Measuring the adequacy of management strategies influencing customers' adoption of e-Wallet services at First National Bank.
Motlhala, Kabelo Tsholofelo.
MetadataShow full item record
The vision of First National Bank (FNB) is to make eWallet the standard way for individuals to send each other money and store value in South Africa and in emerging markets where FNB operates. FNB has challenges in influencing the adoption of eWallet by customers to realise economies of scale. The focus of this research involved measuring the adequacy of management strategies influencing customers’ adoption of eWallet at FNB in South Africa. In order to achieve the aim, the study investigated the management strategies that were used to influence the customers’ adoption of eWallet. The research established the extent to which organisational, technological, strategic and functional factors were used to influence the customers’ adoption of eWallet. The researcher collected quantitative data and adopted the positivist perspective since it advanced prevailing theories, established research questions from theories and utilised questionnaires to quantify variables. The study was descriptive in nature and the utilisation of surveying was deemed the most efficient strategy. The entire reachable target population for this study constituted 654 FNB managers in South Africa who work directly with the management strategies influencing customer adoption of services. The population size reduced to 490 at the point of administering the questionnaire. The study employed non-probability sampling in targeting managers who work directly with the management strategies influencing customer adoption of services. Based on the total accessible target population, a 250 sample size was selected randomly utilising the stratified random sampling technique to eliminate bias in the selection of participants. Of the 250 questionnaires emailed, 209 were returned, constituting an 84% return rate. The study found that FNB made efforts to resolve eWallet customer concerns, however, FNB has challenges in studying behavioural factors influencing customers’ adoption of eWallet. It was found that employees were trained on how to market eWallet, however, the challenge was enhancing eWallet operating skills in the general public. FNB also has challenges in providing civic education to the public on the benefits of using eWallet. The recommendations were that FNB should enhance eWallet operating skills in the general public; consider providing civic education to the public on the benefits of using eWallet; and ensure that there is infrastructure in the rural populations where eWallet money is cashed. The researcher perceives the significance of further investigations on similar topics for FNB, such as, investigating the level of management competencies required for managers in influencing customers’ adoption of eWallet at FNB in South Africa.