Transformation was looked at from the socio-economic, political, and technological perspectives as directed by the literature and the views of senior bankers from banking institutions established in South Africa were taken. More specifically, this paper presented the findings based on qualitative inquiry from primary data (interviews), and secondary sources. The secondary sources of data were collected from annual reports, transformation reports, and announcements from the financial institutions, as well as updates from regulatory authorities such as the FSCA and the B-BBEE commission. A pilot study was first undertaken before the main study was conducted, with its findings reported. Seven (7) managers were further interviewed after 4 participated in the pilot study. The study is a combination of data collected from both the pilot and main study. The responses from the managers interviewed and documentary evidence both at the pilot and main study phases reflected the feelings of banks towards the role that BANKSETA play, so these feelings must not be ignored. Identified barriers to transformation included economic inequality, slow ownership transformation, regulatory complexity, resistance to change, skills shortages, ICT infrastructure limitations, and insufficient collaboration. Solutions to facilitate effective transformation involved collaboration between the banking industry and educational institutions to produce quality graduates. Others include enhancing education and customer service, adopting better technology, and addressing consumer behaviour. Proper implementation of banking regulations, such as the EE Act, profit maximisation, and customer satisfaction, were also vital for accelerating banking transformation. © 2024 Copyright held by the owner/author(s).
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