Strategies to enhance customer perceptions in the Zimbabwean banking sector: a case of ZB Financial Holdings

Abstract

This study sought to explore strategies to enhance customer perceptions in Zimbabwe’s banking sector, and a case of ZB Financial Holdings (ZB FH) was used. The research aimed to examine questions such as how customers perceive the current level of service, factors affecting the perceptions that clients have, assessing the gaps between customer expectations and the current service, and strategies that will cover the gaps, ultimately improving customer experience so that there will be a positive view towards conventional banking services the negativity that has been historically caused by lack of trust, political instabilities, and policy inconsistencies. Literature was reviewed theoretically, and frameworks that describe customer perceptions and experiences were looked at, such as the Expectation Disconfirmation theory, Service quality theory, and the Customer Experience theory. A conceptual framework was developed to show the dependent and independent variables between perceptions, actual service, and the gaps between them. A qualitative study using a mixed-methods research design was conducted, and the study's population consisted of about 345 000 ZB FH clients, of which 200 were selected as a sample from Harare’s 10 branches to observe the data saturation principle that highlights that data collection continues until no new information is gathered and saves time and resources. A questionnaire served as the primary instrument, and an interview guide served as the secondary instrument. A response rate of 96% was obtained on all instruments. The findings indicate that staff responsiveness, service reliability, and digital platform accessibility have an impact on customer perceptions. Customers expressed concerns about long queues, system downtimes, and a lack of clear communication regarding bank charges and some transaction fees. Based on the findings, several strategic recommendations are proposed, such as continuous staff training and development, upgrading branch facilities and ambiances, improving digital banking services, and implementing personalized customer engagements so that ZB FH strengthens customer perceptions and gains a competitive advantage amid Zimbabwe’s challenging economic environment.