Technology has come to the fore in this fast-moving banking environment, changing everything in South Africa, where financial institutions have shifted in many ways over the years. Those days are far behind us when you used to stand in line for hours, get tired, and deal with endless piles of paperwork; now it’s just the exact opposite – a seamless customer experience as dynamic as efficient.

Notably, the coming together of technology and banking has not only enhanced service delivery; it has also empowered consumers. Therefore, there comes the great necessity to interrogate, in depth, how technology has reshaped customer experience in South African banking.

One such aspect is mobile banking, which has transformed the way South Africans have undergone their relationship with their banks. With a greater percentage of the population owning a smartphone, it goes without saying that banking apps have become lifeblood for many. Now, with the use of their mobile devices, anywhere and at any time, customers can carry out transactions, verify their account balance, or even apply for loans. It has been particularly helpful in a country where often geographical boundaries made access to traditional services quite difficult. It gave accessibility toward financial inclusion – being able to include the unbanked into economic activities.

Further, artificial intelligence and chatbots have been integrated into customer service, taking it to another level. Banks are now able to offer services through the use of chatbots round the clock, as they respond to customer queries instantly. Such instant responsiveness makes banking not only smooth but also trustworthy in the eyes of the customer because they feel important and heard.

The facilitation of quicker issue resolution spawns a closer relationship between banks and their clients in shifting the perception of banking from merely being a transactional experience to one that is more personal in nature.

Digital wallets and payment platforms are the inventions that have brought convenience in everyday transactions. It is through services offered by SnapScan and Zapper that customers can make the best ways of payment at retail stores or for peer-to-peer transactions without much hassle. This has resulted in efficient banking and reduced risks associated with carrying cash.

Despite the many benefits, the rapid digitisation of banking also raises concerns, especially on issues such as cybersecurity. Looking to technology to enhance customer experience, with banks, the risks associated with data breaches and cyber threats are huge. There is a need to sensitise customers on safe online practices and for banks to have in place robust security measures to protect sensitive information. In achieving this fine balance between innovation and security, there should not be a loss of trust by the customer.

Moreover, over-reliance on technology sometimes disengages demographics, especially older demographics who have issues adapting to new digital platforms. This is something of which the banks ought to be very conscious and seek to provide solutions that are inclusive for all their clients so that nobody gets left behind in this digital revolution.

In summary, technology has indeed innovated the customer experience of South African banking and introduced an era of convenience, efficiency, and personalisation. Developments – be they in mobile banking or AI-driven customer service – along such lines are consumer-empowering and reshuffle their expectations. But even as we embrace that digital future, banks should remain vigilant about security and inclusive practices. Before us lies an exciting road ahead, but one that requires a commitment to innovation with an unwavering focus on customer care. As we move through this varied landscape, let us take time not only to celebrate our progress but to address challenges that threaten the continued evolution of banking in service of every South African.

Nzama Mathebula is a PhD Candidate in Technology Management.