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
Subject Computer Science; User Experience; Information Management; Informatics digital banking; digitalisation; online banking; mobile banking; user experience; consumer services.
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
Type info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion — Survey
Format text/html application/epub+zip text/xml application/pdf
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
Coverage South Africa 20th Century Technology Platforms
Rights Copyright (c) 2020 Candice Louw, Cecile Nieuwenhuizen