Abstract
This study explored Fintech adoption by the savings and credit institutions in South Africa, focusing on their management perspectives regarding technology usage. Employing a qualitative research design, data was collected through semi-structured interviews with twelve representatives from six savings and credit institutions, using convenience and purposive sampling methods. To acquire a better understanding of the participants' perspectives, content analysis was employed, where the data was evaluated, and the themes were aligned as closely as possible with the participants' actual words. The findings reveal the technology landscape within savings and credit institutions, highlighting prevalent systems, the balance between off-the-shelf and customised solutions, and technology-dependent services. Fintech's impact on service delivery ranges from improved efficiency to security concerns, emphasising the importance of adapting to evolving technological trends. The study advocates for a systematic review of current technologies and ongoing technological assessment, recommending broader technology utilisation aligned with organisational needs. Customisation is deemed crucial for operational efficiency, and exploring cutting-edge technologies like blockchain is suggested for flexibility. Effective adoption requires understanding the benefits of new technologies, a member-centric approach, and a strategic commitment to efficiency. Savings and credit institutions must prioritise continuous technological advancements to remain competitive and meet member expectations.
Keywords: Fintech adoption, Service offerings, Savings and credit institutions, Operational efficiency, Technological advancements