Consumer perspective of financial technology and digital personal banking in South Africa : a literature review

Abstract

Financial technology advancements have made personal banking simpler, allowing a range of services to be accessed anytime and anywhere via various digital methods However, the extent of digital financial technology's impact on consumer perception and adoption of digital personal banking in developing economies remains unclear. The purpose of this study therefore is to review literature on the issues that could influence the perception and use of digital personal banking by consumers. Data was drawn from 116 documents of academic and ‘grey’ literature according to the PRISMA protocol, and analysed by detailed reading, narrative summarising and then deconstructing and reconstructing the contents into the key issues influencing the adoption and use of digital personal banking. First an overview of digital banking in general, and then in South Africa, is provided. Then the different issues, or constructs, that could be drivers of preference for digital personal banking by South African consumers, as identified from the literature, are presented, namely Convenience, Practical quality, Branch service quality, Online service quality, Usability, Safety and Risk. These findings can form the basis of further in-depth research into the adoption and use of digital personal banking and can also assist banking executives to adapt their operational and marketing activities to influence consumers to further adopt digital banking.