An Evaluation of the effects of electronic banking on customer satisfaction in Cameroon, with particular reference to the customers of United Bank for Africa
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In the light of the recent financial crisis and global economic recession, leaders of financial institutions are under additional pressure not only to maintain customer satisfaction but also to maintain market leadership. Consequently, the objective of this study was to evaluate the effects of electronic banking on customer satisfaction in Cameroon. Today’s banking situation demands continuous innovation in order to meet the yearnings and aspirations of the ever-demanding customers. Hence, banks need to roll out new products and services quickly and effectively, using the latest cutting-edge technology. One of the benefits banks derive from electronic banking products and service delivery is improved efficiency and effectiveness of their operations so that more transactions can be processed faster and more conveniently, which will undoubtedly impact significantly on the overall performance of the banks. The customers, on the other hand, stand to enjoy the benefits of quick service delivery, reduced frequency of going to banks physically, and reduced cash handling. However, these developments in the Cameroonian banking industry seem not to have achieved their aims. Queues are still seen in the banking halls; bank customers still have many problems with the e-banking products that are available in Cameroon. The problem here is: are customers really enjoying these services? The empirical analysis shows that the level of satisfaction of customers with the e-banking facilities of UBA is quite high and can be explained by factors such as the level of affordability, trust, security, convenience, confidence, time-efficiency, and flexibility in the management of finances. This study looks at all the above among 400 properly filled and returned questionnaires of e-banking customers of UBA, Limbe. The study employed descriptive statistical tools such as tables, pie charts, and frequency charts, and percentages as well as inferential tools, especially the chi-square test of association. The results of the study implied that the majority of the customers are young, educated, salaried, and businessmen and women actively using the service of e-banking. The findings reveal that majority of the customers of UBA have a generally good perception of the bank’s e-banking services, especially from the perspective of its being secure, convenient, effective, time-saving, making flexible and effective transactions and management of finances trustworthy. Furthermore, the results of the study showed that most UBA customers make use of the bank’s e-banking products for three major reasons: ease of use, ability to reduce transaction time, and security and accessibility. More so, it was found that the e-banking service with the highest level of customer satisfaction is SMS alert, followed by ATM machines, with the least being point of sale (POS) but also that there is a higher level of customer satisfaction when the e-banking products are combined than when used in isolation.