An Empirical Assessment of Success Factors Boosting Zimbabwean Banking Consumer Confidence

Andrew Mwatetsera; Maxwell Sandada; Tinashe Chuchu; Eugine Tafadzwa Maziriri

doi:10.14414/jebav.v24i3.2575

Authors

Andrew Mwatetsera University of Zimbabwe
Maxwell Sandada University of Zimbabwe
Tinashe Chuchu University of the Witwatersrand
Eugine Tafadzwa Maziriri University of the Free State

DOI:

https://doi.org/10.14414/jebav.v24i3.2575

Keywords:

Consumer confidence, Financial services, Success factors, Zimbabwean banking

Abstract

Consumer confidence is a crucial factor determining a bank's performance. This study examines the key success factors for increasing bank customer confidence in Zimbabwe. Three research objectives were set and explored using a quantitative survey approach with a sample of 426 bank employees and customers to establish the critical success factors for restoring consumer confidence in Zimbabwe. The critical success factors to restore consumer confidence in the banking sector in Zimbabwe are found in this current study using Exploratory Factor Analysis (EFA). The results indicated that the essential factors of success to be implemented to restore consumer confidence in banks in Zimbabwe are customer satisfaction, location and convenience, product range or size of the bank, digitalization of the processes, service culture, bank relationships, and market position of the bank. The study recommended that the banking and financial services sectors in Zimbabwe should offer more customer satisfaction-driven products, improve the product range, be available in different locations and offer convenient services to the customers. These should be coupled with prompt handling of customers' complaints through different channels and digitalization of the banking processes to enhance banking relationships and restore consumer confidence.

Author Biographies

Andrew Mwatetsera, University of Zimbabwe

Andrew Mwatetsera is a student at the University of Zimbabwe.

Maxwell Sandada, University of Zimbabwe

Maxwell Sandada is an Associate Professor at the University of Zimbabwe.

Tinashe Chuchu, University of the Witwatersrand

Dr Tinashe Chuchu is a Senior Lecturer in the School of Business Sciences at the University of the Witwatersrand.

Eugine Tafadzwa Maziriri, University of the Free State

Dr Eugine Tafadzwa Maziriri is a Senior Lecturer at the University of the Free State.

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