Electronic Banking Security as Requisite to Enhancing Customers’ Satisfaction in Akure, Ondo State
Security breaches in electronic banking (E-banking) have created series of challenges to banks, their stakeholders and bank regulatory authorities in Nigeria. This study investigated the effect of E-banking security on customers' satisfaction in Akure, Ondo State, Nigeria. Data collected through the administration of 422 copies of questionnaire to customers of purposively selected commercial banks operating in Akure, Ondo state. Data collected were analyzed using multiple regression technique. The study found that e-banking reduces as the number of years of e-banking usage. It was also found that the extent of usage of e-banking facilities increases; while security of e- banking reduces as the frequency of usage of electronic banking reduces. The implication of this finding is that poor e- banking security has undesirable effect on customers' satisfaction; customers are exposed to the quandary of fraud, theft and robbery, hacking of mobile application and automated teller machines pin which reduces customers’ satisfaction. It is therefore recommended that more efforts should be directed towards improving security of E- banking facilities. Outdated e-banking facilities such as; automated teller machines, point of sales and mobile application software should be replaced with more advanced and contemporary facilities that have adequate security features. Keywords: Customers’ satisfaction, security, reliability, electronic banking, multiple regression