Digital platforms as a means to enhancing customer satisfaction at a South African commercial bank.

Abstract

Entities place high reliance on the banking sectors for the safekeeping of their money. This is why customer centricity is at the core of the evolving banking industry that is confronted with fundamental transformation. Advanced technology and modern digital devices have allowed wholistic customer service delivery without reliance on face-to-face interaction with banking staff. The advancement of the internet and electronic communication has resulted in the creation of platforms that allow for the online sale of goods and services. Furthermore, globalization has resulted in normalizing cross border trade and banking transactions making digital banking a key consideration in executing business for commercial banking clients. Legacy infrastructure, culture, data availability and pricing, financial literacy of the consumer base and limited competition in the industry have however slowed down digital adoption by banks in South Africa (SA). Due to arguably extensive experience, operational procedures, and highly regulated industry South African banks have been kept thus far safely in business. The advent of the novel Coronavirus pandemic (COVID-19) has however introduced a new dynamic in how banks operate because banks have had to strengthen their digital platforms given the widespread lockdown restrictions. Market research has been used by the five major SA commercial banks, Standard Bank, First National Bank (FNB), Nedbank, Capitec and ABSA to assess client satisfaction and loyalty. The results of the research are then integrated into driving the strategic direction of the banks. Literature has demonstrated that the relationship between a bank and its customer fundamentally contributes to organisational growth. Customer service is becoming more important in the financial sector as banks integrate systems, resources, and infrastructure, while delivering superior products, service levels and convenience. Clients are increasingly describing satisfactory customer experience as real-time resolution of queries through preferred channels. Traditional financial institutions, instruments and markets are quickly becoming outdated and inadequate to service the gradually globally connected environment experiencing a fast-tracked number of high-frequency transactions. Artificial intelligence has the ability to ensure optimum usage of resources. Subsequently, the objective of this research is to investigate digital platforms at commercial banks as a means to satisfying customer service expectations.