Electronic Banking as a Strategy for Customer Service Improvement in the Developing Economy

Abstract

The objective of the chapter is to present a brief review of E-banking services especially in the developing economies, highlighting the major challenges of E-banking with a guideline or recommendations to address those challenges. Technology has introduced new ways of delivering banking to the customer. Developed countries (DC) customers of the E-Banking services are fully aware of the services but the customer’s in the developing economies still lag behind. It is clearly seen that delivery channels are lacking in meeting the demands of the customer by not making them aware of e-banking and using obsolete or not too up-to-date technology. I would thus conclude that banks in the developing countries should drown themselves in all the intricacies regarding e-banking to determine ways that will affect the customers in and use it to their maximum benefit. The other issue is that there are very few or no banking facilities in the rural areas and furthermore, access to the internet is close to impossible in these areas therefore awareness and utilization of these services is very little or none at all. At last but not the least is that Banks must adapt to the electronics age. Consumers demand it. Economics drives it. Banks must exploit it.