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Mugabe Tinashe R036260p The impact of E-Commerce on banking sector profitability. The case of FBC Holdings Limited. By MUGABE TINASHE (R036260P) A dissertation submitted in partial fulfilment of the requirements for the degree of Masters of Business Administration Graduate School of Management Faculty of Commerce University of Zimbabwe Supervisor: Mr. A. CHIDAKWA AUGUST 2013 1 Declaration I, Tinashe Mugabe, do hereby declare that this dissertation is the result of my own investigation and research, except to the extent indicated in the acknowledgements, references and by comments included in the body of the report, and that it has not been submitted in part or in full for any other degree to any other university. ______________ Date:_________ Student signature _______________ Name: Mr. A. Chidakwa Date:_________ Supervisor’s Signature ii Dedication This dissertation is dedicated to my beloved family members namely my beloved wife Mutsawashe Olinda Mvududu, my sons Michael and Munesuishe, Doctor Madzviti Jacob Mugabe, My mom Beatrice Mugabe, Brothers (Gabriel, Tatenda, Eugene, Simba, Jacob), The MaNcubes (Mercy and Tendai), MaNyoni (Patience), Mugabe Family, Mvududu family, Mushayi Family, relatives and MBA group members. However, it must be mentioned that coming up with this document has not been easy due to several constraints known to the researcher and close associates. iii Acknowledgement The researcher expresses heartfelt gratitude, thanks and appreciation to my beloved wife Mutsawashe Olinda Mvududu, my sons Michael and Munesuishe, Doctor Madzviti Jacob Mugabe, My mom Beatrice Mugabe, Brothers (Gabriel, Tatenda, Eugene, Simba, Jacob), The MaNcubes (Mercy and Tendai), MaNyoni (Patience), Mugabe Family, Mvududu Family, Mushayi Family, relatives, MBA colleagues, MBA group members, FBC Staff, lecturers and lastly but no least, Mr. Chidakwa, the supervisor for dedicating their time, guidance, support and wisdom in facilitating the researcher to come up with this document. iv Abstract The purpose of the study was to analyse and investigate the impact of e-commerce on the banking sector profitability. The advancements in ICT have brought about changes in business processes from manual methods of processing banking transactions to electronic ways of transacting. The banking sector has experienced many changes in the way in which business is being done, from the traditional brick and mortar model to the click and mortar ICT model. Given the massive investment in technology, not much has been done to evaluate the impact that this investment has had on profitability. FBC Holdings Limited adopted an e-commerce driven strategy since dollarisation to tap into the opportunities existing in the market for the banked and unbaked population. A case study approach was adopted wherein how the adoption of e-commerce has contributed to the profitability of FBC was explored; the level of competitiveness of FBC in light of developments in ICT products was assessed; impact of e-commerce on the cost structure of FBC was measured. The study predominantly adopted a quantitative methodology. Questionnaires were administered to 90 FBC employees. Few interviews were conducted with FBC senior management. The response rate was 73%. Major findings were that e-commerce has a positive impact on profitability of FBC. Adoption of e-commerce on products and channels like ATMs, Internet Banking, SMS banking and Point of Sale is moderate while adoption of mobile moola and FBC Blue is low and needs improvement. Level of contribution of e-commerce products towards profit is lower compared to other sources of income like mortgages, business and personal loans, and asbestos. Overall, FBC should increase the marketing of its products offering to increase market share, transactional income and ultimately profitability. FBC should invest in robust ICT systems to encourage adoption and use of e- commerce. FBC should invest in R & D to keep abreast with trends in the ICT sector. FBC Holdings Limited should continuously introduce new lines of e-commerce products, services and channels to remain competitive. v TABLE OF CONTENTS Declaration ....................................................................................................... ii Dedication ....................................................................................................... iii Acknowledgement ........................................................................................... iv Abstract ............................................................................................................ v TABLE OF CONTENTS .............................................................................. vi List of Tables .................................................................................................. xi List of figures ................................................................................................. xii List of Acronyms ............................................................................................ xiii CHAPTER ONE ............................................................................................... 1 CONTEXT OF THE STUDY ......................................................................... 1 1.1 INTRODUCTION ................................................................................ 1 1.2 BACKGROUND TO THE STUDY ....................................................... 1 1.2.1 THE ARCHITECTURE OF FBC HOLDINGS LIMITED ...................... 5 1.3 STUDY CONTEXT ............................................................................. 7 1.4 STATEMENT OF THE PROBLEM ..................................................... 9 1.5 RESEARCH OBJECTIVES ............................................................... 10 1.6 RESEARCH QUESTIONS ................................................................ 10 1.7 RESEARCH HYPOTHESES ............................................................ 11 1.8 JUSTIFICATIONOF THE STUDY ..................................................... 11 1.9 SCOPE OF THE RESEARCH .......................................................... 12 1.10 DISSERTATION OUTLINE ............................................................... 12 1.11 SUMMARY ....................................................................................... 13 CHAPTER TWO ............................................................................................ 14 LITERATURE REVIEW .............................................................................. 14 2.1 INTRODUCTION .............................................................................. 14 2.1.1 DISTINCTION BETWEEN E-COMMERCE AND E-BUSINESS ....... 14 2.1.2 E-banking (Internet Banking or Online Banking) .............................. 16 2.1.3 Mobile E-Commerce ......................................................................... 17 2.2 TYPES OF E-COMMERCE BUSINESS MODELS ........................... 17 2.3 ADOPTION OF E-COMMERCE ....................................................... 18 2.3.1 ATTITUDE AND BEHAVIOUR OF THE INTENDED USER ............. 18 2.3.2 GENDER .......................................................................................... 18 vi 2.3.3 PERCEPTION OF RISK ................................................................... 19 2.3.4 PERCEIVED USEFULNESS ............................................................ 19 2.3.5 CUSTOMER INVOLVEMENT IN THE IMPLEMENTATION OF PRODUCTS AND SERVICES ................................................................... 20 2.3.6 ALIGNING ORGANISATIONAL STRUCTURE TO TECHNOLOGY 20 2.3.7 STRUCTURAL ASSURANCE AND INFORMATION QUALITY ....... 21 2.3.8 TRUST ............................................................................................. 21 2.3.9 JUSTIFICATION AND APPLICABILITY OF THE E-COMMERCE ACCEPTANCE MODEL ............................................................................. 23 2.3.10 GOVERNMENTSUPPORT ............................................................. 23 2.3.11 MACRO AND MICRO ENVIRONMENT FACTORS ........................ 24 2.4 BANKING SECTOR COMPETITIVENESS ....................................... 25 2.4.1 FINANCE POWER ........................................................................... 27 2.4.2 MARKET SHARE ............................................................................. 28 2.4.3 HUMAN CAPITAL ............................................................................ 29 2.4.4 INFORMATION TECHNOLOGY ...................................................... 29 2.5 REVENUE AND COST STRUCTURE OF BANKING INSTITUTIONS .... .......................................................................................................... 30 2.6 THE IMPACT OF E-COMMERCE ON BANK PROFITABILITY ....... 32 2.6.1 PERFORMANCE ANALYSIS MODELS ........................................... 34 2.6.2 Return On Investment (ROI) ............................................................. 34 2.6.3 Earnings Growth ............................................................................... 35 2.6.4 Market Share Analysis ...................................................................... 35 2.6.5 Total Cost of Ownership ................................................................... 36 2.6.6 Customer Awareness and Satisfaction ............................................. 36 2.7 STRATEGIC THRUSTS ................................................................... 37 2.7.1 Differentiation ................................................................................... 37 2.7.2 Cost .................................................................................................
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