What Makes Offshore Money Transfers Challenging?
- South African banks lag behind in international money transfers, using outdated technologies and manual processes.
- This leads to delays, frustration, and higher costs for customers.
- Banks fail to provide adequate human assistance and expertise, pushing customers to seek alternative specialist companies.
The technological lag in South African banks' international money transfers and the lack of human assistance are significant drawbacks. These shortcomings negatively impact the customer experience and hinder efficient transactions. Banks should prioritize automation and invest in improving their technology and customer support to remain competitive.
