy the customers. This study is designed to evaluate e-banking strategy adopted by commercial banks in Zimbabwe and its impact on their performance. Research QuestionsWhat impact has electronic banking strategy brought on the performance of commercials banks in Zimbabwe?To what extend do customers use internet banking in their daily transactions with a bank?What are the challenges faced by customers in using internet banking? What steps are being taken by bank authorities to ensure usage of internet banking in Zimbabwe?Research ObjectivesTo determine the impact of electronic banking strategy on the performance of commercial banks in Zimbabwe.To explore the extent to which customers use internet banking in their daily transactions with a bank.To investigate the challenges faced by customers in using internet banking.To find out the steps taken by bank authorities to ensure usage of internet banking in Zimbabwe.Statement of hypothesisH0: that internet banking will have a positive impact and will be effective on the performance of commercials banks in Zimbabwe.H1: that there is high acceptance of internet banking by customers in Zimbabwe.Justification of the researchUpon completion, this research will show the level to which electronic banking in Zimbabwe have adopted the use of Information Systems for marketing and how their use can be improved for maximum benefit from their use. To the banksThe research will provide important information to the banks on e-banking usage levels and challenges faced by the bank customers. It will also add competitive advantage over competitors by helping the bank bring strategies that can be used to encourage the use of e-banking. 1.4.2 To Great Zimbabwe University The university stands to benefit from the findings of the study as information usable for academic studies and reference.Other researchers from the university, studying the same or related topics will use the document as a point of reference. 1.4.3 To the researcherResearch is a platform by which the student undertaking it can apply theoretical knowledge learnt during classes, and get the opportunity to see how it works in the real field.The researcher also gets the chance to sharpen research, analysis and evaluation skills.This platform also gives the foundation for future research studies.MethodologyThese are the ways I will use to collect information for my research, as well as analyzing my data. The researcher will use a descriptive study which has both qualitative and quantitative research methods and decided to use realism ontology (paradigm) because it allows the use of both quantitative and qualitative method to form methodological triangulation.AssumptionsThe sources used for the gathering of information used in the research provided true and accurate information.Documents such as questionnaires and methods such as interviews were responded to by the relevant respondents intended without fail.All respondents provided correct information to the best of their ability.Delimitations of the studyThis research is going to be limited to banks in Zimbabwe. Marondera urban is the geographical area from which the information is collected. This research seeks to investigate the effectiveness and the acceptance of the e-banking functionality in Zimbabwe only ignoring the other factors and fields. This research will use data from 1990 to 2014 because this is when the e-banking functionality was introduced in Zimbabwe. . 1.8 Limitation of the studyThe research will be prone to so many challenges and the major contributing factor is lack of resources which range from financial requirements of the study such as traveling, internet cost and stationery. To overcome this challenge, the researcher will have to exercise prudent budgeting and financial discipline. Time affects also, though I will sacrifice to work over the weekends and also after hours.1.9Thesis This research consists of five chapters. In the first chapter the background of the problem and the statement of the problem are given. The research questions and objectives of the research are also clearly stated in the first chapter of the research. The second chapter, Chapter 2, reviews the literature related to disruptive technologies. The conceptual, theoretical and empirical frameworks are given. This chapter clearly defines the concept of disruptive technologies. Chapter 3 discusses the research methodology that will be used, and the procedures that will be followed for collecting and analysing data. In chapter 4 the findings of the research will be discussed. The presentation and analysis of results will be done in this chapter. The last chapter, chapter 5 concludes the research by giving a summary of the main findings, the limitations of the research and future research suggestions are also discussed in this chapter.1.10 Time frameThe Gantt chart below shows the proposed timeline to carry out the research. Activity April May June July Aug Sept Oct NovProblem Identification Objectives, Questions, Designing Research Research Proposal writing and submission Literature Review Writing Designing Questionnaire Conducting Interviews Documents Review Data Analysis Conclusion and recommendation Writing of final draft Submission of Research Fig 1.1 Gantt chart1.11ConclusionThe chapter has successfully looked at the background information, the research objectives and questions, the hypothesis, justification of the research, assumptions and limitations.In the next chapter the researcher will focus on review of related literature which helps to highlight contributions that have been made by other scholars and researchers on electronic banking.

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