Reconsidering the Banker-Customer Relationship in the Context of Mobile Banking in Zimbabwe

Abstract

Mobile banking has fundamentally changed the way customers interact with their banks by providing them with unprecedented convenience, flexibility and access to several financial services. The adoption of mobile banking services has continued to grow globally, with an increasing number of people using their mobile devices to perform banking transactions such as peer-to-peer transactions and bill payments, and to access account statements. These innovations have had a substantial impact on the traditional banker-customer relationship. This article examines the relationship between bankers and customers in the context of mobile banking in Zimbabwe with a comparative discussion of Kenya. The article also analyses how mobile banking has changed the traditional obligations and functions of both bankers and consumers. The findings of this research provide insight for both bankers and policy makers. For example, bankers need to recognise the evolving dynamics of the banker-customer relationship necessitated by mobile banking and adapt their modus operandi accordingly. This could create unique and interesting mobile banking experiences and provide users with the assistance and guidance they need to navigate the mobile banking environment. The regulatory environment must support the growth and development of mobile banking services while safeguarding the interests and rights of consumers.