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An exploratory study on the impact of social media of selected commercial banks in the Eastern Cape Province, South Africa
Author(s)
Yakobi, Khulekani
Date Issued
2016
Type
Thesis
Publisher
Cape Peninsula University of Technology
Abstract
Social media have exacerbated negative impact across all facets of commercial
banks. The evolution and ubiquity of social media has permeated the unprecedented
pressure which is unavoidable in two identified commercial banks located in the
Eastern Cape (OR Tambo District, Mthatha) namely: ABSA and Standard Bank in this
decade of information technology. Thus, social media have imposed negative
impressions on employees’ understanding, thereby resulting in the negative
perceptions of employees regarding its benefits and influence which drastically
amounted to change of employee interactions and communication.
The primary objectives of the study are to investigate the impact made by social media
on teams in the banking sector and to ascertain the types of teams who are utilizing
social media tools. A quantitative research method was employed whereby 194
questionnaires were distributed and 102 completed, thereby generating a response
rate of 53%. The data were analysed using SPSS version 23.0. The results present
the descriptive statistics in the form of graphs, cross-tabulations and other figures for
the quantitative data that was collected. Inferential techniques included the use of
correlations and chi square test values which were interpreted using p-values. This
study findings revealed a significant relationship between biographical variables (age,
gender, race, level of education, work experience, job category, job type, job level and
employer) and five dimensions (understanding of social media, social media optimism,
social media influence on human interactions, challenges of social media in banks and
perceptions in business etiquette). The study’s findings revealed a positive and
significant relationship between social networking as a great contributor to business
productivity and that social media, as a medium, enhances communication
effectiveness at 0.448**
.
However, social media optimism was found to be negative due to lack of trust. The
challenges of social media have come with embedded risks of fraud, hacking of
information and so forth. These impacts were identified as risks which could violate
policies and procedures of financial institutions. This study concludes and
recommends that branch managers from commercial banks (ABSA and Standard
Bank) should formulate and develop policies to guide employees on the use of social
media; this is to intensify intervention in the event of inevitable excessive loss in the
financial strength of these commercial banks
banks. The evolution and ubiquity of social media has permeated the unprecedented
pressure which is unavoidable in two identified commercial banks located in the
Eastern Cape (OR Tambo District, Mthatha) namely: ABSA and Standard Bank in this
decade of information technology. Thus, social media have imposed negative
impressions on employees’ understanding, thereby resulting in the negative
perceptions of employees regarding its benefits and influence which drastically
amounted to change of employee interactions and communication.
The primary objectives of the study are to investigate the impact made by social media
on teams in the banking sector and to ascertain the types of teams who are utilizing
social media tools. A quantitative research method was employed whereby 194
questionnaires were distributed and 102 completed, thereby generating a response
rate of 53%. The data were analysed using SPSS version 23.0. The results present
the descriptive statistics in the form of graphs, cross-tabulations and other figures for
the quantitative data that was collected. Inferential techniques included the use of
correlations and chi square test values which were interpreted using p-values. This
study findings revealed a significant relationship between biographical variables (age,
gender, race, level of education, work experience, job category, job type, job level and
employer) and five dimensions (understanding of social media, social media optimism,
social media influence on human interactions, challenges of social media in banks and
perceptions in business etiquette). The study’s findings revealed a positive and
significant relationship between social networking as a great contributor to business
productivity and that social media, as a medium, enhances communication
effectiveness at 0.448**
.
However, social media optimism was found to be negative due to lack of trust. The
challenges of social media have come with embedded risks of fraud, hacking of
information and so forth. These impacts were identified as risks which could violate
policies and procedures of financial institutions. This study concludes and
recommends that branch managers from commercial banks (ABSA and Standard
Bank) should formulate and develop policies to guide employees on the use of social
media; this is to intensify intervention in the event of inevitable excessive loss in the
financial strength of these commercial banks
Additional information
Thesis (MTech (Business Administration))--Cape Peninsula University of Technology, 2016.
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