An assessment of the effectiveness of e-banking security strategies in Zimbabwe: The case study of Stanbic bank Zimbabwe

Abstract

The general direction of literature is that effective e-banking security strategies result in improved organisational performance by increasing market share through building customer’s trust and confidence in the privacy and confidentiality of the services provided. It is quite important to note that this research aims at assessing the effectiveness of e-banking security strategies in use in a Zimbabwean organisation, thus after the literature review on e-banking had been confined to other parts of the world.The study is hoped to fulfill academic gaps in terms of literature on the subject in Zimbabwe and to research information to benefit the corporate world. This research was based on a single case study design of the Stanbic Bank.

In carrying out the study, the researcher used personal interviews and the audience group included Chief Executive, Finance Director, Head IT, five unit managers and two unit officers. Furthermore the research was elaborated using the qualitative philosophy whilst data displays in form of content analytic summary tables were used to analyse primary data gathered. Moreover gathering depth information from the respondents was done through the use of unstructured questions. The study concludes that Stanbic bank is using effective e-banking security strategies and is constantly researching on more effective security strategies with the aim of eradicating fraud. The organization faced challenges on implementation emanating from the lack of finance and skills. The other obstacles were the legal issues surrounding regulation of adopting the strategies before implementation and misinterpretations of security messages due to lack of communication. In view of these findings this study recommends that Stanbic bank should send its employees for education and training on e-banking security so that they acquire necessary skills and expertise. It is also recommended that the organization should invest in continuous research and development on up to date e-banking security and ensure that relevant infrastructure is a prerequisite for the successful implementation of security strategies.