Charis Chrisna
TechInAfrica – With the impending fourth industrial revolution, banking and e-commerce have also taken to move within the ever-growing technology scene, and South African firms serve as no exception towards this rumor. One of the drawbacks, however, is job loss and retrenchment which have become a staggering issue in the digitization of banking in South Africa. To voice their opinions on this matter, South African Society of Bank Officials (SASBO) plans to protest and take action on Friday, September 27th 2019.
SASBO, which boasts over 50,000 members (and counting), regards technological advancements as both good and bad schemes to undertake. Whilst addressing the ever-growing customer demands to access financial services by seamless commercial transactions, many banking institutions in the country are having to restructure their businesses to ensure they remain sustainable and relevant to the business models in this modern age.
One of the most prominent examples of this is financial institutions encourage consumers to bank online instead of visiting their local branch. Besides from promoting ease of access to its users, it also disrupts the essentials of the already-sufficient human resource.
The Banking Association South Africa (BASA) says, “In the event of the protest action going ahead, we expect the authorities and unions to ensure it is peaceful and guarantees the safety of customers and property. In case of any unavoidable disruptions at branches, bank customers should as far as possible make use of digital banking services.”
BASA, in addition, concluded that protesting will not contribute towards addressing the faltering issues seen in the fintech and e-commerce sector. In fact, it could further burden the economy and deter investment. The only sustainable solution is improved education and attracting higher levels of investment to drive economic growth and job creation.
Source: itnewsafrica.com
