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Factors Driving the Adoption of E-banking Services Based on the UTAUT

Model

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DOI: 10.5539/ijbm.v14n6p43

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 International Journal of Business and Management; Vol. 14, No. 6; 2019
ISSN 1833-3850 E-ISSN 1833-8119
Published by Canadian Center of Science and Education

Factors Driving the Adoption of E-banking Services Based on the

UTAUT Model
Gladys Chikondi Daka1 & Jackson Phiri2
1
Graduate School of Business, University of Zambia, Lusaka, Zambia
2
School of Natural Sciences, Department of Computer Sciences, University of Zambia, Lusaka, Zambia
Correspondence: Gladys Chikondi Daka, Graduate School of Business, University of Zambia, Lusaka, Zambia.
E-mail: [email protected]

Received: March 10, 2019 Accepted: April 23, 2019 Online Published: May 16, 2019
doi:10.5539/ijbm.v14n6p43 URL: https://doi.org/10.5539/ijbm.v14n6p43

Abstract
E-banking has become one of the most popular methods that has experienced considerably great attention in the
financial services studies in the last few years. E-banking enables customers of the bank to conduct a range of
financial services via the internet portal. It provides a solution in driving formal banking services uptake in the
most cost-effective way, it has great benefits to both the customers as well as the banks i.e. convenience, cost
reduction, ease and is an effective marketing tool. This research was conducted to determine the underlying
factors that drive the adoption of e-banking services based on the UTAUT model and to recommend solutions
that will address the identified underlying factors. A baseline study involving 313 respondents was undertaken
with the sample consisting of Clients from the top five (5) banks in Zambia with the best digital capabilities.
Questionnaires were administered to these Clients through purposive sampling to get information on their views
on Internet banking services. Data was analysed using SPSS descriptive analysis. The results of the study
revealed that the UTAUT factors; performance expectancy (PE), effort expectancy (EE), facilitating conditions
(FC) and behaviour intention (BI) have a significant impact in the adoption of e-banking services. Social
influence (SI) was non-significant to the user’s intention to adopt e banking services.
Keywords: factors, adoption, E-banking, UTAUT model
1. Introduction
Technology has not been fully accepted as another economical way of doing banking by bank Clients in Zambia
(Nuwagaba & Ngoma, 2014). Forty -one percent (41%), above three and a half million (3.5m) million Zambian
adults are financially excluded, meaning these people do not have the capacity nor the ability to access financial
services/products. Digital platforms provide an opportunity to accelerate financial inclusion. The ZICTA ICT
survey report 2015, indicates that the proportion of people in the Country cognizant of the availability of
technological financial services and products was 45.9%. However, only 30% of the people mindful of the
digital platforms actually utilized the services to pay for goods/services and money transfer.
There is still more room to exploit the benefits that the digital technologies can provide to further reduce costs
and widen the reach of the formal financial sector (2017-2022 National Financial Inclusion Strategy). To
achieve this, it is inevitable to understand the fundamental factors that drive the adoption of digital / e-banking
services.
In-spite of the many studies undertaken on the adoption of the e-banking platforms globally, limited research has
been conducted in Zambia specifically. Saxena (2018) indicates that the adoption and use of electronic banking
remains fertile for further academic research. From the researcher’s literature review knowledge, no research has
been undertaken in Zambia using the Unified Theory of Acceptance and Use of Technology, an all-inclusive
model as the same amalgamates the theories of eight models that have previously been used to explain
technology acceptance. These theories include; Theory of planned behavior (TPB), Diffusion Innovation theory
(DIT), Theory of Reasoned Action (TRA) Social Cognitive Theory, Personal Computer Use (PCU), Technology
Acceptance Model (TAM), Motivational Model (MM) and Combined theory of planned behavior. The UTAUT
theory has also been proven to explain for 70% of the variance in Behavioral Intention (BI) and 50% in actual
usage.

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This study is significant in the determination of the validity of the Unified Theory of Acceptance and Use of
Technology in a developing Country. This Model has not been extensively validated since it was initially
proposed by Venkatesh et al. (2003). This study will be of great help in the driving of the e-banking adoption
which will ultimately accelerate the financial inclusion journey in Zambia. The study will also contribute to the
limited e- banking adoption studies in Zambia.
2. Literature Review
Electronic banking has become one of the common methods used by majority of the banks to provide services to
their Client in Zambia. Electronic banking refers to the mode by which banks use electronic channels to offer
bank products and services to clients (Al-Smadi, 2012). The Basel committee report defines e-banking as the
provision of retail and small value banking products and services through electronic channels as well as large
value payments and other wholesale banking services delivered electronically. Electronic banking is a new
concept of conducting banking transactions and has captured the interest of many banks as an alternate way to
traditional banking. It is a highly information intensive activity that depends heavily on information technology
to acquire, process and deliver financial information to all users (Alkailani, 2016). It provides customers with a
variety of services which include; bill payments, balance enquiry, telegraphic transfers, forex, loan repayments,
statements account opening etc. (Alalwan et al., 2014). E banking has remained unexploited by many banks to
maximise its full potential, this provides more opportunity for banks to move its Clients to the e- platforms.
Unavailability of cyber security and cordiality of internet in banking significantly affects the customer trust and
makes customer reluctant to access their bank accounts electronically (Hussain et al., 2017). Other factors that
have been sighted to being of great challenge by authors is the unreliability of the system which have proved to
be unstable arising from technological challenges, links & Network problems these are evident from the number
of countless outages that users experience due to connectivity issues (Hussain et al., 2017). Extant literature has
identified a number of factors that may lead to a low adoption of technology via various technology adoption
theories i.e. Technology Acceptance Model (TAM), which highlights perceived ease of use, perceived usefulness
as factors affecting the adoption of e-banking. Varaprasad et al., 2013, in their study on internet banking in a
developing Country revealed that perceived usefulness, perceived ease of use, perceived risk, relative advantage,
and conspicuousness are significant drivers of internet banking adoption. Similar to the findings of Varaprasad
et al., 2013, Mwiya et al., 2017 study indicate that perceived usefulness, perceived ease of use and
trustworthiness are associated with attitude toward e-banking use. Md NOR et al., 2011 adds that the key
determinants to an individual’s intention to use electronic banking services includes; perceived usefulness,
security, compatibility, cost and technical resources. Vinayak and Jindal 2013 in the study on the Drivers of
Customers Adoption of E banking: An empirical Investigation, concludes that perceived usefulness and
perceived ease of use are the primary causes of the adoption of e-banking services which ties with the
Technology Acceptance Model (TAM) David et al., 1989. Clients will only use e-banking services the more if
they perceive it to be relatively useful in terms of convenience, flexibility and ease of use (Moodley & Govender,
2016). More Scholars (Lin et al., 2015; Mbokoroh, 2015) have alluded that perceived usefulness, perceived ease
of use, perceived credibility, perceived behavioral control, subjective norms and attitude towards the adoption to
be drivers of internet banking adoption. Lusaya and Kalumba (2018), adds that e banking usage depends on the
availability of e- banking information. Education also plays a critical role in the actual adoption of the services.
The above studies have all made considerable contributions to understand the factors driving the adoption of e
banking. However, there has been no consensus on what is really the important factors from the customer
perspective that policy makers should be conversant of in the Zambian market and developing African Countries
which is farfetched in technology development and adoption.
3. Theoretical Frameworks
Over the past years, studies in technology adoption have developed many theories and models to elucidate and
determine the factors that drive e-banking adoption. The models include; Innovation Diffusion Theory (IDT),
Theory of Planned Behavior (TPB), Theory of Reasoned Actions (TRA), Technology Acceptance Model
(TAM),an extensively used model in IB adoption studies, Perceived Characteristics of Innovation (PCI),
Decomposed Theory of Planned Behavior (DTPB), Theory of Perceived Risk (TPR), Theory of Innovation
Resistance (TIR) and the Unified Theory of Acceptance and Use of Technology (UTAUT).The researcher opted
to use the UTAUT model for this study as the same explains 70% of the difference in behavior intention and
close to 50% in the usage.
3.1 Unified Theory of Acceptance and Use of Technology
The unified theory of acceptance and use of technology (UTAUT) Model was formulated by Venkatesh et al.,

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2003 in a quest to harmonize

h preevious technoology adoption n models. Th he Model hass four main constructs
(performaance expectanncy, effort expectancy, soccial influence and facilitating conditionss) considered to be the
primary determinants of behavior intention andd the ultimatte usage of the t system. T The theory allso makes
cognizantt of the role of the demographics (geender, age, experience, an nd voluntarine
ness of use) which
w are
considereed to be modeerators to the four construccts. The curreent study focu uses on the foour main consstructs and
thus it should be notedd that the moderating factorss were not tessted in this stu
udy. Although the UTAUT Model
M has
been widdely used acrosss various studies in technoology acceptan nce research, non study to daate has been undertaken
u

in Zambia using this model.

m
Figure 1. UTAUT
U (Venkkatesh, Morriss, Davis, & Davis, 2003)

This research has adappted the UTAU UT model andd therefore emmploys perform mance expectaancy, effort ex xpectancy,
social inffluence and faacilitating conditions as Inddependent variiables to deterrmine custom
mers attitude to owards the
adoption of e banking services. Acccording to Tarrhini et al. (20 016), UTAUT T has demonsttrated to be an n effective
and stablee model used to predict tech hnology accepptance. The th
heory is one of the most reliliable and trussted theory
thus becooming one off the most widely used theeories (Venkaatesh et al., 20 003). The UT TAUT model is able to
explain 770 percent of the variance in i usage intenntion, which is
i significant compared
c to tthe actual eigght models
used to buuild it (Martinns et al., 2014)).
3.2 Perfoormance Expecctancy
Performaance expectanccy (PE) is deffined as “the ddegree to whicch the user ex xpects that usiing the system
m will help
Venkatesh et al., 2003). It is defined as onne of the most important
him or heer to attain gaiins in job perfformance” (Ve
predictorss of the intension to use technology ((Venkatesh et al., 2003). People are eexpected to adopt a new
technologgies if they believe
b the same
s will heelp them to do d their jobs. Prior studiees have indiccated that
performan
ance expectanccy positively affects
a the useer’s intention to
t adopt intern
net banking.
Thereforee, in this studdy the researcher will checkk to see if ussers think IB is useful in thheir day to daay jobs. If
respondennts think IB iss useful then there
t is a highh likelihood off them adoptin
ng the system.
3.2.1 Effoort Expectancy
It can be defined as, “tthe degree of ease
e of use if Technology” (Venkatesh ett al., 2003). Yo
Yousafzai, 20122 suggests
that if ann individual peerceives IB to
o be easy to uuse he will have a high perception of its performance. Previous
empiricall studies, havee demonstrateed that effort expectancy would
w influence the consum mers’ attitude of use in
both manndatory and vooluntary usagee (Chi-Yo Huaang and Yu-Sh heng Kao 2015).
In this stuudy the researrcher will checck to see if useers think IB iss easy to use. If respondentss think IB is easy
e to use
then theree is a high likeelihood of theem adopting thhe system.
3.2.2 Soccial Influence
SI reflectts the influencce of people around
a us conncerning the use
u of IB (Yousafzai, 20122). Social influuence (SI)
can be cllassified into two
t parts: thee social normss and the critiical mass. The social norm
ms include two
o different

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influences: the informational influence and the normative influence. The informational influence refers to
people’s obtaining of information from other people. The normative influence refers to a user’s conformation to
the expectation of other people to gain a reward or avoid a punishment (Huang & Kao 2015). Venkatesh et al.
(2003) defines social influence as; “the degree of importance being recognized by others to use a novel
technology.” Various scholars (Tarhini et al., 2016; Mborokoh, 2015) revealed that SI was an important driver of
Behavior Intention. Thus, in this study the researcher will be analyzing if the respondents are influenced in any
way by people around them to adopt IB. If the respondents are easily influenced then they are more likely to
adopt IB.
3.2.3 Facilitating Conditions
Facilitating conditions (FC) is “the degree to which an individual believes that an organizational and technical
infrastructure exists to support use of the system.” (Venkatesh, 2003). According to Huang and Kao 2015,
previous researches on factors influencing acceptance of some specific technology have exhibited that
facilitating conditions have a significant impact on innovative technology adoption and usage behaviors. The
researcher will be investigating if the respondents have resources to use Internet Banking. Availability of
resources will enable Clients to adopt e-banking.
3.2.4 Behavior Intention
Behavioral intention refers to the degree to which a person has made up a conscious decision to use of not to use
Internet Banking (Huang and Kao, 2015). Many prior researchers have discovered that behavioral intention is
substantial in the actual usage behavior. The researcher will review respondents plan to use the Internet banking
platform in the near future.
4. Methodology
A purposive sample of minimum of 267 respondents was arrived at using a scientific method of sample
determination for the quantitative study. The researcher’s strategy was to ask all respondents a primary
question to know whether they operate personal account or sole proprietorship/enterprise account and also made
a distinction between the Internet banking users to understand what actually influences them and the non-internet
banking users to understand what affects their adoption. Respondent that have corporate account were asked no
further questions, hence, leading to some form of randomization in actual selection of respondents used for the
study. The researcher administered questionnaires to respondents by standing at the entrance of the banks’
branches and at the ATM terminals of the Banks in Lusaka to purposively access individual customers of the
banks. 313 questionnaires in all were administered to the respondents of the five banks across.
The researcher used the quantitative method of study for this research in view of the following factors; A number
of reviewed literatures under this study have been that of quantitative in nature (B Mwiya et al., 2017, Huang
and Kao 2015, Paul Juinn Bing Tan,2013). Quantitative method proves to be more appropriate for the study as it
involves the testing of the theory constructs.
Non- probability sampling was adopted for this research. One of the shortcomings is the inability to generalize
the findings from research because the data is not a representation of the whole population under study. However,
these shortcomings were mitigated by selecting a sample frame based on the below sampling criterion:
Respondents must have a bank account with any bank in Zambia
Quantitative data was analyzed with the help of spread-sheets (e.g. Excel) and the Statistical Package for Social
Sciences (SPSS) version 16 to perform various statistical analysis. Descriptive Statistics analysis were performed
on survey data using SPSS version 16. This data has been summarized by presenting it in graphs and tables. Five
(5) major banks were selected, Barclays Bank, First National Bank, Stanbic Bank, Standard Chartered Bank and
Zambia National Commercial Bank being the largest, oldest banks and highly digitized banks in Zambia and
most importantly the five banks offer similar internet banking products. Since the functionalities’ deployed by
these banks are almost similar and most Clients are multi banked, the study used customers of these five banks
that actually are account holders with these banks to conduct the study. However, due to the large population size
of customers of the five banks, the study employed a mathematical formula to correctly come up with a suitable
sample for the study. The ideal sample for infinite populations as outlined by (Cochran, 1977) is given as:
no= (z^2 X p(1-p))/e^2
Where;
no is the sample size
Z is the two tailed area under the normal curve

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e is the accceptable sam

mpling error
where α = 0.05 and thee z value is 1.9
96
p is the ppopulation of a proportion with
w a desiredd attribute (asssumed to be 0.50 which maxximizes the saample size
to be deteermined) Withh an acceptablle sampling errror of 6%, thee sample size determined iss as
no
o = (1.962X0..5(1-0.5))/ ((0
0.06) ²) = 267
Thereforee, a purposivee sample of 26 67 respondentts will be seleected for the quantitative
q stuudy. 313 quesstionnaires
in all werre administereed to the respo
ondents of the five banks accross.
5. Resultts
The totall respondents that were useed in this studdy were 313 that
t were drawn from the top 5 banks in i Zambia
(Zambia N National Com
mmercial Bank k, Standard Chhartered Bank k, First Nation
nal Bank, Barc
rclays Bank an nd Stanbic
Bank). Of the 313 respondents, 23 33 (74%) of thhe respondentss were actual Internet Bankking users and d 80 (26%)
were nonn IB users. Figgure 2 below shows
s the perrcentage of the IB users andd non-users. O
Of the total reespondents
54% (1699) were male anda 46% (144 4) were femalee. Majority off the respondents fell in the age bracket ofo 21 to 30
accountinng for 42% ofo the respond dents. 244 (778%) of the respondents
r were
w in formaal employmen nt such as
salaried w
workers thus the
t need to usee electronic baanking platforrms.
Despite th
the many obsttructs in the adoption
a of Innternet bankinng, there are many
m benefits and ultimate drivers in
the adopttion of internnet banking. In the case off Zambia ban nking system there has beeen a shift in the
t digital
uptake siggnifying a moore than 50% increment
i in tthe use of e-baanking channeels (Mwiya, ett.al, 2017).
Performaance Expectanncy: It relates to the degreee to which ind dividuals usin
ng Internet baanking believees that the
use of thee system will help in the atttainment of ggains in the job
b performancee. In this study
dy the factors relating
r to
ance expectanccy mainly reviiewed the bennefits/ relative advantage thaat internet bannking provides.
performan

Table 1. P
Performance expectancy
e

Note. N-Nuumber of responsees; Response meaasurements, 1-stroongly disagree, 2-Dis -agree, 3-Ne
eutral, 4-Agree annd 5-strongly agrree.

Respondeents in this sttudy were ask ked as to wheether they thiink internet banking was uuseful and benneficial in
carrying out their tasks and the desccriptive resultts gives a med
dian of 4 and 5 and mode oof 5. This dem
monstrates
that the mmajority of thhe respondentts strongly aggreed that IB is useful in carrying out their tasks. Therefore,
T
performan he key driverss in the adoption of e-bankin
ance expectanccy is one of th ng system in Z
Zambia. The results are
consistennt with that of
o other reseaarchers (Mwiyya,2017; AlK a Mbrokohh,2015) were perceived
Kailani,2016 and
usefulnesss and perforrmance expecctancy were iindicated as key determin nants in the adoption of e-banking
services.
Effort Exxpectancy. Clients will cho
oose to use Innternet bankin
ng system if itts comfortablee to operate an
nd easy to
learn howw to use. The ease of use of
o the system might be imp portant aspectt which encouurages custom mers to use
Internet bbanking (Mbrookoh,2015).

Table 2. E
Effort expectaancy

Note. N-Num
mber of responsees; Response measurements, 1-stroongly disagree, 2--Dis -agree, 3-Ne
eutral, 4-Agree annd 5-strongly agrree.

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Table 3, sshows the resuults of the resspondents thatt were asked as

a to whether they think intternet bankingg was easy
to use annd the descripttive results givves a median of 4 and mod de of 4 and 5.. From the aboove results, majority
m of
the responndents agree that
t IB is cleaar and understaandable. This may be the reeason why wee had the majo ority of the
corresponndents that iss 74% using the platform. This result is consistentt with that off other researrchers (B.
Mwiya,20017; Alkailanni,2016 and Veenkatesh et all., 2003) were perceived ease of use and effort expectancy were
indicatedd as factors inffluencing the adoption
a of e--banking serviices.
Social In nfluence: Somme researcherss have exploreed the conceptts of social in nfluence and pproved the inffluences of
social inffluence on shhaping user’s behavior. Vennkatesh et al.. ,2003 defineed social influuence as the degree of
importancce being recoggnized by others to use a noovel technolog gy. The sociall influence connstruct consissts of three
variables: the subjectivve norm, the social
s factor, and the image. (1) Subjecttive norm: thee subjective norm is the
perceivedd social pressuure to performm or not to peerform the beh havior. In thiss research, thee subjective no orm is the
perceivedd social pressuure to use IB. (2) Social facctor: the sociaal factor is an individual’s iinternalization
n from the
social sysstem’s subjecttive culture annd particular iinterpersonal agreements th hat the individdual in particu
ular social
situation has made witth others. (3) Image: the im mage is defineed as the degrree to which an individual identifies
that the uuse of an innovvative technollogy can enhan
ance an individdual’s status inn his or her soocial organizattion.

Table 3. S
Social influennce factors

Note. N-Nuumber of responsees; Response meaasurements, 1-stroongly disagree, 2-Dis -agree, 3-Ne
eutral, 4-Agree annd 5-strongly agrree.

From thee results of thhe study the so ocial influencce factor will be classified into two partts that is the subjective
norm looking at the firrst two questioons and the im mage for the laast 3questionss. On the subjeective norm th
he median
was 3 andd 4 and the moode was 3 and d 4 basically tthis indicates that
t people weere neutral abbout the subjecctive norm
and for thhe image the Median
M was 3 and the modee was 2. The results
r indicate that the resppondents disag
greed with
the imagee category off the Social Innfluence factorrs. From the general
g outcome of the stuudy it can be concluded
that Sociial Influence is not a maj ajor driver foor the adoptio on of e-bankiing services in Zambia. This T is in
contradicction with othher research findings
f (Venkkatesh et.al,2003), (Mboro okoh, 2015), ((Huang and Kao,2014)
K
who founnd that social influence is a positive preedictor of con nsumers intenttion to adopt Internet Bank king. This
may indiicate that resppondents that were used fo for the study were not driv ven by societtal opinions. This is in
agreemennt with other researchers
r i.ee. Naranjo-Zoolotov and Tiaago Oliveira (2018) who foound social in nfluence to
have no ssignificant effe
fect on the of intention
i to usse Internet Ban
nking.
Facilitatiing Condition a Zolotov (22018) indicate that an individual with eeasy access to resources
ns: Oliveria and
like compputers, smartpphones, intern net connectionn, support chaat rooms, phon
ne line or othher favorable conditions
c
will increease his or herr intention to use
u e-channells. Knowledgee will also increase an indivvidual’s intenttion to use
internet bbanking.

Table 4. F
Facilitating coonditions

Note. N-Nuumber of responsees; Response meaasurements, 1-stroongly disagree, 2-Dis -agree, 3-Ne
eutral, 4-Agree annd 5-strongly agrree.

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The resullts of the studdy indicate that respondentts have the reesources to en nable them adodopt e-banking g services.
Previous researches haveh indicatedd that facilitaating conditions are strongg predictors w which can bee used for
forecastinng technologyy acceptances and usages H Huang and Kaao (2014). Mb bokoroh, 20155 explains thaat Internet
Banking users require to have skillss such as conffiguring and operating
o compputers and con
onnecting to thhe Internet
as well ass financial ressources to beaar operational and transactioonal cost. Most of the userss strongly agreeed on the
availabiliity of the ressources to usse IB. Thereffore, facilitatiing conditions have a signnificant impaact on the
behavior intention to use
u Internet Baanking.
Behaviorr Intention (B BI): BI is connsidered to bbe a direct driiver of usage behavior andd gives a signn about an
individuaals’ readiness to
t perform a specific
s behavvior. There is considerable evidence of thhe substantial impact of
BI on acttual usage (e.gg. Venkatesh et
e al., 2003 Tarrhini et al., 20
013b).

Table 5. B
Behavior intenntion

Note. N-Nuumber of responsees; Response meaasurements, 1-stroongly disagree, 2-Dis -agree, 3-Ne
eutral, 4-Agree annd 5-strongly agrree.

One of thhe factors relatting to Behavior Intention iis whether thee Client intend d, plan or will actually use the
t system
in the neaar future. As shown
s in the taable above reggarding Behav vior Intention the respondennt actually inttend to use
the systemm with a mode of 5 strongly y agreeing forr all the 5 quesstions and a median
m of 5 for
or the four queestions and
4 for one of the questioons.
From the above tests for
fo e-banking adoption
a it caan be concludeed that performmance expectaancy, effort ex xpectancy,
facilitatinng conditions and Behavio
or Intention haave a strong impact on the adoption off e-banking services as
highlighteed by the other researcherss. On the conttrary for this research Social Influence iis non-significcant to the
adoption of e-banking services as respondents dem monstrated thaat they are nott influenced bby societal exp
pectation.
6. Discusssion
Based onn the UTAUT model the stu udy aimed at eexploring the influence of performance
p eexpectancy (PPE), Effort
Expectanncy (EE), Sociial Influence (SI),
( Facilitatinng Conditionss (FC) and Beehavior Intentiion (BI) in thee adoption
of e bankking services ini Zambia. Th he UTAUT m model was emp pirically tested on 313 survvey responden nts from 5
main top banks in Zam mbia. The fin
ndings providee an almost overall
o supporrt of the UTA AUT factors model.
m The
analysis oof the study proved that perrformance exppectancy, effoort expectancy y, facilitating cconditions andd behavior
intentionss influence thhe user’s behaavior intentionn to adopt In
nternet Bankin ng this is in liine with the finding of
other schholars (Venkattesh et al., 2013;
2 Mwiya et al., 2017; Huang
H and Kao,2014). How wever, contraarily to the
views of others scholarrs (Venkatesh et.al, 2003), ((Mborokoh, 2015)
2 and (Hu uang and Kao,,2014), for thee Zambian
context SSocial Influencce was found to be a non-ssignificant facctor in the ado option of the bbanking serviices which
was found to be in suppport of other studies
s like (N
Naranjo-Zolotov and Oliveira,2018).

Table 6. A
Adoption factoor modes

Note. Ressponse measurements, 1-strrongly disagreee, 2-Dis -agreee, 3-Neutral, 4-Agree and 55-strongly agrree.

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Based on the results of the study in the above, the researcher concludes that the UTAUT model is applicable in
the Zambian context in determining the factors that affect the adoption of e-banking services. From the analysis
of the study PE, EE, FC and BI positively contribute to the user’s intention to adopt technology. However, it was
noted that SI was an insignificant factor in the adoption of technology.
The aim of this research, as earlier stated is understanding the factors that influence e-banking adoption thereby
recommending solutions that will increase the e-banking services adoption by Clients in Zambia. This has been
achieved through the realization of the findings of the adoption drivers and adoption barriers.
7. Limitations of Research
Like any research, this study also encountered some limitations. Limitations of the study refers to those factors
of reserach design or methodology that can influence the interpretation or application of the findings of the study
(Yin 2009). Data quality constraints associated with quantitative research are highlighted by (Saunders et al.
2012) as prone to misinterpretation, difficulties in getting indepth information,tends to be artificial and requires
high levels of literacy by repondents.
The method of sampling used non probability sampling(purposive sampling) which is prone to the following
limitations; sample may not be a representation of the population, samples are likely to be prone to errors thus
limiting the generalizability of the findings.
The research is purely descriptive there is therefore need to scientifically test the variables to determine the
relationship of the independent and dependent variables.
8. Recommendation
From the results of the study, as well as the research gaps noted in the literature review, the following
recommendations are made:
Products designed must be user friendly to help Clients to be able to use the platform with so much ease.
Technical disruptions should be minimised in order to gain the confidence and trust of the Clients. System
downtime/challenges may lead to Clients avoiding the system completely. Banks will need to promote the
variable factors that drive the adoption of e-banking as identified in the study by ensuring that products on the
Internet Banking platform are beneficial and useful, tailored to the specific requirements of the Clients general
needs.
9. Opportunities for Future Research
Considering the findings of this study as well as limitations highlighted some further research should be carried
out in order to gain a deeper insight into the topic. Further studies could include:
A study can be undertaken to cover other regions other than Lusaka to understand if the results are applicable
across Zambia. A mixed method study approach can be selected for future research as current research has made
use of a quantitative approach and results may be limited.
Using a similar research structure, the research can be done using other technology models and theories.
A research can be done to explain the barriers hindering the adoption of e-banking services. More research is
needed on the impact of MNO’s and Fintech on the bank’s operations.
10. Acknowledgments
The authors wish to acknowledge the valuable support of every one who helped in the actual distribution of the
questionnaire and the respondents of the questionnaire. Special appreciation goes to Mulenga Kasonde who
helped with the data capture.
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