The Impact of Internet Banking Security on Customer Trust: A Case Study of GTBank, Abuja.
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Background of the Study:
Internet banking has revolutionized the way customers interact with financial institutions by providing convenience, speed, and round-the-clock access to banking services. However, the security of online banking platforms remains a key determinant of customer trust. In Abuja, GTBank has invested heavily in robust security measures, such as encryption, firewalls, and biometric authentication, to ensure the safety of online transactions (Okoro, 2023). Customer trust in internet banking is contingent upon the perceived reliability and integrity of these security systems. Any security breach or vulnerability can significantly erode trust, leading customers to revert to traditional banking methods or switch to competing banks. Consequently, GTBank places a high priority on maintaining an impenetrable security framework to protect customer data and financial assets. The bank’s proactive approach includes continuous monitoring of cybersecurity threats, regular system updates, and comprehensive customer education on safe online banking practices. This study examines how the security of GTBank’s internet banking platform influences customer trust. It explores the interplay between technical security measures and customer perceptions, providing insights into the factors that contribute to sustained trust in digital banking (Ibrahim, 2024).
Statement of the Problem:
Despite substantial investments in internet banking security, GTBank in Abuja faces challenges in fully assuring customers of the safety of their online transactions. High-profile security breaches in the global banking sector have heightened customer concerns, leading to increased skepticism about the safety of digital platforms. Incidents, even when isolated, tend to have a disproportionate impact on customer perceptions, undermining trust and potentially prompting customers to withdraw from digital banking services. Furthermore, a segment of customers remains poorly informed about the bank’s security protocols, resulting in misconceptions about the actual risks involved. These issues are compounded by the rapid pace of technological advancements, which continuously introduce new vulnerabilities and require constant updates to security measures. The gap between the sophisticated security measures implemented by GTBank and the public’s perception of these measures creates a critical challenge in retaining customer trust. This study aims to explore the factors that contribute to this perception gap and assess the effectiveness of current security strategies in building and maintaining customer trust. By addressing these issues, the research seeks to propose actionable recommendations to enhance transparency, improve communication, and ultimately strengthen customer confidence in internet banking (Chinwe, 2023).
Objectives of the Study:
• To evaluate the impact of internet banking security on customer trust at GTBank.
• To identify the factors that influence customer perceptions of online security.
• To recommend strategies for improving communication about security measures to enhance trust.
Research Questions:
• How do GTBank’s security measures affect customer trust in internet banking?
• What factors contribute to customers’ perceptions of online banking security?
• What strategies can be adopted to bridge the gap between implemented security measures and customer perceptions?
Research Hypotheses:
• H₁: Robust internet banking security measures are positively correlated with higher customer trust.
• H₂: Misinformation and lack of awareness contribute to lower trust levels despite strong security protocols.
• H₃: Transparent communication about security measures enhances customer confidence in internet banking.
Scope and Limitations of the Study:
This study focuses on GTBank’s internet banking services in Abuja, evaluating customer perceptions through surveys and interviews. Limitations include self-reporting biases and the challenge of isolating security perceptions from broader digital banking experiences.
Definitions of Terms:
• Internet Banking Security: The measures and protocols implemented to protect online banking transactions and customer data.
• Customer Trust: The confidence customers have in the safety and reliability of banking services.
• Digital Banking: The provision of banking services through electronic platforms such as websites and mobile applications.
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