Technology Adoption as a Factor for Financial Performance in the Banking Sector Using UTAUT Model

Abstract

This study investigated the complex relationship between technology adoption and the overall performance of selected Zambian banks. The analysis focuses on four prominent banks in Lusaka, namely Zanaco, Atlasmara, Stanbic, and FNB, which were selected based on characteristics such as footprint and income. The time frame is from 2015 to 2020, allowing for a complete examination of trends in the ever-changing banking business. The study used a mixed-methods approach, combining quantitative financial data analysis with qualitative analysis. Data was gathered through the examination of financial reports, industry databases, interviews with banking specialists, and surveys. For the quantitative and qualitative data, statistical analysis and theme coding were used, respectively. The study aimed to provide significant insights to academia, the banking sector, and industry stakeholders by providing a comprehensive understanding of how technology adoption impacts the performance landscape of banks in Zambia. The findings revealed a positive correlation between technology adoption and financial performance with a Pearson’s two-tailed coefficient of 0.6. The study also investigated perceptions around IT platform stability and total bank efficiency, demonstrating a strong belief in the performance-enhancing potential of a reliable IT infrastructure.