Financial Technology and Customer Control over Financial Data in Deposit Taking Savings and Credit Co-Operatives in Baringo County, Kenya

Abstract

The ever-changing advances in technology create new business prepositions in form of financial technology. Financial technology as a new invention allowing delivery of financial services competes with traditional systems of financial service delivery. The objectives were to establish the relationship between financial technology and customer control over financial data in deposit taking Sacco's. The study used a simple randomized ex-post facto design. In this study, the population was infinite hence; the study targeted all the customers who visited Boresha and Skyline Sacco between 8.30a.m to 4.30p.m during the month of September 2019. Primary data was collected using structured questionnaires. In order to test the significance of the associationbetween attributes, inferential statistics such as the Pearson Product-Moment correlation and Regression analysis was used. The result of the study shows that there is a significant positive effect of lending technology on customer control over financial data of the Sacco's. The study also concludes that investment technology significantly affects customer control over financial data. Sacco's that intends to increase its customer control over financial data could invest in improving its use of financial investment technology since it would result in an increase in performance. The study also recommends Sacco's to increase investment in mobile banking users, and the entire mobile banking technology.