A working model for enhancing customer experience through digital payments: a case study of Stanbic Bank Zimbabwe

Abstract

This research sought to address the limited adoption of digital payments at Stanbic Bank Zimbabwe by formulating a model to improve customer experience via digital payments. The study focused on several key objectives that include assessing the current state of digital payment systems, investigating the impact of digital payment adoption on efficiency, exploring factors influencing customer adoption, and developing a model for enhancing customer experience. The theoretical framework of this study was grounded in the Technology Acceptance Model (TAM) and the Service Quality Model, which provide a systematic approach for understanding customer behavior and enhancing customer experience through digital payments. The research employed an interpretivist research philosophy, a qualitative research approach, and a case study research design to explore the enhancement of customer experience through digital payments at Stanbic Bank Zimbabwe. The target population included top management, customers, and key stakeholders, with a sample size of 25 participants determined through saturation sampling. Purposive and convenience sampling methods were utilized to choose participants, and data collection was conducted via comprehensive interviews. Thematic analysis was used to interpret the findings, providing deep insights into the factors influencing customer experience with digital payments. Strict Ethical protocols, including obtaining informed consent, maintaining confidentiality, and adhering to research ethics, were strictly adhered to throughout the study, ensuring the trustworthiness and truthfulness of the findings. The study findings highlighted that offering a diverse range of digital payment platforms, investing in technology, and addressing factors such as convenience, security, trust, and usability are key to driving adoption and enhancing customer experience. The proposed model for enhancing customer experience through digital payments at Stanbic Bank integrates personalization, continuous improvement, ease of use, seamless integration, and customer engagement. This holistic approach aims to meet individual customer needs, drive innovation, prioritize user-friendly interfaces, ensure seamless transactions, and foster active customer engagement. The study recommended that by offering an expanded range of digital payment platforms, investing in technology, providing robust security measures, building trust with customers, offering incentives, providing educational campaigns, ensuring user-friendly interfaces, and fostering customer engagement, Stanbic Bank can differentiate itself in the digital banking landscape, ensure customer loyalty, and focus on the uptake of digital payment channels effectively.