Are there ‘tech gaps’ in SA banking?

1 min read
Online banking
Image credit: Pexels

Harry Scherzer, CEO of Future Forex, has highlighted what he feels are ongoing challenges within South African banks regarding their handling of international money transfers, urging a reevaluation of current practices amidst technological advancements.

Scherzer pointed out areas where he believes improvements are needed, particularly in automating processes that remain largely manual despite advances in other banking sectors.

Read: The rise of AI in insurance fraud: fake pics for false claims

“One area where this technological lag is particularly noticeable is in automation,” Scherzer observed. “While daily banking interactions have become increasingly automated, international money transfers still rely heavily on manual forms and processes.”

He noted that customers often face complexities such as navigating regulatory requirements and securing necessary approvals independently, which can lead to delays and frustration.

Personalised assistance

Scherzer also addressed concerns about the balance between technological innovation and maintaining a human touch in customer service. He suggested that while digital channels have expanded, there remains a need for more personalized assistance, especially for navigating specialized requirements like AIT Approvals and BoP codes.

“Customers, especially smaller clients, may find themselves needing more direct support from knowledgeable staff,” Scherzer added. “This is an area where banks could potentially enhance their services to better meet customer needs as it does seem to be lacking currently.”

In response to these challenges, industry experts and stakeholders  such as Scherzer are calling for a collaborative effort to streamline processes and enhance customer experiences, most especially in international banking transactions.

As technological advancements continue to reshape the financial landscape, the focus from both client and bank remains on finding solutions that combine efficiency with personalized service to meet evolving customer expectations.

Scherzer suggests that in the meantime, rather than using their bank for their international money transfer needs, individuals and SMEs should seek out independent specialists. More particularly, they should look for specialist companies that embrace automation while prioritising the customer experience.

author avatar
Isabella Duncan-Botha
Previous Story

The rise of AI in insurance fraud: fake pics for false claims

Next Story

South Africans hopeful for imminent interest rate cuts

Latest from Opinion