Addressing the Low Usage of Online Banking Platform by the Corporate Clients in Zambia’s Commercial Banks Based on the TPR Model

Abstract

The use of Online banking platform is important to both the Banks and the Users. However, client usage is still very low despite the Bank of Zambia's intervention to reduce on the High Item Value Limit and the Commercial banks' investments on Dig-ital platforms to support the cause. To address the low usage of Online Banking by Commercial Banking clients, the researcher has used the Conceptual Model of the Theory of Perceived Risk (TPR) and Technology to unpack the root cause. To test the conceptual model, the researcher collected data from 287 respondents using an online questionnaire designed on the Kobo toolbox. Respondents participated through extensive personalized email invitations as well as posting the hyperlinks to WhatsApp groups. The results support relationships of the Theory of Perceived Risk, such as, Time Risk, Performance Risk, Social Risk, Financial Risk, Security Risk and Behavioural Intention as having a positive significant effect on the Usage of the Online Banking. This study has also shown the different factors that hinder the growth of the Online Banking platforms in Zambia with respect to the Corporate Clients, which includes Cyber theft and fraud, Internet Challenges, Lack of Trust and Unstable Systems. However, Sensitizations and advertisements, Good Customer care, Integrated User-Friendly Apps, Royalty Programmes and Continuance Client Training have been cited as some of the major factors that can be rigorously used to promote Online banking.