The Role of technology in financial crime prevention: a case study of Zimbabwe’s banking sector.

Abstract

This study sought to investigate the extent to which technology is used in preventing financial crime at CBZ holdings and FBC holdings. The study was triggered by the occurrence of financial crimes even with increased expenditure on the development and adoption of technology systems. The study design was a mixed methods case study. Fifty questionnaires were distributed to bank employees and ten semi-structured face-to-face interviews were conducted with bank employees. Questionnaires were analysed using descriptive statistics and interview data through thematic analysis. The results show that rule-based systems were predominantly used as opposed to artificial intelligence and machine learning which were the least utilized. Implementation challenges included false positives, high capital expenditure, lack of synergy between the banking sector and lack of effective staff training. Conclusion is that it is not only technology that will curb the occurrence of financial crime in banking institutions but there must also be corresponding human capacity and appropriate institutional structures. The researcher recommends the increased investment of advanced technology in banking and staff training as well as improved coordination with FIUZ.