An exploration of Human Interaction as an element of Customer Experience within the Age of Digital Transformation: A Multi - Case Study on Standard Bank and Capitec Bank

Abstract

The digital revolution is redefining the banking customer experience in the digital age. As a result, wo of South Africa’s major banks – Standard Bank and Capitec Bank – have developed contrasting experience strategies. With one bank deciding minimize their bank branch foot-print and the other increasing its footprint. This rises the question of the role the bank branch (human interaction) has in the banking customer experience of the digital age? This qualitative, Multi Case-Study was conducted on the two above mentioned banks to compare and gain an understanding of what role the bank branch plays to the customer experience. The primary data collection took place in the form of Semi-Structured interviews with customers, consultants and branch managers of both banks to gain a rich understanding their customer experience strategies.The results revealed that the introduction of digital banking channels has resulted in fewer branch visits because of the independence and convenience that digital banking has. As a result, the role of the bank branch has evolved to serve the purpose of support and “advisory hubs”. Both the banks and some customers feel that there is value to the bank branch although they don’t use it often, they appreciate the option of having it there when they do need it.