Influence of Social Risk Perception on the Adoption of E-Banking Services among Retail Banking Customers in Awka, Anambra State, Nigeria
Keywords:
Social risk, Adoption, E-Banking Services, Retail Banking CustomersAbstract
This study investigates the influence of social risk perception on adopting e-banking services among retail banking customers in southeastern Nigeria. Specifically, we examine the impact of service deficiencies, cyber-security threats, and the influence of vicarious information on online banking adoption. Our rationale for this study is rooted on the premise that customers often shape their decisions based on what they hear, see, and say, which can lead to either success or failure outcomes. Given that customers are central to the consumption and delivery of e-banking services, understanding their social risk perceptions in the context of e-services is crucial. We carried a cross-sectional survey involving 400 respondents, of which 348 returned usable questionnaires. Hypotheses were formulated and analyzed using multiple linear regressions. The results affirm the significant influence of social risk perception on e-banking services adoption among retail bank customers in Awka, Anambra State, Nigeria. Based on our findings, we recommended that banks should prioritizing customer education to alleviate the fear of ignorance regarding e-banking services. Moreover, instead of focusing on deflecting negative comments, banks should establish customer-focused teams dedicated to social risk appraisal and analysis. This approach can foster mutual understanding and trust, ultimately leading to more profitable and sustainable e-banking customer relationships.
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