Customer Banking Culture as an Explanatory Antecedent of Voluntary Financial Exclusion in the Fourth Industrial Revolution Era

Access to banking services, enhanced marginal penetration, and utilisation of formal banking services constitute crucial pillars for the economic advancement of sub-Saharan Africa. Consequently, the phenomenon of financial exclusion, primarily voluntary in nature, exerts detrimental effects on both the financial sector's development and the national economy. Given the conventional understanding of decision-making as a universally rational practice in human behaviour, this research endeavours to explore the role of customer banking culture in shaping individuals' choices regarding financial inclusion or exclusion. Drawing upon rational theory, the overarching hypothesis posited in this study suggests that collective adverse financial beliefs, apprehensions regarding costs, and a propensity for short-term orientation are deeply ingrained in individuals' perceptions, challenges, and opportunities, thereby influencing their decision-making processes concerning financial inclusion. This study was focused on economically active adults in Zimbabwe, specifically focusing on civil servants, business owners, and self-employed entrepreneurs. To analyse the data rigorously, structural equation modelling (SEM), specifically partial least squares structural equation modelling (PLS-SEM), was adopted as the chosen analytical technique, ensuring methodological rigour. This approach facilitated the examination of the interrelationships among constructs and the determination of uncertainty avoidance, financial phobia, short-term orientation, impact, and voluntary financial exclusion in Zimbabwe. The empirical findings reveal that financial beliefs shaped by past experiences, concerns about costs, and a preference for short-term goals exert a negative influence on individuals' willingness to engage with banking services, consequently contributing to voluntary financial exclusion.