Digitalisation strategies in a South African banking context: A consumer services analysis
South African Journal of Information Management
Field | Value | |
Title | Digitalisation strategies in a South African banking context: A consumer services analysis | |
Creator | Louw, Candice Nieuwenhuizen, Cecile | |
Description | Background: In the advent of the fourth industrial revolution, Internet-only/digital-only banks are offering alternative approaches to facilitating online transactions and banking in the absence of physical branches. As a result, traditional, offline banks may possibly experience increased pressure in growing and retaining their customer base.Objectives: The objective of this study is to understand the fundamental differences between traditional and digital-only banks’ business models and digital user experience strategies from a consumer services perspective. As a result, in this research, we established to what extent traditional South African banks have embraced service digitalisation and compared this to the services offered by South Africa’s first digital-only bank (launched in early 2019).Method: By means of convenience sampling, we selected the five biggest traditional banks and the first digital-only bank in South Africa (as recorded at the start of July 2019) and conducted a comparative analysis of the core digital services that were offered to consumers.Results: Overall, mobile-optimised services were identified as a key digital business strategy, thereby highlighting the importance of a mobile-first approach not only to traditional and digital-only banking services strategies but also to digital business model formulation in general.Conclusion: While the overall South African banking landscape and banking user experience may be moving towards digital-first and mobile-first, the need for access to banking technology and services 7 days a week necessitate not only mobile-first, but accessible-foremost (i.e. access to infrastructure that facilitates access to online banking technologies, both remotely and on premise) banking business models. | |
Publisher | AOSIS | |
Date | 2020-10-05 | |
Identifier | 10.4102/sajim.v22i1.1153 | |
Source | SA Journal of Information Management; Vol 22, No 1 (2020); 8 pages 1560-683X 2078-1865 | |
Language | eng | |
Relation |
The following web links (URLs) may trigger a file download or direct you to an alternative webpage to gain access to a publication file format of the published article:
https://sajim.co.za/index.php/sajim/article/view/1153/1743
https://sajim.co.za/index.php/sajim/article/view/1153/1742
https://sajim.co.za/index.php/sajim/article/view/1153/1744
https://sajim.co.za/index.php/sajim/article/view/1153/1741
|
|
ADVERTISEMENT