Abstract
An increase in the demand for secured banking systems has enabled banks to provide convenient and secured services powered by multi-factor authentication (MFA). Integrating Multi-factor authentication together with e-banking for e-banking financial transactions can enable users with advanced levels of secured banking. The purpose of the study is to investigate the need for security and simplicity in the authentication of payments, e-banking and financial technology (FinTech) transactions in South Africa. In addition, the study aims to provide a robust conceptual framework for the integration of multi-factor authentication in e-banking and FinTech to enhance security, simplicity, and convenience for businesses and people. Furthermore, the study proposes an alternative secured paying method and receiving or having access to money without physically having a cell phone or a bank card. The study employed a quantitative research methodology. Primary data was collected through survey techniques. Only respondents who had knowledge and ideas or experiences on multi-factor authentication in FinTech or e-banking were selected for participation in the study. E-banking, financial technology, banking, and customers. A structured online survey was used and distributed to students, public members, workers, bank members who had knowledge, work experience within the field of banking, technology, and used banking facilities daily. The Statistical Package for the Social Sciences software (SPSS) was used for data analysis. The findings of the study indicated that banks had to provide customers with neither advanced nor relevant convenient and secured financial transaction services. Moreover, key results from the data analysis provided that, without the successful coordination, implementation and application of e-banking, financial technology, and biometrics, most of South African businesses would be left behind and fail to comply with the growing standards of artificial intelligence as influenced by the growth in the Fourth Industrial Revolution. Therefore, based on the study findings, it is recommended that businesses adopt the new innovative and secured mechanisms of financial dealings to enhance convenience, security and flexibility.
M.Com. (Information Technology Management)