The shift towards digital banking has significantly transformed the financial landscape, necessitating a deeper understanding of the factors influencing consumer trust. This study aims to explore how legal and regulatory frameworks, coupled with perceived security measures, impact consumer trust in digital banking services. A qualitative research design was employed, using semi-structured interviews to gather data from 30 participants who use digital banking services. Participants were selected through purposive sampling to cover a broad demographic range. Data were collected to achieve theoretical saturation and analyzed using NVivo software to identify emerging themes and patterns. The analysis revealed three main themes: Regulatory Impact, Perceived Security, and Consumer Trust Dynamics. Regulatory Impact included categories such as Compliance Standards, Consumer Protection Policies, Transparency, and Enforcement and Penalties. Perceived Security was detailed through Technological Safeguards, Risk Management, User Experience, and Data Management. Consumer Trust Dynamics comprised Initial Trust Formation, Trust Maintenance, Impact of Negative Experiences, Role of Peer Influence, and Long-term Relationship Building. The study concluded that a robust legal and regulatory framework, effective security measures, and dynamic trust-building practices are pivotal in fostering consumer trust in digital banking. Transparent regulations, advanced security technologies, and proactive customer relationship management are essential for banks to maintain and enhance trust among users.
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