Effectiveness of electronic banking in meeting customer needs at Centenary Bank
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Centenary Bank resorted to electronic banking as a means to provide convenient, secure, efficient, reliable and less costly services to its customers. However, this strategic decision was without shortfalls contrary to customer expectations such as the 2015 reported cases of ATM fraud, electronic system failures in service delivery and loss of clients’ money. This study therefore sought to evaluate the effectiveness of Electronic Banking in meeting customers’ needs at Centenary Bank focusing one valuating the effectiveness of three selected electronic banking services; ATM banking, Mobile banking and Electronic Funds Transfer services. A quantitative cross sectional survey design was used and primary data was collected using a self-administered questionnaire. A sample of 351 customers of Centenary Bank was considered for this study.The findings were presented through descriptive statics which indicate that majority of the customers find ATM banking at Centenary Bank convenient, secure and its service charges affordable. Furthermore many of the customers find mobile banking services convenient and affordable but they are skeptical about the security of their personal information, money and transactions. In addition to this, most customers find access to EFT services inconvenient and costly but think that money transfers and payments of goods and services using EFT is safe and protected from fraud however there is need to enhance protection of Customers personal information. The study recommended that Centenary Bank should design more security features on their services to protect the client’s information and transactions as well as boast the customer’s confidence. In addition, the bank should consider educating its bank customers about its products and develop a mechanism in which they frequently receive customer’s complaints to enhance service development.