An Analysis of the Role of Social Media on the Adoption of Internet Banking by University Students in Zimbabwe

Abstract

The aim of the study was to analyse the role of social media on the adoption of internet banking by university students in Zimbabwe. The study adopted a sequential explanatory research design with the goal of using mixed research approach. Purposive sampling technique was adopted. A sample of 450 university students studying qualifications ranging from certificates to master degrees were selected from two (2) public universities and two (2) private universities in Zimbabwe. Data was gathered using questionnaires which were distributed to 450 university students. The study revealed, through a Chi Square test that there was a relationship between social media messages and videos on internet banking accessed by university students per day and adoption of internet banking by the university students. The study also found university students frequently check out videos on internet banking sent and uploaded on social media platforms by the banks. The study found that the effects of social media on adoption of internet banking by university students are that social media friends of the students have approved use of internet banking products, banks provide advice on internet banking using social media, videos and messages which are easy to understand, banks frequently give updates on internet banking issues using social media and banks also share latest technologies through social media. The study revealed that banks are slow at responding to internet banking queries raised by students in various social media platforms. The study recommends that banks should be very alert on social media and quickly respond to their customers’ messages. Banks should carry out some training online workshop for their clients who use Facebook so that they can understand the needs of the customers and make their products easy to understand.