The Impact of the Fourth Industrial Revolution on Employees in the Banking Sector

Abstract

South African banks were required to re-evaluate their business models in recent years against a background of the application of advanced technologies by industry leaders and competitors. The Covid-19 pandemic has accelerated the employment of these technologies which required banks to implement, rapidly, their digital strategies in response to the restrictions placed on banks.
The aim of this study was to determine the impact that the fourth industrial revolution has had on employees in the banking industry in South Africa. Also, the study aimed to examine how the changes to a more digitised environment influenced employees’ performance, productivity, work capacity and job security as a consequence of embracing the fourth industrial revolution.
A method using phenomenology qualitative research was applied in this study with the aim of gaining a deeper understanding of the effects on employees; this method focuses on the experiences of the individual in the banking industry. Eleven semi-structured interviews were conducted with senior managers, middle managers, junior managers and supervisors of one the largest banks in South Africa. A thematic analysis was conducted to gain insight into the impact of the fourth industrial revolution on employees in the banking sector.
The key findings of this study identified six themes relating to the fourth industrial revolution that impacted employees in the banking industry. It was shown that technological advancement in the banking industry has influenced employee behaviour, organisational culture, team effectiveness and leadership’s expectations regarding employees.
The rapid implementation of advanced technologies in the banking sector as a driver for growth and competitive advantage, has an adverse impact on employee wellbeing. Training and development and the upskilling of employees in various segments of the business must be given priority prior to implementation of the digital strategy.

Full text

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The Impact of the Fourth Industrial Revolution on Employees in the Banking Sector.
by
Leolin Anthony
Student Number: MI0122004
Research Report submitted to Milpark Business School in partial fulfilment of the
requirements for the Masters Degree in Business Administration (MBA)
Supervisor: Dr Rishaad Ebrahim
George, Western Cape
September 2022
MBA SUBJECT DISCIPLINE FIELD: Business Management

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DECLARATION
I, Leolin Anthony, declare that this dissertation and the work presented in it is my own and
has been generated by me as the result of my own original research.
I further declare that:
i. This work was done wholly or mainly while in candidature for the MBA degree at
Milpark Business School;
ii. Where any part of this dissertation has previously been submitted for a degree or
any other qualification at MBS or any other institution, this has been clearly stated;
iii. Where I have consulted the published work of others, this is always clearly attributed
and referenced;
iv. Where I have quoted from the work of others, the source is always given. With the
exception of such quotations, this thesis is entirely my own work;
v. I have acknowledged all main sources of assistance;
vi. Where the dissertation is based on work done by myself jointly with others, I have
made clear exactly what was done by others and what I have contributed myself;
vii. None of this work or any of its parts has been published or submitted before.
Signed : …
Dated : …06 September 2022.

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ACKNOWLEDGEMENTS
I would like to acknowledge the Almighty who gave me the courage, wisdom and strength
to complete this study.
I would like to acknowledge the important role that the following individuals played in my life
in so far as completing this dissertation was concerned:
• Junay, my wife, has been a pillar of support and motivation throughout the journey
and I am truly grateful.
• My dad, sisters and my mother in-law have been patient, encouraging and uplifting.
Thank you for always believing in me, through this journey: your support was
invaluable. Our children, Avia and Ziya: you unknowingly instilled the discipline in me
to be an inspiration to grow and strive towards your dreams.
• Dr Rishaad Ebrahim, my supervisor: your advice, guidance and assistance has been
invaluable in completing this dissertation. Thank you for dispensing your wisdom,
willingly and without prejudice.
• Finally, thank you to my Programme Manager, Nazmira Sayed for your confidence,
faith and words of encouragement.

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DEDICATION
I dedicate this dissertation in memory of my loving mother, Elizabeth Anthony. Her steadfast
love and her belief that I am destined for greater things were what drove me to achieve this
milestone. The faith she had in envisioning this achievement motivated me to complete
successfully, my Master of Business Administration.
It has been a tough road with many days when I missed your words of inspiration, but your
kind voice was always reminding me of the faith you had in me and this voice, echoes today.
Your guidance, words of inspiration and unwavering belief were always in my mind.
Your lessons of perseverance and reaching higher goals have now come to pass as a gift for
your next generation.
Thank you

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ABSTRACT
South African banks were required to re-evaluate their business models in recent years
against a background of the application of advanced technologies by industry leaders and
competitors. The Covid-19 pandemic has accelerated the employment of these technologies
which required banks to implement, rapidly, their digital strategies in response to the
restrictions placed on banks.
The aim of this study was to determine the impact that the fourth industrial revolution has had
on employees in the banking industry in South Africa. Also, the study aimed to examine how
the changes to a more digitised environment influenced employees’ performance,
productivity, work capacity and job security as a consequence of embracing the fourth
industrial revolution.
A method using phenomenology qualitative research was applied in this study with the aim
of gaining a deeper understanding of the effects on employees; this method focuses on the
experiences of the individual in the banking industry. Eleven semi-structured interviews were
conducted with senior managers, middle managers, junior managers and supervisors of one
the largest banks in South Africa. A thematic analysis was conducted to gain insight into the
impact of the fourth industrial revolution on employees in the banking sector.
The key findings of this study identified six themes relating to the fourth industrial revolution
that impacted employees in the banking industry. It was shown that technological
advancement in the banking industry has influenced employee behaviour, organisational
culture, team effectiveness and leadership’s expectations regarding employees.
The rapid implementation of advanced technologies in the banking sector as a driver for
growth and competitive advantage, has an adverse impact on employee wellbeing. Training
and development and the upskilling of employees in various segments of the business must
be given priority prior to implementation of the digital strategy.

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LIST OF FIGURES
Figure 2.1: Industry 4.0 Integration ..................................................................................14
Figure 2.2: Digital Transition in Banking .........................................................................15
Figure 2.3: Integration of Technologies ...........................................................................16
Figure 2.4: Digital Migration of Banked Population ........................................................23
Figure 2.5: Critical Skills ...................................................................................................26
Figure 2.6: Skills Improvement .........................................................................................27
Figure 2.7: Reskilling of Workforce .................................................................................28
Figure 2.8: Hard Skills vs Soft Skills ................................................................................29
Figure 2.9: Leadership in 4iR ............................................................................................30
Figure 2.10: Trend in number of bank employees ..........................................................35
Figure 2.11: Trend in number of bank employees ..........................................................35
Figure 2.12: Impact on Employment ................................................................................36
Figure 2.13: New opportunities ........................................................................................37
Figure 3.1: Data Collection ...............................................................................................45
Figure 3.2: Qualitative data analysis ................................................................................49
Figure 3.3: Linear data coding ..........................................................................................50
Figure 3.4: Non-linear data coding ...................................................................................50
Figure 3.5: Accuracy and Precision of reliability ............................................................53
Figure 4.1: Participants Demographics ...........................................................................57
Figure 4.2: Participants Demographic Analysis .............................................................58

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LIST OF TABLES
Table 2.1: Negatively impacted roles ...............................................................................24
Table 2.2: Positively impacted roles ................................................................................24
Table 4.1: Participant demographic detail .......................................................................58
Table 4.2: Participant demographic analysis detail ........................................................58
Table 5.1: Summary of findings .......................................................................................75
Table 5.2: Training, development and culture .................................................................80

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LIST OF ACRONYMS
Abbreviation
Definition
Fintech
Financial Technology

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CLARIFICATION OF ABBREVIATIONS, TERMS AND CONCEPTS
Abbreviation
Definition
4IR
Fourth Industrial Revolution
AI
Artificial Intelligence
ATM
Automated Teller Machine
NWOW
New Ways of Work
RPA
Robotic Process Automation
WFH
Working from Home

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TABLE OF CONTENTS
DECLARATION ................................................................................................................................................. ii
ACKNOWLEDGEMENTS ............................................................................................................................... iii
DEDICATION .................................................................................................................................................... iv
ABSTRACT ........................................................................................................................................................ v
LIST OF FIGURES ........................................................................................................................................... vi
LIST OF TABLES ............................................................................................................................................ vii
LIST OF ACRONYMS ................................................................................................................................... viii
CLARIFICATION OF ABBREVIATIONS, TERMS AND CONCEPTS .................................................... ix
CHAPTER 1: INTRODUCTION ..................................................................................................................... 1
1.1 Introduction ........................................................................................................................................... 1
1.2 Background ........................................................................................................................................... 2
1.3 Problem Statement .............................................................................................................................. 3
1.4 Literature Review ................................................................................................................................. 4
1.5 Objectives .............................................................................................................................................. 5
1.6 Key Questions ...................................................................................................................................... 6
1.7 Research Design .................................................................................................................................. 6
1.8 Research Method ................................................................................................................................. 7
1.9 Sampling ................................................................................................................................................ 7
1.9.1 Sample population ....................................................................................................................... 7
1.9.2 Sample size .................................................................................................................................... 7
1.9.3 Sample method ............................................................................................................................. 8
1.10 Data collection tools ......................................................................................................................... 8
1.11 Data analysis method ....................................................................................................................... 8
1.12 Reliability, validity and trustworthiness ...................................................................................... 9
1.13 Ethical considerations ...................................................................................................................... 9
1.14 Conclusion .......................................................................................................................................... 9
CHAPTER 2: LITERATURE REVIEW ........................................................................................................ 11
2.1 Introduction ......................................................................................................................................... 11

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2.2 The Industrial Revolutions .............................................................................................................. 12
2.3 Banking 4.0 .......................................................................................................................................... 14
2.4 The Impact of the Fourth Industrial Revolution ......................................................................... 16
2.5 Workforce ............................................................................................................................................. 19
2.6 Workforce and the Future ................................................................................................................ 21
2.7 Training and Development .............................................................................................................. 27
2.8 The Impact of Covid-19 .................................................................................................................... 30
2.9 Mental Health and Employee Wellbeing ...................................................................................... 32
2.10 Employment and the Fourth Industrial Revolution ................................................................ 34
2.11 Experience Economy ...................................................................................................................... 37
2.12 Conclusion ........................................................................................................................................ 38
CHAPTER 3: RESEARCH METHODOLOGY ........................................................................................... 39
3.1. Introduction ........................................................................................................................................ 39
3.2. Research Approach .......................................................................................................................... 39
3.3. Research Design ............................................................................................................................... 40
3.4. Research Method .............................................................................................................................. 41
3.4.1 Target Population ....................................................................................................................... 42
3.4.2. Sample Method .......................................................................................................................... 42
3.4.3. Sample Population .................................................................................................................... 44
3.4.4. Sample Size ................................................................................................................................. 44
3.5. Data Collection Method and Tools ............................................................................................... 45
3.6. Data Analysis Methods .................................................................................................................... 48
3.6.1 Inductive data analysis ............................................................................................................. 49
3.6.2 Constructing Themes ................................................................................................................ 49
3.7. Trustworthiness ................................................................................................................................ 51
3.8. Ethical Considerations .................................................................................................................... 53

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3.9. Conclusion.......................................................................................................................................... 55
CHAPTER 4: DATA PRESENTATION AND ANALYSIS........................................................................ 57
4.1 Introduction ......................................................................................................................................... 57
4.1.1 Participant Demographics ............................................................................................................ 57
4.2 Data presentation and analysis ...................................................................................................... 59
4.2.1 Discussion of Research Question (How has the advancement of the fourth
industrial revolution in the banking industry impacted employees and their work
environment?) ....................................................................................................................................... 59
4.2.2 Discussion on Research Question (What has changed in the working environment
and key deliverables for employees in the banking sector considering the rapid adoption
of advancements in the banking industry?) .................................................................................. 60
4.2.3 Discussion on Research Question (How has the pandemic and working remotely
impacted the teams’ general work performance and culture?) ............................................... 62
4.2.4 Discussion on Research Question (How has the organisation made
accommodation to the new work environment and how has this impacted key team
objectives?) ............................................................................................................................................ 65
4.2.5 Discussion on Research Question (How could organisations improve work
efficiencies and expectations from employees, like performance management
deliverables and adopt balanced human resource policies while achieving high
performance from employees across the organisation) ............................................................ 67
4.2.6 Discussion on Research Question (In which way can organisations improve the
transition from the traditional service delivery to the current digitally focussed approach
considering personal accommodation in the new ways of work, while retaining high
performance and a positive organisational culture?) ................................................................. 70
4.3 Conclusion ....................................................................................................................................... 72
CHAPTER 5: CONCLUSION AND RECOMMENDATIONS ................................................................... 73
5.1 Introduction ......................................................................................................................................... 73
5.2 Findings from the Literature Review ........................................................................................ 73
5.3 Findings from the Primary Research ........................................................................................ 74
5.4 Summary of research findings ....................................................................................................... 75

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5.5 Recommendations of the study ..................................................................................................... 77
5.5.1 Recommendation One ............................................................................................................... 77
5.5.2 Recommendation Two .............................................................................................................. 78
5.5.3 Recommendation Three ............................................................................................................ 79
5.5.4 Recommendation Four .............................................................................................................. 81
5.6 Areas for future research ................................................................................................................. 82
5.7 Limitations of the study ................................................................................................................... 82
5.8 Conclusion ........................................................................................................................................... 83
References ..................................................................................................................................................... 84
APPENDIX A: DOC I: SUPERVISOR SIGNOFF: DISSERTATION SUMMATIVE EXAMINATION 91
APPENDIX B: AMBA RESEARCH FEEDBACK ..................................................................................... 92
APPENDIX C: SAMPLE ETHICAL CLEARANCE FEEDBACK ............................................................ 93
APPENDIX D: EDITORS CERTIFICATE ................................................................................................... 94

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CHAPTER 1: INTRODUCTION
1.1 Introduction
The banking sector in South Africa has been perceived by consumers as being a
transactional and lending vehicle. In response to the traditional demands of consumers, the
South African banking industry had to revisit and reengineer its business models to align to
industry and regulatory changes. Mekinjić (2019:7) argued that, with the acceleration of
digitisation within the banking sector, banks were required to re-examine traditional business
models while simultaneously responding to the demands of clients for efficient service
delivery in which safe electronic services could continue undisrupted.
Innovation, digitalisation and new entrants into the market have all contributed to the
increased disruption and constant changes in the banking environment. According to
Camarte and Maritz (2018:4) the banking sector in South Africa has increasingly moved
towards a ‘marketplace without boundaries’ where new digital players in the market were
challenging the status quo.
The presence of market competitiveness has increased the level of competition between
banks and more specifically, the current players, to increase their attractiveness to end users.
Camarte and Maritz (2018:4) argued that the four universal banks in South Africa were
pursuing large-scale changes in their businesses and these aimed to improve customer
experience, introduce digital transformation, and new ways-of-working and to achieve cost
reductions across the business.
The challenges within the banking industry were not limited to cost reduction strategies,
dealing with new entrants into the market, innovation, and digitisation. The Covid-19
pandemic has seen unprecedented changes in demand and in the behaviour of consumers
on digital platforms. This change in the consumer’s behaviour has led large businesses to
focus on investment in technology and innovation. During the pandemic, banks needed to
adapt to an immediate change to accommodate both clients and employees to ensure
operational ability, continuation of service, whilst delivering quick, innovative, and efficient
service.
New work arrangements by bank employees during the pandemic allowed employers to
adapt to the new environment which has brought new challenges and opportunities for the
industry. Arrangements for working from home were driven by adapting to new technologies

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and collaborating between and within organisations to provide services digitally during the
pandemic (FSB, 2021).
1.2 Background
Modern trends within the banking sector have influenced decision on business strategy,
workforce capacity, financial performances, and process efficiencies within that sector. The
fourth industrial revolution has greatly impacted and accelerated these trends.
New digital entrants in the market have placed pressure on banks to revisit their efficiencies
so that those banks remain relevant and attractive to current and prospective customers. In
some instances, the fourth industrial revolution has revolutionised certain job functions within
the industry, here, repetitive work functions have become redundant and obsolete. The
urgent reskilling, and relearning skills of employees have become a priority for employers
and employees in the banking sector.
The transformation of service delivery in the banking sector, is currently taking place and is
influenced by digitalisation, digitisation, technological advancement and artificial intelligence
and automation, all of these have revolutionised service delivery methodologies. A review of
efficiencies throughout the industry has rapidly redefined work effectiveness and has
unintentionally highlighted workforce inefficiencies.
Continuous and increasing competitiveness within the sector, compounded by the impact of
the global pandemic, has led to an ongoing re-evaluation of workforce efficiencies against
the background of to digital solutions.
The banking sector has experienced unprecedented moves towards digitisation and
acceptance of many previously untested processes and procedures, all this can be related
to, the impact of the global pandemic. Employers were challenged to introduce remote
working for employees, this after twelve months of lockdown restrictions, has become a new
norm and standard within the industry.
Since the start of the lockdown in South Africa, banking employees been confronted with the
need to accept a work environment that entails working from home. The adoption of working
from home entails working unrestrictive hours outside the normal routine, and this required
employees to revist their work-life challenges.

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A new norm of uncertainty and ambiguity has arisen during the fourth industrial revolution
and has been accelerated by the global pandemic. This has affected the workforce adversely
in striving to remain relevant in the workplace while delivering a high performance in these
unprecedented economic times while navigating a traditionally inflexible and structured work
environment.
1.3 Problem Statement
Covid-19, has created a ‘new norm’ whereby employees in the banking sector were required
to work from home because of the pandemic lockdown regulations. This new work
environment allowed for greater flexibility for employees in balancing both their work and
home-life. Working from home or remote working has yielded positive results for employers,
according to productivity statistics. Thus Mathe (2021) conducted a survey showing that 66%
of those professionals surveyed reported an increase in productivity when working remotely,
24% reported that a key barrier for long-term remote working is employee productivity. Mathe
(2021) confirmed that experiences were different for some employees, for example, working
mothers have a disproportionate burden caring for children and similarly, employees who
were alone during lockdown, expressed feelings of being lonely.
The balance between work and personal time, may become blurred because a flexible
working environment at home may increase the time spent on actual work. Theunissen
(2020) stated that remote working during the pandemic has seen an average increase in the
length of the workday of an employee of approximately 48.5 minutes, this finding was
according to a study conducted by the Harvard Business School and New York University ,
with 3.1 million respondents.
The environment and culture encouraged by remote working is an important issue and this
is apparent from the results yielded by some organisations which have reaped the benefits
of remote working. Hinds and Elliot (2021) argued that although company cultures may dilute
during remote working, cultural beliefs and norms were still created and reinforced. Moreover,
employees were more susceptible to change and subject to influence, as they were not
guided by daily routines and systems. Positive and conducive corporate cultures were fertile
grounds to effect change management and to spur creativity and teamwork.

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Employers in the banking sector have announced various strategies on either working from
home or applying a hybrid model. Standard Bank has announced that it has continued with
the hybrid model into 2022 and Nedbank envisaged a 60/40 split which would see only 60%
of staff working from an office (BusinessTech, 2021).
Employers and employees in the banking sector in South Africa were experiencing benefits
from remote working as a vast majority prefered to continue working remotely after the
pandemic.
1.4 Literature Review
Most businesses that have successfully implemented working from home have, indicated that
this led to a noticeable increase in employee productivity. According to De Klerk, Joubert and
Mosca (2021:2) the flexibility of working from home did not prescribe times of work and so
employees could operate according to their personal needs. De Klerk et al. (2021:2) added
that work flexibility was associated with improved employee health and wellbeing, improved
management of work, higher productivity, as employees were willing to recommit part of the
time saved on commuting. Also, family conflicts were reduced.
This rapid change in the working environment in the banking sector was initially believed to
be a new phenomenon but it has become a new way of working which is viable for both banks
and employees. The increased momentum in using technology to deliver more accurate and
quicker service, will remain the economic driver during the near future.
However, this ever-improving economic driver in the banking sector has had a detrimental
impact on employees in the short term. According to Hornsby (2019) the financial services
sector was expected to be one of the most vulnerable sectors in the face of the fourth
industrial revolution especially regarding automation. Hornsby (2019) elaborated on the
results of a study suggesting up to 20% of jobs in this sector could be automated within five
years and 40% of banks believed that a fifth of their workforce will be replaced by robotics.
Competition in digitisation in the banking sector has been playing a large part in the strategies
of banks to gain market share and acquire new clients. The new entrants into the banking
sector globally have placed pressure on the traditional brick and mortar banks as far as
remaining competitive is concerned.

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The fourth industrial revolution is very progressive in applying technology which can be used
to automate basic and repetitive human tasks in the banking sector. Srinivas (2017) stated
that although Automated Teller Machines (ATM) have rapidly increased in number over the
last fifty years, the number of bank tellers in branches has not necessarily decreased. ATM’s
allowed banks to increase the footprint of branches but with fewer bank tellers within those
branches. The use of automated technology in these instances allowed banks to grow more
rapidly as these simple transactions were now done automatically. Srinivas (2017) observed
that the role of the bank teller evolved as more customers used ATM’s and so tellers could
focus more on relationship building and more non-routine/complex transactions.
The increase in the number of ATM’s brought additional complexities, apart from only
delivering a transactional service to clients. According to Srinivas (2017) ATM’s created new
jobs: thus, technology staff needed to monitor ATM networks, armoured couriers had to
supply currency to ATM’s and accessing client information were developed. Revolutionising
industries, creates new opportunities directly or indirectly from a wider economic perspective.
Srinivas (2017) emphasised that the banking industry has anticipated the impact of the fourth
industrial revolution on innovation, increased demand, and the altering competitive dynamics.
However, a longer-term view was required for reimagining the human-machine interface,
covering all aspects of the banking industry, in order to prepare for a world where people and
machines complement each other.
1.5 Objectives
The objective of this study was to determine the impact that the fourth industrial revolution is
having on the banking sector in South Africa. This study aims to obtain an informed analysis
of how automation, digitisation and digitalisation in the fourth industrial revolution, combined
with the impact of Covid-19, have all accelerated changes in the banking sector. The study
aims to:
1. Determine the extent to which technology changes and adoption in the banking
industry have impacted employees and their working environment.
2. Assess the changes in the working environment in the banking industry, prompted by
the fourth industrial revolution and the behavioural impact on employees in their work
environment.

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3. Provide recommendations on aligning the new work environment to create a balance
between employee wellbeing and work efficiencies, this is to be done by effective
utilisation of technology and by maintaining a positive corporate culture through
effective policies.
1.6 Key Questions
Question 1
How has the advancement of the fourth industrial revolution in the banking industry impacted
employees and their working environment?
Question 2
What has changed in the working environment and in the key deliverables for employees in
the banking sector bearing in mind the rapid adoption of advancement in the industry?
Question 3
How could organisations improve work efficiencies and the expectations of employees in
terms of performance management deliverables while adopting balanced human resource
policies? At the same time, high performances are to be expected from employees across
the organisation, notwithstanding the autonomous technological environment.
1.7 Research Design
The research design and the objectives of this research were closely aligned to the impact
on the human factor in the working environment of banks. A phenomenology research
approach was therefore selected as this approach was found to be the most appropriate
research design. According to Janse van Rensburg, Joubert, Pellissier and Stack (2017:87)
the purpose of this approach is to understand how human behaviour is shaped by the
interaction with the physical environment. The fourth industrial revolution therefore has a
direct impact on how employees reacted to their new environment.
According to Baker, Wuest and Stern (1992:1357) the phenomenology research design is
based on the notion that researchers need to discount or suspend their own preconceptions
of the subject matter if they are to gain valuable research information.

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1.8 Research Method
The research objectives have been achieved by means of a qualitative study. According to
Basias and Pollalis (2018:94) qualitative research deal with phenomena and involves
analysing experiences and behaviours without the use of numbers. This approach was felt to
be appropriate for this study. Basias and Pollalis (2018:94) add that qualitative research aims
to answer questions such as what, how, when, and where. It aims to describe, decode, and
translate concepts and phenomena.
1.9 Sampling
The sampling strategy used in this research was a non-probability purposive sampling
technique. This research was of a qualitative nature and was dependent on the respondents’
experience and behaviours; the theme of the research was known. Etikan, Musa and
Alkassim (2016:2) argue that purposive sampling entails a deliberate choice of participants
based on their specific qualities. The employees selected to participate were specific to the
region, and one selection criterion was that participants should have been directly impacted
by working from home, due to Covid-19.
1.9.1 Sample population
The sample population for the research was restricted to employees of a large bank within
South Africa. More specifically those employees were working in the Consumer and High
Net-Worth segments of the business and included skilled workers, junior managers, middle
and senior managers. The research focussed mainly on the Garden Route in the Western
Cape Province.
1.9.2 Sample size
The sample size was determined by two main factors. Firstly, the interviews were voluntary
and so the number of interviews was determined by the number of respondents who were
available at the various levels of seniority. The second factor determining population size
related to the saturation of data. Here, Francis, Johnston and, Robertson et al. (2010:2) stated
that interviews are justified until data saturation is reached, however a minimum sample size
for the initial analysis was recommended as well as a stopping criterion once no new ideas
are emerging.

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This research was mostly limited to the Western Cape and used an initial sample size of
twenty participants, selected across the various seniority levels.
1.9.3 Sample method
Non-probability purposive sampling was used as the sample method. The respondents in this
research were all impacted by the changes relating to the fourth industrial revolution. The
respondents included a specific group of people who were directly impacted by the working-
from-home scenario during the harsh lockdown instituted by the government.
1.10 Data collection tools
In this research, data collection entailed using electronic media, such as Microsoft Teams, to
conduct interviews. The interview format provided the interviewer with the most of the benefits
that one might associate with face-to-face interviewing although it was less personal because
of the virtual nature of the interview. According to Janse van Rensburg et al. (2017:137) face-
to-face interviews are highly beneficial as they allow the interviewer an opportunity to ask
probing questions and allow the observation of non-verbal behaviour or reactions. An
interview in this context created a comfortable environment to speak freely and in plain
language. Virtual interviews proved to be inexpensive and convenient for most respondents.
Purposive sampling created a specific population to ensure that the criteria for the research
were met, as a result, appropriate and relevant participants were interviewed.
1.11 Data analysis method
The research data was analysed using the narrative analysis data method, here the aim was
to determine the experiences of respondents. According to Janse van Rensburg et al.
(2017:122) narrative analysis assists the researcher to determine linkages, relationships, and
socially constructed explanations. It allows the researcher to determine certain variables
which were commonalities from the population to make certain determinations. According to
Esin (2011:94) events in isolation do not constitute a narrative but the experiences of an
event become a story.

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1.12 Reliability, validity and trustworthiness
Janse van Rensburg et al. (2017:148) explain that the term ‘reliability’ deals with the quality,
consistency and repeatability of the research measures and outcomes. They state that
reliability cannot be calculated and can only be estimated. In collecting data, care was needed
to ensure that all respondents were asked the same questions and that all the responses
were captured accurately. No deviations from the prescribed questions were allowed, so that
the data remained reliable across the population.
The validity of the research was only confirmed when the objectives of the research were
reached during data collection. Janse van Rensburg et al. (2017:150) state that researchers
must ensure that initial objectives and measurements are achieved, to ensure validity.
These measures were conducted within a framework of constant consultation with the
researcher’s academic supervisor through, mentorship and guidance, this enhanced the
probability of trustworthiness of the research.
1.13 Ethical considerations
According to Janse van Rensburg et al. (2017:18) obtaining informed consent from
participants is the main consideration when conducting ethical business research. In this
research study all participants were informed of the reason for the research and their rights.
Thus, Janse van Rensburg et al. (2017:18) state that participants must be informed of the
purpose and nature of the work. Moreover, they must remain anonymous and may withdraw
from the research at any time. Each participant in this research was assured of their rights
by a letter of consent agreeing on the confidentiality and purpose of the research.
1.14 Conclusion
The research objectives were motivated by the impact that technology has been making in
the banking sector. Globally the banking industry has faced insurmountable disruptions in
technology which have impacted the way in which banks conduct business. The landscape
of traditional banking methodologies is being challenged, leading to the development of
interactive, quicker, environmentally friendly, and economically beneficial methods

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New digital entrants into the market and more efficient ways of doing business, have forced
banks to re-examine efficiencies in processes and procedures. This has inadvertently
focussed on the current workforce and on the advantages that the fourth industrial revolution
brought to the business.
The Covid-19 pandemic has to a large extent accelerated the impact of the fourth industrial
revolution on the banking industry. Working from home or remote working has increased the
possibility of improved employee productivity. Technological investments by banks in recent
years have led to the rapid progression of automation and artificial intelligence in the sector.
The problem statement, in section 1.3 above, refers to the impact the fourth industrial
revolution has had on employees in the banking sector; this impact is described in the
literature on current trends and behaviours. The increased momentum of change in the
banking sector shows benefits; on the other hand there are negative impacts, such as
noticeable slow acceptance of change by employees.
In recent months, banks have decreased their staff compliments by using deliberate
strategies, through natural attrition or retrenchments. Therefore, the research poses the
question of how the fourth industrial revolution and the Covid-19 pandemic both have an
impact on employees in the banking sector. The current and long-term impacts of this
revolution on the individual are also examined.

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CHAPTER 2: LITERATURE REVIEW
2.1 Introduction
According to Janse van Rensburg et al. (2017:61) a literature review allows the researcher
to describe and review the existing knowledge in the field under review and allows the
researcher to define the problem to be addressed by the research. Janse van Rensburg et
al. (2017:61) add that the review expands on the description of the theory and shows how
the researcher has narrowed the subject to a specific question or problem. The literature
review gives the researcher a framework to identify the research problem and contextualise
the research topic.
Randolph (2009:2) argued that a literature review demonstrates the researcher’s knowledge
about a certain field of study, as well as vocabulary, theories, key variables and phenomena.
This definitive description explains the importance of a well- constructed literature review.
It is imperative for a literature review to be constructed from reliable and valid primary sources
in order to ensure quality.
Banking in the 21st century involves a diversity of products and solutions as well as an
integration digital platform. It is a collective basket of joint ventures, integrating banking, retail,
telecommunications, data science and open banking. The pinnacle of banking 4.0 occurred
jointly with the fourth industrial revolution and it accelerate change throughout the Covid-19
pandemic; all this entailed rapid adoption of technology in sustaining business profitability in
the banking sector.
The rapid adoption of digital technology in the banking sector was associated with an
acceleration in automation, digitisation, digitalisation and investment in artificial intelligence
and machine learning. This technological advancement has opened new opportunities for
banks to break the traditional barriers of scaling operations and exposure. Camarate and
Maritz (2018:1) argued that the fast-growing digital players entering the marketplace are
forcing banks to move towards a boundaryless market environment. According to Camarate
and Maritz (2018:1) this was driven by the pace of change in technological innovation in the
banking sector, where new entrants are challenging the status quo. Traditional banks were
forced onto large-scale programmes of digital transformation.

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Digital banks entering the banking sector were able to do so using a model with lower
operational costs than traditional banks where brick-and-mortar infrastructure and their
employee base were one of the largest expense lines on the income statement. Covid-19
has identified opportunities for traditional banks to re-engineer their operational model to be
more competitive in the new ways of remote working. Camarate and Maritz (2018:1) explain
that traditional banks in South Africa were not totally vulnerable to new entrants based on
their operational model as they maintained the largest banking client base within the retail
and commercial banking segment.
The challenges posed to traditional banks when transforming their current business
operational strategies and models all centred upon the positive execution of change
management in a performing workforce.
2.2 The Industrial Revolutions
According to Schwab (2017:19) revolutions have been initiated when technologies and new
perceptions of how the world should work, triggered changes in economic and social
structures. The creation of new technologies led to profound changes through the industrial
revolutions. Dombrowski and Wagner (2014:100) explain that the term ‘industrial revolution’
denotes changes in the technological, economic and social systems of an industry, and has
specific impact on the circumstances of work, changes in life conditions and economic wealth.
History has provided the economy with growth indices over the years, that have inclusively
contributed to growth and development and greatly enhanced the abilities of economies to
grow and develop.
The fourth industrial revolution can be considered as follows:
[t]he changes will bring about shifts in power, shifts in wealth, and knowledge. Only in being
knowledgeable about these changes and the speed in which this is occurring can we ensure that
advances in knowledge and technology reach all and benefit all. (Xu, David and Kim, 2018:1)
According to Dombrowski and Wagner (2014:101), the first industrial revolution was based
on the steam engine which greatly improved the lives of workers; manual labour was
transformed from a primary farm economy into manufacturing with the use of machines. Xu
et al. (2018:1) have stated that the first industrial revolution was characterised by the
transition from a farming and feudal society to a new manufacturing process. Manufacturing

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was driven by water and steam which powered machinery and increased production. It
created new factors of production which influenced economies and levels of income of
workers.
This improvement in technology was initially predicted to reduce employment levels, but on
the contrary, it created new jobs and new industries.
These technological advancements were followed by the second industrial revolution, which
involved electricity, line production, combustion engines and chemistry. New industries, such
as the automotive industry were developed and these improved the lives of the growing
population. Dombrowski and Wagner (2014:101) argue that while the first industrial revolution
was characterised by degrading, unhealthy working conditions and child labour, the second
industrial revolution signified higher productivity rates and increased wages during the late
1880’s.
The third industrial revolution started in the early 1970’s with the development of the
microchip. According to Dombrowski and Wagner (2014:101) the third industrial revolution
featured excess workforce capacity, reduced labour costs and changes in working
environment and conditions, all arising from new communication and management
technologies. The technologies developed during this period were more advanced than
before and could compute more than one transaction in a given period, which made
employees in certain sectors, such as banking, vulnerable.
The fourth industrial revolution (4IR) is generally characterised as being the era of
automation, digitisation, and artificial intelligence (AI); this revolution has a greater impactful
than previous ones. Schwab (2017:19) explained that the fourth industrial revolution entails
much more than smart and connected machines and systems. Schwab defined the fourth
industrial revolution as waves of breakthrough in different areas from gene sequencing,
nanotechnology, renewables and quantum computing and the ability to interact across
physical, digital and biological areas.
According to Schwab (2017:2) global income levels have improved along with the quality of
life; this arises from increased and affordable accessibility to digital technology. This
affordable accessibility has accelerated the entrenchment and scalability of the new
technology as it improved efficiencies.

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2.3 Banking 4.0
The phenomenon of 4IR required further in-depth definition as the terms ‘Industry 4.0’ and
‘fourth industrial revolution’ are commonly used interchangeably. According to Philbeck and
Davis (2019:17) the terms Industry 4.0 and “4IR” are used as synonyms, and although they
are not unrelated, they describe different things. Philbeck and Davis (2019:17) explain that
‘Industry 4.0’ deals with the relationship between digitisation, organisational transformation,
and productivity enhancement. In contrast, ‘fourth industrial revolution’ covers the creation,
exchange and distribution of economic, political, and social values that were being impacted.
These two terms are not mutually exclusive in a broader context but are dependent variables
impacting the changes introduced by the fourth industrial revolution. Mehdiabadi,
Tabatabeinasab, Spulbar and Karbassi et al. (2020:1) have simplified the definition of
Industry 4.0 by describing it as the concept that technology has permeated throughout society
which includes the sectors of production, finance, services, transportation, and
communications. Mehdiabadi et al. (2020:1) added that ‘Industry 4.0’ was driven by digital
integration and automation, capable of computing highly complex tasks. Figure 2.1 below,
demonstrates the integration and complexity of Industry 4.0.
Source: Mehdiabadi et al. (2020:5)
Figure 2.1: Industry 4.0 Integration

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Mehdiabadi et al. (2020:6) explain that banking has been affected by all of the four industrial
revolutions; indeed, one could refer to four versions of banking. Thus Banking 1.0 was
traditional banking at a branch within specified times. Banking 2.0 introduced Internet that
pushed some services out of the branch. Banking 2.0 occurred between 1980 and 2007, and
typically included Automated Teller Machines (ATM). Banking 3.0 introduced portable
banking which is generally known as self-service banking (mobile services). Finally, Banking
4.0 consists of major transformations which touch topics such as intelligence, sharing and
evolutionary computing.
Source: Mehdiabadi et al. (2020:7)
Advancement on technology was encouraged by globalisation and the interconnectedness
of economies and by banks with the ability to transact and compete on a global scale.
According to Mehdiabadi et al. (2020:7) Banking 4.0 brought a paradigm shift in the banking
industry as the customer’s expectations and preferences changed; meeting these new
expectations required different banking models. Mehdiabadi et al. (2020:7) argued that
banking models can no longer be designed with a focus on winning market share; instead
banks need to know how to attract customers’ attention through the technologies in Banking
4.0. This methodology could then achieve business goals. This paradigm shift created an
opportunity to re-engineer operational and service delivery models in order to make them
customer centric. Mehdiabadi et al. (2020:7) noted that prioritising Banking 4.0. translated
into a model of Experience driven Banking, Customer Experience and Execution Experience.
Figure 2.2: Digital Transition in Banking

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Source: Mehdiabadi et al. (2020:8)
2.4 The Impact of the Fourth Industrial Revolution
According to Mahmood and Hussin (2018:322) the third revolution was characterised by the
production of digital and industry technology which resulted in the development of computers
and the internet. Mahmood and Hussin (2018:322) state that the fourth industrial revolution
involved the Internet of Things (IoT) which has impacted all aspects of our everyday lives
through the digital industry.
The internet and interconnectivity have improved in recent years and created efficiencies,
which have allowed the digital industry and the organisations within this spectrum of
technological advancements to leverage from the benefits these efficiencies presented.
Berners-Lee and O’Hara (2013) in Mahmood and Hussin (2018:322) explained that the
internet’s purpose was to connect people with technology and although the fourth industrial
revolution posed a threat to humanity, it has impacted how we communicate, work, and learn
things.
The fourth industrial revolution has impacted the banking industry, and in doing so poses
risks and opportunities for organisations, regulators, shareholders, and executive leadership.
In particular, there are financial and operational risks and most importantly, risks for the
employees.
The fourth industrial revolution, in common with the previous revolutions, attracted fears of
job displacements, as automation and digitisation accelerated in all sectors of the economy,
Figure 2.3: Integration of Technologies

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across the globe. These fears seemed valid, as these benefits accrued to organisations but
to the detriment of staff. The increased accuracy or quality of services in specific job
segments, lowered the cost of labour in certain industries, leading to increased revenue for
organisations. These benefits, as well as the monetary incentives, have driven organisational
strategies to increase automation and digitisation to a greater extent in the banking industry.
Digital strategies were implemented and executed to drive increased competitiveness,
innovation, and growth in market share. These focus areas were the key performance
matrixes in the banking industry.
Zervoudi (2020:1) stated that “technological unemployment” can be defined in terms of the
replacement of the labour market by technologies such as robotics and artificial intelligence.
According to Zervoudi (2020:1), concerns about unemployability as a result of automation
and digitisation in the modern work environment, have been experienced previously, in the
nineteenth and twentieth centuries. In hindsight, though, the challenges and predicted
negative impact of these changes, on employment actually created new opportunities of
employment, thus, new dependant eco-systems within industries were formed to sustain the
inter-sectorial economy within the industry.
The Covid-19 pandemic has accelerated the fourth industrial revolution. Rapid changes in a
highly regulated and process driven environment created additional challenges in the work
force which required quick responses from business leaders. This situation was because of
the adaptation of flexible and unfamiliar work environments, which raised issues in terms of
business, operational and team effectiveness.
However, all these challenges created opportunities that resulted in new policies being
drafted to conform to the new work environment to which the businesses, employees and
clients needed to adjust.
The rapid change in the work environment has impacted employees in the banking sector in
various ways. These impacts varied according to job level, work experience, job output and
essentially, the level of seniority. Employees at different skills level were impacted in different
ways by these changes in the work environment. At the same time advances in technology
and innovation have raised questions about the efficiency of current business models and
team effectiveness. The impact of these changes has especially affected employees in

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certain jobs, who have been exposed as ‘replaceable’ following the rapid acceleration of the
fourth industrial revolution.
According to Zervoudi (2020:2) various factors could expose employees in certain categories
to the risk of automation. These categories were employees with: (a) low work experience,
(b) low level of education and training and (c) a low degree of adaptation to automation.
Zervoudi (2020:2) noted that low levels of work experience and education are mainly found
among the younger population. In particular, employees functioning in a routine-based
position, could easily be replaced by automation. In contrast, highly skilled employees are
less exposed to the risk of automation. Zervoudi (2020:2) concluded that employees with
higher degrees at masters or doctoral level were less threatened by unemployment
attributable to the impact of the fourth industrial revolution; indeed, they were most protected
from the risk of automation. Mundane daily tasks had highest exposure to the risk of
automation as the acceleration of the fourth industrial revolution increased.
Organisations involved in accelerating the implementation of digital strategies created the
advantages of greater efficiencies in production and in delivering services with more cost-
effective financial models. This has led to new perceptions of banking in general, and more
specifically banking in Africa. According to Ohene-Afoakwa and Nyanhongo (2017:3) there
were five strategic solutions that banks in Africa needed to focus on to remain relevant during
the fourth industrial revolution: these were the disruption in business, relooking at legacy
activities and measurements, shifting towards robotic process automation (RPA), combining
RPA and augmented intelligence (AI) and finally, being mindful of the high unemployment
rate in Africa.
The appeal of these technologies is offset by some drawbacks which need to be addressed
prior to the implementation of these digital strategies; thus, the integration of AI and RPI has
adversely impacted areas of the economy negatively, notably employment. Africa already
has unacceptable levels of regarding inequality and poverty and any hasty implementation of
digital strategies without taking into account the high unemployment rate, has had a
detrimental impact on the economy. Ohene-Afoakwa and Nyanhongo (2017:5) reflected on
the results of a study which indicated that 50% of graduates Africa had no jobs. Also, it was
found that the fourth industrial revolution has not increased levels of unemployment but

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instead, has alleviated mundane, mindless, and repetitive tasks and has given employees
interesting targets that require the input of some thought. llanes, Lund and Mourshed et al.
(2018:3) found that 62% of executives believed that a quarter of their workforce needed to
be retrained or replaced by 2023 as a result of the acceleration of automation and digitisation.
The pace of change caused by the fourth industrial revolution has highlighted the need for
employees to adapt to changes; they must be prepared and agile to adjust to consumer and
business demands. Ohene-Afoakwa and Nyanhongo (2017:4) shared a scenario in finance
and operations where many tasks are already being done with the use of automation (RPA):
these include recording journal entries, reconciling general ledger accounts, processing of
claims, return management, inventory processing and network monitoring. The speed and
efficiency with which this work was done has allowed for greater efficiencies and easy cost-
benefit analysis. Ohene-Afoakwa and Nyanhongo (2017:4) stated that RPA technology costs
approximately a third of the cost of a globally-sourced employee and was found to be 15
times more efficient than humans and with a potential 90% reduction in cost. Moreover, some
functions can be ‘productive’ 24/7.
The implementation and effective use of digital technology such as RPA and AI, presented
huge benefits for organisations and, potentially, new opportunities for employees. The
challenges posed by the impact of the fourth industrial revolution are extensive and require
a proper strategy and an intent to develop and answer issues concerning the human factor.
2.5 Workforce
According to Shaikh, Asvat, Cassim, et al. (2019) banks in South Africa claimed that the
reduction of staff and branches in South Africa was because of the impact of the fourth
industrial revolution and more specifically, a result of the digitisation and automation of
processes. In recent years, digitisation in the banking sector has had a major influence and
impact on that sector and this has been industry and economically driven.
The introduction of new processes has brought convenience and, quicker processing of
transactions, which has led to improved client experiences and greater expectations from
banking clients. The expectations off clients have forced banks to implement new
technologies to improve efficiencies, which have created new channels of service delivery.
Shaik et al. (2019) argue that platform economies such as Amazon, Netflix and Uber have

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raised client expectations regarding all service providers including the banking sector.
Technology is no longer a singular differentiator strategy in isolation within the banking sector;
instead it is, an enabler for clients to do their banking conveniently and efficiently.
Ditse (2020:25) states that the use of technology in the banking sector has increased
digitisation, which has created pressure in a competitive banking sector. Ditse (2020:25) then
highlights the increased use of technology, which forced banks to review their business
models, move to a more customer-centric approach aimed at solving client problems and
introduce new products to current and prospective clients.
A greater outreach to banking clients, by offering more digitised products, was a
consequence of the improved transactional ability and convenience delivered to those clients.
Shaikh et al. (2019) argued that digitisation of banking products promotes self-service, and
therefore banks encouraged clients to make use of their mobile phones and computers for
banking services, instead of visiting a branch.
The banking industry is inclined to accelerate the implementation of more efficient and cost-
effective products and services; this tendency is attributable to a business strategy aimed at
increasing market share in an already highly competitive banking environment. According to
Ditse (2020:25) the retail segment of the banking sector was the one most impacted by
digitisation, as many functions within this sector were now performed by robots, by utilising
artificial intelligence (AI), for risk management as an example. Risk processes of repetitive
nature had a high risk of automation and digitisation. Employees in this vulnerable sector
needed to focus on expanding their knowledge and skills base to adapt to the new demands
within the banking sector.
Ditse (2020:22) argued that even though many jobs have either become obsolete or are
expected to become obsolete because of automation, this trend has also created
opportunities that did not exist before. The previous industrial revolution followed the same
pattern, where new industries were created. According to Shaikh et al. (2019) the impact of
the fourth industrial revolution, has the potential to create new industries, while rendering
other industries extinct.
The rapid and disruptive nature of the fourth industrial revolution has impacted the way in
which consumers make decisions on finance purchases, insurance and many more banking

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and financial services products; this has, created a larger and new market for banks. The
younger generation of clients has an immediate need to satisfy social needs, which implies
a preference for banking services and products with a virtual self-service approach.
These developments have potentially far-reaching consequences for the workforce in the
banking sector, as they can affect many job positions and specialist tasks within that sector.
Nevertheless, this has provided an opportunity for the younger generation of the workforce
to pursue new jobs that had not existed previously. According to Ditse (2020:25) the creation
of new jobs from new technologies has called for employees with new skill sets and has
provided an opportunity to upskill current employees to cater for the new demand of skills
within the banking sector.
According to Shaikh et al. (2019) these developments have not been accompanied by parallel
improvement in the education and training systems; also, a lack of investment in technology
has left inadequacies in addressing the new needs within the banking sector. This skills-gap
and disconnect has created a misalignment in the demand created by the fourth industrial
revolution, specifically within the South African banking sector. Shaikh et al. (2019) argued
that inefficient adult training and skilling systems were to blame for at poorly adjusted
curriculum that does not address the skills required from the current workforce. These writers
then highlighted contributing factors that had a further negative impact on upskilling and
reskilling; these include geographical, geopolitical, and economic factors that plagues the
government and the banking sector.
2.6 Workforce and the Future
The banking sector workforce in its diversity is unique in its operations, comparative to the
financial industry. This has affected the impacts of technology on various job families within
the banking sector. The sector has been transformed by technology and integration in recent
years, and as a result, various roles within banking, required adaptation. Digitisation, Artificial
Intelligence and Machine Learning have transformed jobs and careers rapidly and drastically.
Rushkoff (2019) argued that various innovations have not only improved the lives of
individuals, but have also made a significant impact on how we live our lives. Rushkoff (2019)
then cites the telephone as an example of how technology transformed how we

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communicated and conducted business. Similarly, automobiles changed how we built cities,
came to travel widely, and impacted geopolitics around fossil fuels.
Similarly, digitisation in the banking sector has influenced how business is conducted by
banks, with a direct impact on the workforce. Repetitive tasks, processing of information and
client value creation are all specific to its objectives and outputs. Rushkoff (2019) argued that
artificial intelligence has had a similar impact on the workforce.
The banking industry is aiming to find a balance between implementing cost-effective digital
solutions and retaining an efficient workforce; this has forced banks to relook at the current
workforce and its effectiveness.
A study was conducted by the World Economic Forum (WEF), to ascertain how technological
automation could potentially displace workers and to consider how the demand for certain
jobs might be expected to change. The study found that globally there has been a decline in
redundant roles by 6.4% and a growth of 5.7% in the total employee base (BusinessTech,
2020). The study noted that, on the one hand, there will be a displacement of jobs in the
future due to the fourth industrial revolution; on the other hand, opportunities for skilled
workers will be created. It was predicted that approximately 85 million jobs will be displaced
globally, by 2025, because of the shift in labour from humans to machines. However, an
additional 97 million new roles have emerged across fifteen industries and 26 economies
(BusinessTech, 2020). Schwab (2017:3) pointed out how the fourth industrial revolution has
potential negatively impact inequality especially in the disruption of labour markets. Schwab
(2017:3) then states that, with the increasing amount of integration of technology in the
workforce, the gap between the return on capital and return on labour has also, increased.
The fourth industrial revolution has motivated the replacement of expensive labour by more
efficient and productive technology.
Industries and economies throughout the world, including of the banking sector in South
Africa, have experienced the impact of these changes. The shift is evident in the increasing
drive for digital services and- products; this will lead to a reduction in physical footprint of
banks, including reduction in the number of bank branches.

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Figure 2.4: Digital Migration of Banked Population
Source: BusinessTech, 2022B
The shift in bank branch usage was evident in the digital strategy by banks in South Africa,
which reflected positive results and indicated that this consumer behaviour will continue as
they experience the benefits of the fourth industrial revolution. Moyo (2019) stated that
Standard Bank recently closed 104 branches country-wide: this was approximately one
branch in five. This example indicates the impact of the technology advancements on the
banking sector.
The closure of branches and introduction of more efficient delivery models have impacted not
only branch employees but also employees in the greater workforce. According to an article
in BusinessTech (2022) there were five main forces in South Africa financial industry driving
this change:
• Rapid digital adoption;
• Software platforms, digitisation, and the development of applications;
• Better connectivity;
• Customer preferences and expectations;
• Alternative models of lending and capital raising;
• Technologies such as big data analytics and AI; and
• Non-traditional players.

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These forces have affected jobs at many job-levels and have also affected employees who
have specialised. The roles that have been negatively impacted by the fourth industrial
revolution within the financial industry were:
Table 2.1: Negatively impacted roles
Data entry clerks
Insurance underwriting clerks
Telemarketers
Claims adjusters and examiners
Tellers
Credit analysts
Statistics clerks
Administrative service managers
Tax examiners and revenue agents
Accountants and auditors
Source: BusinessTech (2019)
There has also been a lower demand for employees in some positions because of advances
in technology: these positions include Administration and Executive Secretaries, Business
Service and Administration Managers, Client Information and Customer Service Workers,
General and Operations Managers, Financial Analysts, Relationship Managers, Human
Resource Specialists and Training and Development Specialists (BusinessTech, 2020).
In contrast, some roles have experienced positive impacts in the financial sector because of
the fourth industrial revolution:
Table 2.2: Positively impacted roles
Conversational interface designer
Compliance expert
Mixed reality experience designer
Cloud banking
Cybersecurity expert
Platform creator
Financial services and fin-tech
‘concierge’
Interconnectors (between business and
customers, employers and employees,
sellers, and buyers)
Investor protection designer
Hyper-personalisation inventor
Interaction policy writers
Financial eco-system creators
Source: BusinessTech (2019)
Rushkoff (2019) summarised the workforce versus artificial intelligence struggle as follows:

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[t]here are too many people, asking for salaries and healthcare and meaningful work, who won’t be
needed in the long run. Each victory we win for human labour [sic], such as an increase in the minimum
wage, makes people that much more expensive to employ, and supports the calculus through which
checkout workers are replaced by touch-screen kiosks.
Schwab (2017:3) argued that although technology was displacing some workers, it was
actually leading to, a net increase in rewarding jobs.
The banking sector has changed significantly during the last decade, and technology has
been a key driver of this change. The changes in business operation and service delivery
have consequently impacted older employees in the banking sector. McIntosh (2020:34)
defined older employees as:
• Difficult or not able to learn new processes or applications;
• Less productive than younger employees;
• Having more sick leave days than younger employees within a leave cycle;
• Slow to learn and not able to stay abreast of technology as it changes;
• Close to retirement; and
• Resistant to change
Older employees have still been productive in the banking sector by using key skills that
remain in demand in modern banking. According to McIntosh (2020:38), older workers
seeking to maintain their place in the workforce were required to be evaluated to see whether
they need to learn additional skills for personal development.
Hatfield and Kejriwal (2019) argued that older employees offered real advantages because
they possess values such as:
• Work ethic
• Loyalty towards the organisation
• Patience which younger employees often lack
• Being pragmatic
• Having empathy
According to Hatfield and Kejriwal (2019) older employees demonstrated strong skills in
problem-solving, decision-making, crisis management and negotiating skills, and these skills
were gained through experience. These are all skills in good demand in modern-day banking

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where, technology has replaced repetitive tasks and softer human skills are required. Hatfield
and Kejriwal (2019) stated that these skills remain important across job levels despite the
adoption of advanced technologies.
The skills required for certain jobs in the modern banking era became more important as the
sector transformed and became more digitised, with the demand for accuracy and
responsiveness from banks increasing.
Figure 2.5: Critical Skills
Source: Hatfield & Kejriwal (2019)
According to Hatfield and Kejriwal (2019) there is a perception that older employees lack the
skills to perform in a digital business environment, and might be technology averse; however,
it was found that they were able and to learn. Hatfield and Kejriwal (2019) added that older
employees in the financial industry acknowledged the need to upskill in order to be effective
in a digital business environment. Soft skills, core values and experience in the banking sector
remained valuable and collectively, with digital skills, these employees have influenced the
banking sector positively.

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Figure 2.6: Skills Improvement
Source: Hatfield & Kejriwal (2019)
2.7 Training and Development
Rushkoff (2019) began by noting the expression that “to a hammer, everything is a nail” and
then argued that the same attitude prevails concerning computational algorithms and artificial
intelligence. This writer’s argument seems to be correct, bearing in mind that no human
intelligence existed within this concept of Artificial Intelligence. Also, these is a need to
consider natural and instinctive human characteristics such as common sense, personality,
empathy and discernment. Technology, as with artificial intelligence, robotics, digitisation,
and automation had its function in the workplace. However, human interaction and softer
skills have remained as prerequisites in the workplace. According to Daniels (2021), when
employers consider the impact of the fourth industrial revolution on the workforce and identify
the jobs that became more in demand, a fallacious vision of ‘technology jobs’ arises these,
supposedly, should enjoy the highest precedence in the new ways of work. Daniels (2021)
argued that, perhaps surprisingly, human skills become more important in the work
environment as organisations increasingly embrace technology.
Daniels (2021) also stated that human attributes such as creativity, judgement, decision-
making, leadership and active learning have become more important, and in high demand,
as technology took priority in menial and repetitive tasks; thus, technology can compute with
greater accuracy and predictability than any human. Learning and development have
therefore taken front stage in human development during the acceleration of the fourth
industrial revolution. According to Menon (2019) there has been an inter-industry impact
because technology led to an increase in productivity in the one industry and decreased
production cost. This led to an increase in demand by other industries.

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The banking industry has experienced an increase in its production following changes to its
banking models. Banking in South Africa has had an increase in the number of competitors;
for example, Fintech’s has entered this market and has sometimes collaborated with players
in the market. These competitive new players offered products and services that were similar
to those of banks; this effected the inter-industry supply and demand cycle positively and
incentivised the development and upskilling of employees in the banking sector. Rushkoff
(2019) stated that jobs are being replaced by robotics, but the solution to the harsh reality is
not to hold on to existing jobs; instead, employees should embrace the change and think
about it positively.
An important incentive for embracing change during the fourth industrial revolution was the
enhancement and development of employees in the banking sector through skills
development. According to Daniels (2019) a growth mindset and active learning attitude are
two of the most important attributes in ‘futureproofing’ careers. A growth mindset and the
ability to transfer skills from more experienced employees, and willingness for change, have
positively impacted the learning and development journey in the banking sectors.
Figure 2.7: Reskilling of Workforce
Source: Menon (2019)
The reskilling of the workforce in the banking sector in South Africa was a process which
required planning, diligence, and responsiveness. The pace of change in that sector has been
rapid and the onset of the Covid-19 pandemic has accelerated the speed of change in the
sector’s technology segment. Before reskilling employees, it was necessary to define and
then focus on what the skills gap in the banking sector was. Attention then focussed on how

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quickly the gap in skills was being addressed to keep up with the pace of change within the
sector. Douhet (2019) found that in order to plan for change arising from the challenges of
technology, banks started by identifying how the client-user experience and the technology
have impacted current skills and roles. This process has allowed banks to identify the priority
roles that have been impacted most severely. Reskilling and/or upskilling of employees in
these roles created long-term value for both the organisation and the employee.
The labour market has struggled to keep up with the rapid pace of changes and advances
according to Anon (2020). Organisation needed to realise that the benefits of bridging the
skills gap were felt not only by the employee concerned but also by the business; this created
a financial incentive. The benefits for both organisation and employee have a greater value
when reskilling or upskilling the current employees; after all, this re-instilled motivation,
creativity, improved productivity, and inspired team effectiveness. According to Douhet
(2019) reskilling existing workers injected a fresh perspective into the banks involved, as it
brought a new vision to those banks through their employees.
By preparing for the future is determined by how we prepare today argues Anon (2021). It
takes time to upskill or reskill employees in the banking sector and so, it was imperative for
banks to consider the skills shortage, with immediate action taken on both the hard and soft
skills when developing employees to be ready for an adaptive role in the industry.
Ditse (2020:50-51) argued that soft and hard skills are both important, not only for the future
but for playing a key role in the current banking environment.
Figure 2.8: Hard Skills vs Soft Skills
Source: Ditse (2020:50)

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Fig 2.8 above, illustrates that the banking sector needs not only technical skills but also
emotional intelligence, with teamwork, leadership, creativity and empathy being highlighted
as essential human attributes. As far as the future of work is concerned, analytical and critical
thinking are ranked as the most valued skills. As technology takes over, the most sought-
after skills include the ability to do technical tasks and leadership across seniority levels;
machines cannot offer these skills (Getsmarter, 2020:14).
Figure 2.9: Leadership in 4iR
Source: Getsmarter (2020)
As digital capabilities have increased over the years, employees are expected to have skills
according to Anon (2020). This has placed a demand for related skills such as analytical and
critical thinking. Tranformations in skills development and the multi-skilling of employees for
specific purpose or specialisation has become less important and more focus has been
placed on being mult-skilled in the banking industry.
2.8 The impact of Covid-19
The rapid adoption of new ways of working has required banks to re-examine their strategies
and operational models and to consider how productivity could be optimised during uncertain
times. The impact of Covid-19 has increased the pace of digitisation and automation and to
leverage this change banks needed to re-stack, re-purpose and upskill talent to deliver higher
value work (KPMG, 2022). The Covid-19 pandemic taught banks to look creatively at efficient
ways to maintain productivity in an uncertain environment and to remain profitable with low-

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income streams. In some countries there has been a focus on multi-skilling, especially in key
customer-facing roles, and to develop institutional resilience to be used in the event of future
unexpected crises (KPMG, 2022)
Since the start of the pandemic, banks have attempted to react proactively to its potential
impact, with the emphasis on the effect that social distancing has imposed on business
operations. Working from home was not a completely new dynamic in the banking sector
although, required rapid adjustment by employees to become accepted as the new norm.
According to Jones (2021), remote working prior to the pandemic was on the rise although it
was not the standard work arrangement. This situation changed considerably and in some
job roles will be the case for the foreseeable future.
The protocols introduced during the pandemic have required a review of the influence of
technology and specifically digitisation and automation in the banking industry. Leadership in
an environment where face-to-face interaction was no longer possible, called for special
leadership skills, for managing outputs rather than activities. The need to adjust to the home-
office environment and to take care of the well-being of employees became critical during the
pandemic.
According to Jones (2021) the changes brought about by the pandemic are clearly noticeable
and have had important implications for employees in the banking sector. The working-from-
home arrangement and the adjustment to a home-office environment required employees to
adapt their work-life balance. Jones (2021) argued that transformation of the workforce held
huge benefits for the bank sector as discussions with banks indicated that 20% of employees
working from home (WFH) preferred working from the office, 20% opted for a hybrid working
environment and 60% preferred working from home. Jones (2021) confirmed that 82% of
employees in the financial industry expressed a desire to work from home. These trends and
preferences have impacted the operational ability of businesses, specifically in an
environment where clients prefer face-to-face service delivery. This model of working posed
new challenges and strategies and required additional focus on the affected employees’
productivity and health.
According to Darden (2021:2), the Covid-19 pandemic has exacerbated mental health issues
of employees in the financial industry and some of the main causes included working long

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hours, enduring chronic stress, and feeling burned out. Issues relating to mental health have
impacted employee productivity and have affected the effective managing of teams. Darden
(2021:5) argued that employees with poor mental health caused numerous direct and indirect
costs to the business; here the term ‘indirect costs’ refers to ‘invisible costs’ which affected
productivity, physical health care and accidents. Bank employees adjusted to the new norm
of work during the initial phases of the pandemic and focus has since shifted to the issues
that they were experiencing.
Banerjee, Jacobson, Krivkovich, et al. (2021:2) argued that banks should commit to principles
to guide them in ensuring the wellbeing of their employees; this is because uncertainty in the
banking sector will continue for the foreseeable future and will continue putting strain on
employees’ physical and psychological wellbeing. With this in mind Banerjee et al. (2021:2-
3) suggested prioritising health and safety, extending support beyond the employee only,
engaging employees with empathy, having complete transparency, balancing consistency
and equity and holding firm on the commitment of diversity and inclusion.
2.9 Mental Health and Employee Wellbeing
According to Withers (2021) the banking industry experienced an increase in mental health
issues exacerbated by the Covid-19 pandemic. The pandemic forced banking executives to
review the business strategies and to re-align tactical plans to accommodate the impact of
the pandemic. Kulkarni, Appasaba and Nishchitha (2022:3) stated that the pandemic has
impacted the banking industry financially and non-financially. These researcher noted that
the provision of essential services during the pandemic, by the banking industry, required
their staff to maintain social distances and conform to all Covid-19 protocols while delivering
those services to clients. This affected employees to such an extent that they were
experiencing physical and psychological health challenges. During these lock-down periods,
when only essential services were provided, staff remained trained and updated on industry
changes. These changes were mainly conducted through digital channels. Kulkarni et al.
(2022:3) explained that human resources strategies were changed to accommodate the
digital adoption of employee skill development and online training sessions; these were used
to inform employees on how to manage stress and training and how to improve customer
service levels through digital banking. Contactless engagement with banking clients became

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more frequent and this later became the standard practice during the pandemic, along with
social distancing and avoiding physical contact.
Changes in normal banking operations impacted employees directly, and some of them
encountered mental health challenges. According to Kulkarni et al. (2022:3) the other
challenges that affected employees during the pandemic were (1) upskilling employees in
preparation for working in the restrictive environment of the pandemic, (2) planning and
investing in sufficient and correct infrastructure for employees specifically with regard to
ergonomics, taking in to account the diverse age groups in the banking sector and (3)
preparing employees for the impact of the pandemic on the culture of the organisation and
planning effective change management together with the adjustment of the employee
engagement programmes.
According to Withers (2021) the banking industry is widely known for its cut-throat reputation
throughout the world. A recent study has shown various outcomes regarding the mental
health of employees in that sector. In general, there has been positive feedback from the
recent research. Maher (2022) stated that almost half (48%) of employees in the financial
industry confirmed that working from home has had a positive impact on their workplace
culture. The pandemic and quick adjustment to the new remote working has not been without
challenges and the outcome of what the future impact will be in is still. According to Maher
(2022) research showed that 52% of employees in the banking / financial services sector
confirmed a positive work-life balance, while 48% of employees experienced what they
describe as bullying or harassment while in the workplace. Maher (2022) also found that
working remotely increased motivation and trust, with supervisors being more interested in
their subordinates’ personal wellbeing.
According to Maher (2022) the research report also showed a 33% increase in the number
of employees showing psychological symptoms of self-doubt, with 53% of employees feeling
isolated when working remotely. Some groups of banking employees clearly showed the
benefits and new opportunities created by the fourth industrial revolution, with organisations
such as banks leveraging the advancements in technology. Individuals have different
preferences and need to perform optimally. Generational theory was considered when

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motivating and accommodating employees in terms of work remotely as this theory has
positively or adversely impacted the work culture and the mental wellbeing of employees.
According to Maher (2022), remote working has proved to be a feasible option for
organisations in the banking industry and employees have been impacted positively.
Organisations were aware that systems and tools need to be in place so that teams remain
productive, creative, and supported while working remotely.
2.10 Employment and the Fourth Industrial Revolution
The banking industry in South Africa has re-examined it business models on how banking is
traditionally done. The automation of repetitive jobs has resulted in many of these positions
becoming redundant, as robotics and automation have taken over the work. According to
Malinga (2019) automation is expected to have a significant negative impact on employment
in the banking sector as two out of every three jobs are expected to become automated or
taken over by robots in the foreseeable future.
There is a global trend in which humans are being replaced by robots as digitisation
accelerates. Malinga (2019) consider that trend and notes that some overseas banks have
already serviced about four million clients with approximately 200 employees. New
opportunities arose for banks to increase their rate of digitisation, because retained earnings
from cost saving initiatives allowed for greater investment in digital technologies and
platforms. Banks in South African, which employ more than 150 000 employees, diversified
their investments in the value creation initiatives to allow for greater efficiencies and more
effective performance. The employment trends in the South African banking sector between
2017 and 2019 are reflected below:

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Figure 2.10: Trend in number of bank employees
Source:BusinessTech (2019)
Figure 2.11: Trend in number of bank employees
Source: BusinessTech (2019)
Magwentshu, Rajagopaul, Chui and Singh (2019) argued that advances in technology have
had a great and positive impact in the case of South Africa. Moreover, AI and machine
learning can allow potential increased productivity, improved operational efficiency, and can
deliver better outcomes for both customers and citizens in creating millions of high-quality
jobs. Magwentshu et al. (2019) believed that acceleration of digital adoption has very many
economic benefits and could result in a net gain of 1.2 million jobs by 2030, of which many
should go to women.

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Figure 2.12: Impact on Employment
Source: Magwentshu et al. (2019)
Any jobs created by the acceleration of the fourth industrial revolution must include content
changes which align to the new objectives required within this digitised environment. Meena
and Parimalarani (2020:4914) argued that the growth in digitisation ensured the new job
opportunities that were created led to an increase in efficiencies and to improvements in the
experience of the customer, while reducing operational cost.
According to Meena and Parimalarani (2020:4914) automation could reduce the burden on
those banking professionals tasked with transactions processing, audit and compliance;
those employees then have new opportunities to spend time on customer service, cross
selling products and services and providing a more personalised service to the customer.
Meena and Parimalarani (2020:4914) stipulated that digitisation will introduce new roles in
banking such as cyber security specialists, credit analysts, robot programmer, block chain
architects and process modeler experts. Figure 2.13, below shows a detailed outline of the
new opportunities within the banking sector and the objectives of the employees within these
new roles.

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Figure 2.13: New Opportunities
Source: Meena & Parimalarani (2020:4914)
2.11 Experience Economy
Industries have undergone transitions throughout the years between the first and the fourth
industrial revolution. Thus, the banking industry experienced transitions from Banking 1.0 to
the modern Banking 4.0. Economies have become more complex and, interlinked, and can
conveniently transact; 24/7 operations have increased the expectations of clients, banks, and
shareholders alike. Technology as a broad enabler has increased the expectations of clients,
who now require superior levels of service. According to Pine (2014), most of the workforce
in the 18th century was employed in the agrarian economy, with 90% of employees working
on farms; this later changed to 40% of employees in manufacturing while in today’s modern
economy, 80% of the workforce are in service industries.
Technology has influenced and redesigned economies across the world and banking has not
been excluded. Banking has changed from mainly a product-based business to a solution
and service-based sector. Pine and Gilmore (2011:97) argued that historically, organisations
have bundled service and experience together as a strategic measurement, even though
there is a distinct difference between them. According to Pine and Gilmore (2011:97)
consumers undoubtedly require experiences rather than service and in response, more
businesses are promoting a great experience-based solution organisation. The competitive

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edge in the banking industry has increasingly depended on new-to-market solutions and
experiences for their customers; this calls for a wide range of skills in die banking workforce.
Technology introduced during the fourth industrial revolution, has enabled an improved
customer experience which in turn created higher expectations from banking clients. Speed
and convenience were some of the drivers in improving customer experiences in banking
and these came to be reflected in the performance deliverables and objectives of employees
in the banking sector. Face-to-face engagement and digital enablement have become similar
experience-based solutions for clients and have consequently become a focussed measure
for employees in the banking sector.
According to Pine and Gilmore (2011:98) it is not a question of whether but when this new
focussed economy will become a competitive advantage. However, companies moving into
this new experience-based competitiveness will face challenge.
Current banking models and structures were designed to benefit the bank and mitigate the
bank’s risk. The bank’s internal hierarchy was designed to ensure effective internal
communication and authorisation as well as to ensure accountability. This model was
reviewed to accommodate the client centric approach to drive good client experiences. Banks
that have focused on putting the client first and addressing client concerns will probably have
a positive impact on employee experience, team morale and organisational culture.
2.12 Conclusion
The introduction of advanced technology has impacted operations, finance, human
resources, customers, risk management and most importantly employees in the banking
sector. The fourth industrial revolution can be characterised as a two-edged sword. Its
positive features include the rapid adoption by the industry, better opportunities to generate
revenue, improved client experience, and increases in operational efficiencies. On the
negative side, the revolution impacted employees adversely, as many jobs were potentially
displaced because of the rapid adoption by banks of the technology which led to increased
competitiveness.

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CHAPTER 3: RESEARCH METHODOLOGY
3.1. Introduction
According to Janse van Rensburg et al. (2017:3) the meaning of research is ‘to search again.’
In terms of this explanation a researcher should re-emphasise the problem statement or the
question posed which led to the need for the research. As Graue (2015:5) stated, “conducting
research is the logical consequence to the emergence of a question that has not yet been
answered.”
The banking sector in South Africa has been in the forefront of technological advancements
and has been pioneering and influencing competitiveness in the sector. The collaboration
between the banking sector and technology companies such as Fintech has led to an
acceleration in the modernisation of legacy and outdated processes and procedures and this
development has directly and rapidly impacted the workforce.
The objective of this research was to collect data from within the banking sector, from a
diverse group of employees which has been impacted by rapid technological advancements
in the sector. This study is qualitative in nature and it obtained rich insights into how the
employees have experienced the fourth industrial revolution in the physical work environment
and how the Covid-19 pandemic has further impacted this reality.
The participants in the research were all from one organisation in the banking sector in the
Western Cape; the research explored the experiences of participants ranging from skilled
workers to senior management level.
3.2. Research Approach
An inductive research approach was used to determine the impact of technology on
employees in the banking sector. Janse van Rensburg et al. (2017:10) stated that inductive
research can be used to determine a phenomenon or to focus on observing an object; this is
followed by identifying emerging patterns in order to establish a general proposition, based
on the empirical observations. Janse van Rensburg et al. (2017:10) then state that inductive
research is largely utilised where there is a large degree of uncertainty and ambiguity in the
field of study. The impact of the fourth industrial revolution on employees in the banking sector
was continuous and adaptive as the technology advanced. Artificial intelligence and
digitisation changed the status quo on how banking services were delivered, and the rapid

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pace of change influenced by the various role players affected the banking employees at
many seniority levels. Thus, inductive research was appropriate for defining phenomena
within a continual adaptive environment which was impacting employees. According to Janse
van Rensburg et al. (2017:10) the inductive research approach may be applied for
establishing a theory and is flexible, in order to ascertain the basis of the theory.
Kyngäs (2020:13) argued that, content analysis in inductive research can be used to describe
human experiences and perspectives. Kyngäs (2020:13) stated that a meaningful description
of people’s experiences gives context to personal views rather than generalisable results. In
this study, the banking employees in the sample were interviewed individually in order to yield
the personal experiences of how Covid-19 and technology impacted their work and personal
lives from the professional perspective.
The study attempted to determine the impact on the banking sector employee in the work
environment, and the degree of influence of technology on those employees. Janse van
Rensburg et al. (2017:87) argued that phenomenology inductive research is used to
understand the symbiotic relationship between employees and the workplace and how it
impacted behaviour and identity. The empirical study of employees and technology in the
banking sector allowed for broader-based results because of the flexibility of the inductive
research approach.
3.3. Research Design
Janse van Rensburg et al. (2017:14) described the research design as being the plan the
researcher used to conduct research in order to attain the research objectives. The objective
of this study was to determine the impact of technology in the banking sector and more
particular, to examine the impact of the fourth industrial revolution on the labour force in that
sector. The aim was to obtain insights and perspectives from the participants about how this
influenced the sector. It was essential to design the study correctly in order to achieve the
outcomes based on the problem in question. Janse van Rensburg et al. (2017:75) argued
that the research design should follow a specific framework according to the research
process selected: the framework includes the approach, methods and techniques utilised by
the researcher. The design of this was flexible because the participants were individuals with
different perspectives, background, level of seniority and experience. According to Janse van

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Rensburg et al. (2017:75) economic and management research is inherently complex and
so, researchers seldom follow a fixed research design; they often need to compromise
between the objectives and other practical considerations and influences.
This study outlined how people interact with technology and how the impact of technology
within the fourth industrial revolution changed their behaviour, perceptions, expectations, as
well as their lives. Janse van Rensburg et al. (2017:87) argued that understanding of human
behaviour is shaped by the interaction of the physical environment and other people, as
understood through phenomenology. This approach formed the basis of the research design
for this study, and it allowed for the subjective opinions expressed by participants. According
to Janse van Rensburg et al. (2017:87) phenomenology is inherently subjective because it is
based on the perspective of human experiences. This analysis using the phenomenology
research design captured the impact and effects of a non-linear event in the banking industry;
that event was characterised by much uncertainty and ambiguity in the industry. Social,
emotional, and psychological factors impacted the human factor influenced by technology.
Janse van Rensburg et al. (2017:104) argued that the use of phenomenology approach would
lead to an understanding between participants and the phenomenon being studied based
specifically on each individual’s own experiences within the physical environment.
3.4. Research Method
According to Oun and Bach (2014:253) the qualitative research method is empirical and it
addresses the questions of how, where, what, when and why individuals act in a specific
manner. This can be compared with the alternative quantitative research method. Here,
Rutberg and Bouikidis (2018:209) identified the key difference between qualitative and
quantitative research: thus, qualitative research focuses on human experiences and
perceptions whereas qualitative research focuses on numbers and accuracy. The behaviour
of employees in the banking sector was the focus of the study as well as the participants’
perceptions of the working conditions and the influences on their working environment
brought about by the fourth industrial revolution. The analysis of these factors gave the
researcher a true account of how technology has impacted the employees’ environment on
a professional and personal level. Quantitative research, in this context, omits the human
element regarding behaviour and perceptions and instead, only gives the statistical view.
Thus, quantitative research in this context will not answer the research questions posed.

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Therefore, this research adopted a qualitative approach.
3.4.1 Target Population
The target population was all those employees in the banking sector who were employed by
a large bank in South Africa. The participants were a diverse group of individuals from
different segments in the bank. They had all been employed by the bank before March 2020
and had been affected by the remote working conditions imposed as a result of the social
distance policy initiated by the South African government: all banks had to comply with that
policy, to curb the spread of Covid-19. The job level of the participants ranged from junior
managers to senior provincial executive level and were all from within the consumer high-net
worth and business banking segment of the bank. The target population in this research was
represented by eleven participants.
3.4.1.1 Sampling
A non-probability sampling technique was used for this study. Koerber and McMichael
(2008:464) argued that a purposive sampling method required participants who possess a
particular trait or quality. In this research study, employees in the banking sector had certain
skills, qualities, behaviour, and culture in common. As mentioned previously, this research
was focussed on the banking sector using participants employed at a specific large bank in
South Africa; other financial institutions were excluded from the research.
3.4.2. Sample Method
Non-probability sampling is appropriate where a more specific sample is required for the
research study. Etikan and Bala (2017:1) identify various methods of non-probability
sampling including Quota sampling, Accidental sampling, Purposive sampling, Expert
sampling and Snowball sampling.
One alternative to non-probability sampling is the probability sampling method. According to
Etikan and Bala (2017:2) probability sampling or ‘random sampling’ is a sampling method
that includes any sample that can present itself to form part of the sampling. There are two
basic probability sampling methods and these are Systematic sampling and Stratified
sampling.

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This study focussed on employees in the banking sector who were impacted by technology
and more specifically by the fourth industrial revolution. In view of this, the non-probability
sampling method is the most suitable approach.
According to Koerber and McMichael (2008:464) it is imperative for the researcher to be
aware of the main guiding principle of purposive sampling; this entails selecting a sample of
respondents, that represents the widest variety of perspectives possible.
A large variety of possible participants to participate were available to take part in this study
as diversity in the banking sector is encouraged. Koerber and McMichael (2008:464) argued
that for successful purposive sampling, researchers need to diversify the sample by including
management and non-management employees with different levels of experience. Janse van
Rensburg et al. (2017:113) stated that purposive sampling must be based on specific criteria
such as gender, age and managerial level.
Alternative sampling methods included theoretical sampling, deviant case sampling and
snowball sampling; these are discussed below.
3.4.2.1 Snowball Sampling
According to Etikan and Bala (2017:2) this method of sampling generally makes use of
networks and is useful when little is known about the group or organisation. Researchers in
this scenario are dependent on one participant referring them to potential new participants.
Etikan and Bala (2017:2) argued that the disadvantage of this method is that it is dependent
on the initial participants being part of a specific clique if it is to be successful.
3.4.2.2 Deviant Sampling
Janse van Rensburg (2017:113) stated that deviant sampling is used to obtain, deliberately
contradictory data which could potentially give new insights into the subject. The objectives
of this research were to obtain collective data aligned to a specific phenomenon, to answer
the research question. Use of the deviant method would render the research unreliable.
3.4.2.3 Theoretical Sampling
According to Janse van Rensburg (2017:113) theoretical sampling was mainly used in
grounded theory to develop theory and fill theoretical gaps. The research had experienced

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participants and the researcher was collecting real data about events therefore developing
theory would not have achieved the research objectives.
3.4.2.4. Purposive Sampling
The study required participants who met specific criteria in order to ensure the trustworthiness
of the research. Therefore, purposive sampling was the appropriate sampling method to
obtain valid and reliable analysis. According to Etikan and Bala (2017:2) purposive sampling
is the best option when the researcher focusses on individuals who share the same opinion
and who were willing to share the required information. The participants in this study of the
banking sector included senior managers, middle managers, skilled workers, and
supervisors, all of whom were subjected to altered working conditions during the lockdown
and who were was able to function by utilising technology to achieve their working objectives.
Non-probability purposive sampling was used to determine a greater scope of employees
within the bank who were impacted by the Covid-19 pandemic and the accompanying change
in their working environment.
3.4.3. Sample Population
The population for the study was limited to one of the largest banks in South Africa. The
respondents were all employees of that bank and were all situated in the Western Cape. The
departments focussed on were the Consumer and High Net Worth, Business Banking,
Private Banking and Enterprise (small business) division. The group of respondents included
skilled workers, supervisors, junior managers, middle managers, and senior managers.
3.4.4. Sample Size
According to Janse van Rensburg et al. (2017:113) researchers must consider flexibility when
collecting data and must be willing to exceed the pre-set number of interviews. Initially, 11
participants were selected for interviews. Nevertheless, Janse van Rensburg et al.
(2017:113) state that data should be collected until sufficient data has been obtained to
answer the research question or until saturation was reached. The data collection process is
represented in Figure 3.1 below.

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Source: Janse van Rensburg et al. (2017:113)
Abdul Majid, Othman, Mohamad and Abdul Halim Lim (2018:66) stated that there are some
general guidelines in qualitative research regarding how many interviews should be done
however none of these is definitive. These writers suggest that using the suggested sampling
size is useful at the initial stage, as it is difficult to determine in advance exactly how many
participants will be included. Common themes creation is therefore an indicator of when
saturation is reached. According to Abdul Majid et al. (2018:66) the primary focus should not
be on the number of participants to be included, but rather on the exploration and description
of the phenomenon in determining new evidence. They (2018:66) added that although it is
important to prioritise a point of saturation in qualitative research it is more important to ensure
that data is saturated, and that the breadth and depth of data are covered.
3.5. Data Collection Method and Tools
One-on-one interviews were used to collect data for this study. According to Barrett and
Twycross (2018:63) interviews as a method of data collection are a characteristic of
qualitative research, as they provide the most direct and straightforward approach for
gathering rich data pertaining to a specific phenomenon. The flexibility of the interview
Data Collection
Reflect on Data
Sample Strategy
Plan further
data collection
Identify gaps in
data
Data saturation
when no gaps exist
Figure 3.1: Data Collection

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method allows for a combination of options to be used to enhance the data collection.
Respondents were generally subjective in recalling their experiences and therefor, in order
to ascertain rich and relevant information, a combination of interview structures was
employed. According to Janse van Rensburg et al. (2017:114) the main purpose of an
interview is to allow participants to talk about their experiences, emotions, processes, and
practices in relation to the specific phenomenon. Open-ended and semi-structured interview
methods allowed the flexibility needed to achieve the desired objective. Ensuring a
comfortable environment encouraged respondents to be more participative in the interview
process. Barrett and Twycross (2018:63) argued that although the semi-structured interview
approach is the most common method used in qualitative research, a very structured
approach may not allow participants to express themselves fully. These writers (2018:63)
also stated that a more open approach allowed for more freedom and flexibility but required
the interviewer to maintain focus without forcing participants into a specific area of discussion.
One-on-one interviews can be categorised into different interview formats. Thus, Janse van
Rensburg et al. (2017:144) stated that the three formats of interviews are open-ended
interviews, semi-structured and structured interviews. Interviews should be designed to allow
interviewees to elaborate on their experiences, emotions, or practices within the confinement
of the structure used. Janse van Rensburg et al. (2017:114) stated that a one-on-one open-
ended interview structure is flexible, with little structure. This allowed the interviewer to guide
the conversation but, in doing so, the interviewer needed to avoid broadening the discussion
to a point where the data collected is no longer relevant. The second format of interview,
semi-structured, was based on a guided format of questions and allowed for broader
elaboration of the question. According to Janse van Rensburg et al. (2017:114) this format
ensured that specific topics were covered but did it not restrict the interviewer or participant
and allowed for further exploration of the subject. According to Janse van Rensburg et al.
(2017:114) the third format of interview is the structured interview which follows a structured
line of questioning, with the characteristics of a questionnaire. Janse van Rensburg et al.
(2017:144) argued that this format simplified capturing of data but did not allow for probing
and may limit any additional data uncovered.
In this study semi-structured face-to-face interview was used to collect data. According to
Janse van Rensburg et al. (2017:137) the benefit of this method of data collection is the ability

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to observe non-verbal behaviour and reactions, allowing the researcher to ask probing
questions to clarify responses. Whenever face-to-face interviews posed challenges, virtual
interviews were used to identify participants. These writers (2020: 1104) noted that virtual
interviews have been used for decades. Sah et al. (2020:1104) stated that more participants
agreed to virtual interviews as an alternative to face-to-face interviews this approach seemed
safer. It was also easier to identify a mutually convenient time and also meant that the
researcher would spent on travelling. Tools such as Microsoft Teams ensured confidentiality
and allowed the researcher to notice any non-verbal behaviour and reactions as in the case
of face-to-face interviews.
The use of interviews to collect data can rise issues when determining data saturation and
potentially improving the trustworthiness of the research. Fusch and Ness (2015: 1411)
argued that a distinct link exits between data saturation and data triangulation: in particular,
data triangulation ensures data saturation. In this study a semi-structured interview format
was used and data triangulation was tested through the group of participants in the study. It
was therefore logical to conclude that the study’s trustworthiness improved through
triangulation and that the saturation and the richness of data increased.
Fusch and Ness (2015:1409) argued that data saturation was reached by collecting
rich(quality) and thick(quantity) data.
Covid-19 protocols were strictly adhered to in the banking sector and therefore, virtual face-
to-face interviews were held. The effectiveness of the virtual interviews gave the interviewer
the same convenience and benefits as actual face-to-face interviews. All participants
preferred virtual interviews in view of the expense and inconvenience of travelling in the
Western Cape, where distances tend to be large. Miller (2021) stated that virtual interviews
present the following advantages:
• Cost effectiveness, as no traveling is required either by the participant or the
researcher.
• Effectiveness use of time, as the interviews can be scheduled within a shorter
timeframe as and when participants became available.
• Convenience, as some interviews can be completed outside business hours, allowing
the participant undivided attention without interruptions.

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• Easier to schedule as no additional time is needed away from work to complete the
interview
• Less bias in virtual interviews as the identical questions are posed to all participants.
• Recording of sessions includes recorded transcripts that allow for accurate analysis
and referral to comments. Verbatim dictated text gave convenience during
substantiation of analysis, by utilising dictated quotes.
Disadvantages of virtual interviews highlighted by Miller (2021) are:
• Too convenient to reschedule if business requirements, changes or emergencies
should arise: in this study some interviews were cancelled as a result.
• Challenges with broadband connection resulted in interviews taking longer than the
allotted 25 minutes as scheduled and planned.
• Difficult to build rapport with the interviewee.
The ability and convenience offered by virtual platforms increased the respondents’
willingness to participate. The Covid-19 pandemic and the protocols associated with it, made
virtual interviews less strenuous and reduced the risks associated with the pandemic.
3.6. Data Analysis Methods
Data was analysed using the narrative analysis method. This method was utilised specifically
to collect data on how the participants have experienced, managed, developed, and
sensitised themselves around the impact of technology in the banking sector. Janse van
Rensburg et al. (2017:122) explain that narrative analysis is based on ‘story-telling for the
researcher to determine linkages, relationships and explanations that naturally occur within
these narrative accounts. Narratives was used to determine various outcomes. According to
Janse van Rensburg et al. (2017:122) one uses narrative analysis to determine:
• the commonalities across the data received: these aredescribed as narrative strings.
• the major themes across the data received: these are described as the narrative
threads.
• the timeframe in which the narrative presents itself, whether past, present, and future.
This is identified as the temporal themese.

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The narrative analysis determined the validity of the perceptions of the employees’
experiences; this was done in the same sector and at different levels. The participants were
chosen as they relate different experiences and perceptions about the impact of technology
and they were drawn from a wide range of job levels.
3.6.1 Inductive data analysis
According to Janse van Rensburg (2017:120-121) inductive research entails a bottom-up
approach when analysing data. Thus, raw data is analysed to determine the narrative and
this entails following various well-defined steps. According to Janse van Rensburg et al.
(2017:120-121) the first step is to analyse data line by line, and this is termed first level
coding. Figure 3.2 below, shows the process followed in inductive data analysis:
Source: Janse van Rensburg et al. (2017:121)
Janse van Rensburg (2017:121) stipulated that after first level coding, the next steps are to
group the codes into meaningful groups, known as selective coding, followed by axial coding
which determines relating themes. According to Janse van Rensburg et al. (2017:121) these
steps are important and should be repeated to determine a theory. This process defined the
narrative of the data and determined the building blocks of analysing data in a qualitative
study.
3.6.2 Constructing Themes
In constructing themes, different methods of coding were used to ensure reliable and valid
information. According to Williams and Moser (2019:45), the data collection process in
qualitative research is one that enables the researcher to assemble, categorise and
thematically sort data into an organised structure, in order to obtain meaning. This process
First Level Coding
Grouping of Codes
Grouping Codes into
Themes
Examining relationships
between themes
Conclusion of
theoretical themes
Figure 3.2: Qualitative data analysis

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allowed the researcher to acquire valid. Williams and Moser (2019:47) stated that the coding
process needed to be applied consistently to achieve reliability and validity. During this
process a very large amount of data needs to be reduced to manageable levels by
recognising similarity in themes and thus developing categorisation in theory development.
Williams and Moser (2019:47) argued as the researcher interacts with the data, constant
comparisons should be applied to reduce the amount of data in a consolidative manner.
Consistent application of the process was called for on a continuous basis, to arrive at
definitive reliability and validity in the data. Williams and Moser (2019:47) argued that the
process of theory creation, using a coding process of open, axial, and selective coding
created a cyclic evolving loop in which the researcher defined the theory.
Source: Williams & Moser (2019:47)
Williams and Moser (2019:48) stated that the first step in coding, open coding, allowed the
researcher to identify concepts and themes and aimed to express data and phenomena in
concept form. Coding may follow a non-linear form.
Source: Williams & Moser (2019:48)
According to Williams and Moser (2019:49) researchers need to avoid coding themes
prematurely because the content of the theme and its directionality can prevent association
with correlating themes. The next step in coding followed by the researcher in this study was
Axial coding, which intensified the coding process. Williams and Moser (2019:50) stated that
while open coding identifies themes, Axial coding is focussed on refining, aligning and
Figure 3.3: Linear data coding
Figure 3.4: Non-linear data coding

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categorising those themes. The following step of the coding protocol of constructing meaning
allowed a deeper understanding of the data. Williams and Moser (2019:52) explained during
that Selective coding, the researcher selects and integrates categories of organised data and
interprets the data into meaningful and cohesive expressions. This allows for theme
conception which brings the researcher to finality in theory creation.
The coding process was critical in terms of developing meaning for the theory, as the
subjective nature of the data was assessed in context during the three-step coding process.
According to Williams and Moser (2019:53) the critical step during this process is the selective
coding step, as this not only influences the theoretical constructs that emerge but also
impacts the meaning and presentation of findings. The findings were concluded with a
thematic analysis.
3.7. Trustworthiness
According to Stahl and King (2020:26), qualitative research is ideally positioned to provide
the researcher with a narrative related to the experiences of the respondents. This narrative
needs to be credible and trustworthy to ensure the integrity of information. Stahl and King
(2020:27) argued that the trustworthiness is a function of the four elements of credibility,
transferability, dependability, and conformability. Various methods can be applied to ensure
credibility. According to Stahl and King (2020:26) a key method for promoting credibility is
through triangulation. These writers (2020:26) suggested that in order to determine credibility,
one needs to consider the congruency between the findings and reality. Triangulation by
using different sources of information promotes the credibility of the research. Stahl and King
(2020:27) then stated that involving tutors and their students to verify the interpretation of
facts was another method of promoting credibility to ensure the trustworthiness of the
research. To summarise: credibility is essential in research to achieve trustworthiness. The
use of additional methodologies to ensure trustworthiness, gave the researcher the
confidence and ability to ensure that trust was entrenched in the research.
Transferability is another means to promote trustworthiness. Stahl and King (2020:27) argued
that although qualitative research, by design is not intended to be replicable, there are
patterns and descriptions that are applicable in another context and are therefore
transferable.

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A third element to be considered when ensuring trustworthiness in qualitative research is
dependability. According to Stahl and King (2020:27) peer reviewing is a reliable method of
creating trust through reading and reacting to the content from the researcher. Stahl and King
(2020:27) argued that the prospect of peer reviewing created a sense of awareness in the
researcher of the need to ensure that data was recorded accurately and factually, to ensure
that information was interpreted correctly.
The final element influencing trustworthiness is confirmability. According to Stahl and King
(2020:28), confirmability forms a small part of qualitative research; however, when research
is subjected to scrutiny, objectivity is constructed through precision and accuracy.
Confirmability is an important final element to promote trustworthiness.
The research supervisor ensured a high level of trustworthiness in this research by
supervising the research within the banking sector.
Janse van Rensburg et al. (2017:111-112) stated that the following methods should be
applied to improve trustworthiness in qualitative research:
• Ensure, before data collection begins, that the research methods will render the
desired results through the generation of the required data.
• Ensure that all of the data collected is recorded and available.
• Keep notes of the research process to ensure that all research decisions are
annotated and that these decisions are recorded wherever possible.
• Use triangulation (multiple sources of data).
• The use of more than one researcher for collecting data further improves
trustworthiness.
• Be adaptable during the research process as unforeseen events do happen. The
researcher needs to allow for unexpected discoveries.
The researcher needs to ensure that all avenues relevant to the study are covered, with
cognisance being taken of the diversity of large and complex organisations.

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Source: Janse van Rensburg, et al. (2017:149)
According to Janse van Rensburg et al. (2017:150) there are various ways of measuring
validity and these include construct validity, face validity and content validity. In this research
concerning the narrative of the respondents, based on their experiences, content validity was
valid for obtaining rich and relevant data. Bannigan and Watson (2009:3240) argued that face
and content validity are closely linked; they recommend that only the one form of validity
should be used to arrive at a conclusion.
As mentioned previously, this research examined the impact of the fourth industrial revolution
on employees in the banking sector against the background of the Covid-19 pandemic that
accelerated that industrial revolution. The participants were affected by lockdown measures
and the alternative working environments were transcribed in reliable data sources.
3.8. Ethical Considerations
According to Pietilä, Nurmi, Halkoaho and Kyngäs (2020:49), ethical considerations form an
integral part of any research as they transcend throughout the entire research programme.
Thus, they apply to deciding on the research topic, collecting data, and analysis and
Low Accuracy
Low Precision
Low Accuracy
High Precision
High Accuracy
Low Precision
Low Accuracy
Low Precision
High Accuracy
High Precision
Figure 3.5: Accuracy and Precision of reliability

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dissemination of the results. Ethical clearance therefore needs to deal with the integrity,
comfort or discomfort of the respondents during the data collection process. According to
Pietilä et al. (2020:49) ethical considerations have two foundations. Firstly, the researcher
needs to consider the principles that will protect the research respondents and secondly, the
objectives of good practice of accountable research. The researcher is therefore responsible
for ensuring that strict protocols are followed during the research; thus all respondents
partaking in the research must be protected. The nature of the questions posed, the rights of
the respondents and their anonymity were some of the issues that were considered when
research was conducted.
According to According to Pietilä et al. (2020:54) the principles to consider when conducting
ethical qualitative research are key attributes such as honesty, objectivity, carefulness,
fairness, openness, confidentiality, respect for colleagues, respect for intellectual property,
respect for the law and professional and social responsibility. Pietilä et al. (2020:54) argued
that the three ethical considerations mostly emphasised by researchers are honesty,
objectivity and transparency.
Ethical conduct was essential to ensure the integrity of this study. The process of obtaining
ethical clearance, summarised below, highlights key considerations that were adhered to
when involving human respondents.
Thus, obtaining informed consent from participants was essential as an ethical requirement.
Arifin (2018:30) stated that when consent is obtained, participants are to be made aware of
their rights and understand that participating in research is voluntary and they can withdraw
from the study at any point. Detailed information on the identity of the participants is not
disclosed and they all remain anonymous. Arifin (2018:30) stipulated that the anonymity of
participants is essential, and all information shared during data collection remain confidential.
Thus, all the respondents in this research study were required to complete a confidentiality
and consent letter before any interview began. That letter outlined that all information
gathered was only used for the intended purpose of the research and that no information was
shared with any third party. The letter was signed by the participants and formed an
agreement whereby the participant gave permission to be interviewed and for transcripts and
or recordings to be used for the sole purpose of the research. Pietilä et al. (2020:51) stated

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that informed consent consists of five elements: disclosure of information, competence of
research participant, comprehension, voluntariness, and authorisation of the agreement. All
the rights associated with these elements have been adhered to and made aware to all
participants.
The data obtained from the research participants, and the accompanying analysis, was kept
securely in order to ensure confidentiality. According to Pietilä et al. (2020:52) confidentiality
and privacy of personal data are critical. Those writers (2020:52) stated that the researcher
should be trusted by the participants, who must also be sure that their personal information
will remain private and confidential. They (2020:52) argued that it remained the responsibility
of the researcher to keep information private and confidential and the described various
procedures that have been designed to ensure that information is kept confidential. In this
study, the information gathered during the data collection process was stored on a secure
password-protected laptop that was only accessed by the researcher. All transcripts and
recordings were secured on a secure server accessible only through the password-protected
laptop. All the required precautions were taken to secure the information on the laptop by
utilising firewall and updated anti-virus software.
The banking industry is highly regulated with many departments, divisions, clusters, and
regions, which all require diligent monitoring, supervising, and authorising of distribution and
dissemination of information. Compliance with various regulations within the banking industry
such as the Protection of Personal Information Act 4 of 2013 (POPIA) calls for strict
adherence to avoid any transgressions. The study aimed to demonstrate how technology in
the banking sector has impacted its employees on a personal level. This implied examining
any psychological, professional, and personal impacts that the participants may have
experienced. The study was therefore subjective in nature and required personal experiences
to be included.
3.9. Conclusion
Qualitative research with a phenomenology approach was used to gain rich and thick data
relevant to the research topic. The experiences off the participants in the banking sector, with
different backgrounds, tenure in the bank, age, gender, and impact by the fourth industrial

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revolution, were all recorded. This data allowed the researcher to acquire a broader
perspective at different divisional levels of the bank.
The findings of the research are discussed in Chapter 4, where the data is interpreted and
analysed.

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CHAPTER 4: DATA PRESENTATION AND ANALYSIS
4.1 Introduction
The research methodology was presented in Chapter 3. Chapter 4 now presents the data
analysed in accordance with the procedures stipulated in Chapter 3. The analysis was
conducted using the data obtained from the 11 participants during semi-structured interviews.
All participants were employees of one financial institution but were from different segments
of the Consumer high net worth and Business Banking divisions. The participants included
supervisors, junior managers, senior managers, business managers, business bankers and
private bankers. Participants were from different backgrounds and age groups. Thus, they
presented gender, work experiences and client segmentation within the bank.
4.1.1 Participant Demographics
Figure 4.1: Participant Demographics
P1 P2 P3 P4 P5 P6 P7 P8 P9 P 1 0 P 1 1
1 1 1 1 11 1 11 1 1
1 1 1 11 1 1 1 1 1 1
PARTICIPANT DEMOGRAPHICS
Supervisor Junior Management Middle Management
Senior Management Business Banking Consumer high net worth

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Table 4.1: Participants’ demographic detail
Participant
Supervisor
Junior
Management
Middle
Management
Senior
Management
Business
Banking
Consumer
high net worth
1
1
1
2
1
1
3
1
1
4
1
1
5
1
1
6
1
1
7
1
1
8
1
1
9
1
1
10
1
1
11
1
1
Figure 4.2: Participants’ Demographic Analysis
Table 4.2: Participant demographic analysis: detailed summary
Business
Banking
Consumer
High Net
worth
Senior
Management
Junior
Management
Middle
Management
Supervisor
Participants
4
7
3
4
3
1
Percentage
43%
57%
27%
36%
27%
10%
0%
10%
20%
30%
40%
50%
60%
0
1
2
3
4
5
6
7
8
Business Banking Consumer high net
worth
Senior
Management
Junior
Management
Middle
Managament
Supervisor
Participant Demographics Analysis
Particpants Percentage

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4.2 Data presentation and analysis
4.2.1 Discussion of Research Question (How has the advancement of the fourth
industrial revolution in the banking industry impacted employees and their work
environment?)
The purpose of this question was to determine the extent to which technology has influenced
the working environment of banking employees. The context of the question was related to
how banking has shifted towards a more digital centric approach in an attempt to integrate
the advancement of the fourth industrial revolution and the benefits it holds for the sector. It
was imperative to establish the understanding of the participant and the interconnectedness
between the employee of the bank and the industry competitiveness; this was needed in
order to determine how the employee was influenced in the broader context. The main
purpose was to ascertain how perceptive the participants were in acknowledging the strategy
the banks have regarding competitiveness, and the impact on employee performance. The
Covid-19 pandemic has increased the momentum with which the sector has accelerated in
adopting the digital strategies to improve efficiencies.
4.2.1.1 Improved Efficiencies
The researcher found that 72% of respondents reported an improvement in efficiencies
resulting from the acceleration of the fourth industrial revolution. A total of 27% of respondents
expressed a feeling of being “left behind”.
Participant 1 responded “I think it has come at such a fast pace that I think we get left behind
somewhere along the line”.
This can be attributed to the rapid adoption and implementation of digitisation, automation,
artificial intelligence, and machine learning in the banking sector. The respondents claimed
that while banks are trying to gain a competitive edge through digitisation, some employees
are being “left behind” in the haste to drive digitisation and remain ahead of the competition.
Participant 7 noted “The rest of the world is moving at 100 miles an hour and we as South
Africans are trying to keep up, but not everyone across the board can keep up… a lot of
people are being left behind that are not being able to move at the same pace.”

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In this population group, 100% of senior managers acknowledged the rapid implementation
of advanced technologies in the consumer and high net worth segments of the bank and felt
that the positive impact and improved working environment hold new opportunities.
Participant 11 responded “The implementation of artificial intelligence driven initiatives, staff
has lost their positions and staff have been repurposed and, in most cases, hired in more
complex jobs which require human intervention.”
Senior managers identify self-development as a key driver for the successful adoption of
advanced technologies during the fourth industrial revolution. The change in the working
environment has shown an improvement in engagement with colleagues and clients. This
view was expressed by 36% of respondents.
4.2.1.2 Analysis
The improved efficiencies experienced by employees in the banking sector result from the
new technologies that were implemented, specifically during the Covid-19 pandemic lock-
down period. This lockdown led to rapid changes being implemented, but not all employees
were prepared for the resulting impact and changes in working environment. As a result,
many employees had to adapt rapidly to a new norm to ensure continuity of the business.
The feeling of being left behind by a smaller group of employees was attributable to
insufficient time to prepare and train. However, training was provided on an ongoing virtual
basis during the transition period and this resulted in uncertainty and a feeling of being “left
behind”.
4.2.2 Discussion on Research Question (What has changed in the working
environment and key deliverables for employees in the banking sector considering the
rapid adoption of advancements in the banking industry?)
This question aimed to focus on the immediate impact that the rapid implementation of
changes in the working environment had on employees. This question had a direct correlation
with expectations on the adoption of new and advanced technologies that assisted
employees to achieve higher working performances. After all, the purpose of implementing
advanced technologies was to improve effectiveness and efficiencies.

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4.2.2.1 Increased Expectation
In the first question, participants identified benefits of the impact of the fourth industrial
revolution. These included improved efficiencies in operations, sales, and compliance in the
banking sector. The results recorded from participants in this research has shown that the
impact of the fourth industrial revolution has both challenged and benefited employees. All
participants expressed the view that, changes arising from the acceleration of the fourth
industrial revolution, during the Covid-19 pandemic, have seen an increase in the view that
the leadership in the banking industry must become more productive.
Participant 5 argued “One of the two key things, is the demand from the business”.
The flexibility of working remotely has improved work efficiencies and has increased the
experiences of clients of the banking sector due to a more focussed approach. The focussed
approach was assisted by technology to ensure that mundane tasks are automated. The
advanced technologies decreased repetition and therefore created additional capacity in the
daily work environment of employees in the banking sector. Only 27% of employees felt that
an increase in expected work performance resulted in a negative impact on work life balance.
Participant 1 indicated “The expectation is that you need to be available 24/7, family life is
just forgotten.”
Regarding the expectation that employees have increased capacity because of the
assistance of technology, only 36% of respondents indicated that this resulted in additional
working hours which impede their family life. In the study, 18% of participants responded that
the rapid adoption of new and advanced technologies in the banking industry impacted
positively on waiting times, which improved client experiences. The increased workload
reported by 18% of participants led to them being forced out of a comfort zone of normal
ways of work and stretched their ability. A total of 45% of participants believed that the impact
of the fourth industrial revolution was specific to their key deliverables and work performance;
as such, it required employees to improve themselves by upskilling and undergoing further
training and development to remain abreast of the changes within the industry.
Participant 9 stated that “A positive trend is self-development.”

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4.2.2.2 Analysis
The bank’s leadership came to develop higher expectations as a direct result of the intended
benefits of the fourth industrial revolution. The change in operational capability focussed
firstly on digitising mundane administrative tasks. Additional capacity was created as a result
of technology being used for this purpose.
Leadership utilised this increase in capacity to increase performance expectations.
Employees who used to perform the work now done by advanced technologies required
additional skills to deliver a higher performance in the new environment.
The rapid transition during the implementation of advanced technologies has allowed for
increased efficiency in processes, which resulted in improved delivery of services to clients.
The digital approach of doing business allowed for improved convenience for employees;
however, effective processing remained a challenging task because of the lack of sufficient
training.
4.2.3 Discussion on Research Question (How has the pandemic and working remotely
impacted the teams’ general work performance and culture?)
The objectives of this question were to identify and highlight the impact of working in isolation,
utilising technology and also to identify the possible effects that this had on productivity,
culture, and performances of employees. The Covid-19 pandemic in combination with the
fourth industrial revolution has created new opportunities for work efficiency. This situation
has potentially affected the work culture, performance, performance measures and team
effectiveness over the short and medium term. The efficiencies created by technology
advancements had potentially created new challenges in team effectiveness and,
communication and could have created new barriers inhibiting team collaboration.
4.2.3.1 Team Effectiveness
Sales teams in the banking industry have been impacted in various ways depending on the
type of clients they service. Client-facing sales teams, especially within the branch
environment, were mostly not able to work remotely. Branch teams which were dependent
on support functional teams, which were able to work remotely impacted service delivery to
clients in these environments. Those participants who were client-facing within the branch
environment expressed misalignment in managing client expectations and difficulty in

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communicating efficiently with support teams; this was a barrier during the initial months of
working remotely. Client service delivery was impacted and there was also ineffective
collaboration with dependent support functions within the branch environment.
Sales teams that were able to function remotely or work from home experienced different
challenges and benefits during the same time. Communication between team members
working remotely was identified by 45% of participants as a barrier to effective collaboration,
support, motivation and team effectiveness.
Participant 5 stated “I can definitely say communication, not being physically there has
impacted teams and culture.”
Impromptu sharing of knowledge, ideas and expanding on work-related experiences became
more challenging as proactive and quick brainstorming has not been possible.
Participant 10 confirmed “Knowledge is not necessarily shared until somebody asks for that
knowledge, I feel, that there is a big loss in terms of knowledge sharing, experiences, etc…”
Engagements with other team members required formal planning and preparation to
accommodate their schedules. This resulted in a loss of creativity and less-efficient
collaboration, which had a measurable impact on client service expectations. However, less
than 10% of participants reported a negative impact on team culture. Challenges and errors
made during remote working increased pressure because learning opportunities or mistakes
were identifiable in isolation. This left employees feeling unsupported in the work
environment. Support from colleagues or team members was found to be more challenging.
Operational risks and non-compliance became more common during the period.
Senior leadership in the research population expressed a general theme that the working
conditions during the pandemic led to an increased workload; also, employees were working
longer hours which negatively impacted work-life balance. This resulted in a negative impact
or disengagement on company culture.
Participant 4 noted “I think in one way, or another affected the team, team spirit so to speak.”
In instances where the perceived working hours were extended, employees experienced
greater flexibility to attend to personal matters. Changes in leadership style resulted with

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leaders being more focussed on managing output with less focus on the daily activity of
employees in certain segments of the business.
4.2.3.2 Analysis
Client-facing teams within the branch environment were required to work from the office and
therefore were indirectly impacted by arrangements for working remotely. Support teams, on
which the client-facing branch employees depended, shifted to a remote work environment.
This led to inconsistent support for the client-facing employees as the capacity of remote
teams was affected by the transition into remote service delivery. The inability to contact
support teams timeously resulted in delayed responses to clients and these had an adverse
effect on service and performance delivery agreements.
Sales teams functioning virtually needed to establish new communication and collaborating
protocols to attend efficiently to client requests and brainstorm on solutions. Teams
functioning virtually required effective management of their members’ time and
communication. The inability to exchange ideas informally on an ad hoc basis placed
additional pressures on time-based solutions. New digital solutions were introduced to
resolve and finalise client transactions but these temporarily decreased efficiency between
members during the initial phase of the transition period.
Teams in the virtual environment were required to use an instinctive approach to address
deficits in technological skill deficits when upskilling virtually.
The new norm and uncertainties in the implementation of new technology affected impacted
team culture and performance adversely in the initial stages because disengagements from
the work environment increased work pressure and affected work performance.
Leadership played a vital role in implementing dynamic contingencies to address the
uncertainties within the business. The systematic increase in competency improved efficiency
in the short term which resulted in an improved performance.
The flexibility of virtual work meant that task-based monitoring shifted more towards output-
driven performance measures that impacted hours of work.

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4.2.4 Discussion on Research Question (How has the organisation made
accommodation to the new work environment and how has this impacted key team
objectives?)
The banking organisation made changes to the working environment as result of two factors:
the Covid-19 pandemic and the influence of the fourth industrial revolution on the industry on
the banking industry. Banks needed to review their models of delivering service because of
micro and macro-economic conditions within the banking industry, such as market conditions,
competition and regulatory pressures. The cost of servicing clients represents a major
opportunity through digital adoption on a macro environmental scale. These factors have
forced the banking industry to adopt aggressive digital strategies within a short period.
Implementation of these strategies has dynamically changed the trajectories of operational
plans and has largely adopted these strategies as tactical plans. The aim of the research
question is to identify if and how practical and executable changes have been introduced to
accommodate employees in the new environment of work; also, have these changes aligned
with the teams’ objectives as set out by the organisation’s strategies.
4.2.4.1 Accommodation for NWOW (New Ways of Work)
All participants agreed that the banking industry is in a continuous technology revolution that
involves improving and adapting to rapid changes brought about by the fourth industrial
revolution.
The industry made accommodation for new ways of work by including working from home
and amending policies that enabled employees to authorise transactions electronically; this
does not require a physical wet signature. The ability to contact clients via software platforms
such as Microsoft Teams and then engage face-to-face allowed for a more interactive
conversation in identifying client needs. It also allowed for a more personal approach during
conversations.
Participant 11 suggested that “As an organisation we have given very big transformative
steps which was fast tracked through the pandemic, but not as a result of the pandemic, and
the key one is obviously of a transition to a platform business.”
Only 18% of participants identified additional factors to be considered by the banking industry
in assisting and supporting employees to adjust to the rapid changes.

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Participant 2 responded “Besides creating a way for us to communicate with each other, even
if we not sitting next to each other, giving us a virtual platform, I don’t know if we’ve done
enough.”
Some support structures were identified by means of employee wellbeing programmes; these
helped employees to manage the transition to shifting to an “isolated” work environment. The
programmes helped employees to manage challenges in adapting to personal circumstances
and provided effective solutions to manage the new “work environment:” working from home.
Services were offered electronically on a confidential interactive platform provided by the
organisation.
Only 18% of participants experienced increased levels of competitiveness between team
members during the initial stages of remote working, with an increased focus on productivity
from leaders during the initial stages of the pandemic.
Participant 6 noted “Team culture has become very competitive.” The management of
productivity methodology by leaders was replaced by digital productivity monitoring. This
exacerbated the challenges experienced by employees which include distrust. Thus, 36% of
participants reported that leaders were not trusted.
The main changes made in the banking industry focused on technology to maintain
productivity within the organisation. A total of 81% of participants identified technology as the
main change made by the banking industry and claimed that insufficient accommodation was
given to employees to improve or maintain work objectives during the adoption of remote
working.
4.2.4.2 Analysis
The industry mainly focussed on the implementation of advanced technology. This was
accelerated by the rapid response to the Covid-19 pandemic measures, to ensure the
continuation of business operations and productivity. It was found the technology existing at
the start of the pandemic required improvement to accommodate the increased volumes of
work in assisting clients and employees.
Organisations within the industry assisted employees to make use of organisational
resources when working from home. They also assisted employees with employee well-being

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programmes to address concerns and uncertainties regarding their working conditions.
During the ambiguous business environment, the organisation has allowed employees
flexibility needed to adapt to a new working environment and has amended performance
outputs to adjust to it.
These organisational initiatives have allowed employees some flexibility regarding work
arrangements, and have provided personal well-being assistance; on the other hand,
competitiveness between employees has increased as digital task tracking systems
highlighted performance measures on a more frequent basis. The new regime of monitoring
measures initially created mistrust towards leadership, specifically regarding performance
management. This required a leadership outlook on measuring performance and as a result,
the measurement of activities changed to a more goal-orientated focus.
4.2.5 Discussion on Research Question (How could organisations improve work
efficiencies and expectations from employees, like performance management
deliverables and adopt balanced human resource policies while achieving high
performance from employees across the organisation)
The fourth industrial revolution and the rapid implementation of remote working led to the
New Ways of Work (NWOW) which have rapidly become the norm in the banking industry.
As a result, standard business practices, such as operational processes and human
resources policies have been challenged because employees are no longer in the office on
a permanent basis. Hours of work were affected as more flexible arrangements were made
by employers, yet these policies have not been updated to accommodate NWOW.
Operational practices that needed to conform to legislation such as the Protection of Personal
Information Act (POPIA) required amendments to business policies and practices to ensure
compliance with this Act. The impact of the changes has not only seen challenges to the
legislative framework and internal policies. Thus, the efficiencies and expectations of the
organisations required re-engineering to accommodate these changes in the working
environment.
Employees in the banking industry required guidance on how performance will be managed
in the new framework; thus, what are acceptable standards of work, what will the impact on

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the human resources polices be and how will labour relations be managed fairly in an
ambiguous performance management environment.
This research question aims to investigate the practical impact on employees, the guidance
and accommodation given by organisations in the banking industry and the effects on
employees in that industry. The question highlights areas of concern for those employees
and asks how organisational effectiveness can be improved and leveraged to increase
performance in the fourth industrial revolution.
4.2.5.1 Organisational Effectiveness
This study indicated areas which the banking industry needs to focus on, as employees are
challenged by rapid changes prompted by the fourth industrial revolution. Participants in this
study highlighted the following immediate barriers for organisational effectiveness: training
and development, employees’ fitness for their roles, technology platform consolidation and
simplification and strategic re-alignment. Technology was acknowledged, by 27% of
respondents, as an area to be re-evaluated by organisational leadership as the increased
adoption of digital implementation has created unstable systems with inefficient capacity:
these consequently created a barrier for organisational effectiveness.
In the study, 45% of participants identified training and development of employees as an
activity that can increase efficiency in organisational effectiveness. The NWOW required new
skills as technology advancements were implemented.
Participant 5 stated “Training and education is one of the key things, I think that is going to
help the organisation move forward in terms of our staff”.
Employees in certain segments of the organisation were confronted with new technology and
were expected to maintain their efficiency without additional formal training to support them.
Some employees’ work capacity decreased and they need to be reskilled in different roles
but they are still expected to perform on the same level as before the impact of the changes.
The reaffirmation of expectations by the organisation was identified by 54% of participants,
because roles transformed during the pandemic, new skills were gained and the workload
changed.

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A total of 30% participants in senior leadership roles acknowledged that training and
development has created new opportunities for growth.
Participant 4 noted “We need to keep building capabilities that will help the frontline.”
The issues of fitness-for-role and provision of the tools required for the job were identified by
18% of respondents. Remote working require self-discipline, planning, adaptability, and a
degree of being technologically perceptive while embracing constant change. The aggressive
adoption of technology during the pandemic has rendered some specialists’ jobs redundant
and so these employees needed to be accommodated into predominantly technologically-
driven roles. The transition rendered some employees ill-equipped or incompatible with their
new roles and this led to resistance, reducing the efficiency of processes.
A total of 27% of participants noted that the re-alignment of human resource policies,
organisational processes and procedures is needed; these should be based on the digital
strategy and current work practices and as such, require new input on flexible and equitable
working conditions.
Less than 10% of respondents felt that leadership required training on leading teams in the
new ways of work. Similarly, 30% of senior leaders noted that leading teams needed to
change from productivity management to output management.
In the final responses, 30% of participants in senior leadership noted the importance of re-
aligning organisational and employee values to create a focussed approach on the
organisational strategic goal. The re-alignment of values promotes collective goals,
motivation, and high performance.
Participant 11 stated “I think the most important thing in this transformation is to make sure
you have a cultural transformation as well and what I mean by cultural transformation is that
you are always driven and led by the voice of the customer, but also the voice of your people.”
4.2.5.2 Analysis
The implementation of advanced technologies in the banking industry has the perceived
benefit of creating new all-round efficiencies including the human element of team efficiency.
The study has shown that employees are affected and are influenced largely by the human

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interaction and personal leadership interaction to increase collaboration and therefore
organisational effectiveness.
Only 27% of participants felt that technology needs to be re-evaluated to improve teamwork
and organisational effectiveness. They placed a greater focus on the softer attributes of
efficiency, as 45% of participants highlighted training and development. They felt that
organisations need to give critical consideration to the efficiency of training and development
programmes to improve their effectiveness.
Employees with a lower tolerance for change and adaptability need to be counselled to
ensure their compatibility and to improve their transparent communication, collaboration, and
teamwork.
4.2.6 Discussion on Research Question (In which way can organisations improve the
transition from the traditional service delivery to the current digitally focussed
approach considering personal accommodation in the new ways of work, while
retaining high performance and a positive organisational culture?)
This research question addresses the challenges and benefits that the fourth industrial
revolution presented during the Covid-19 pandemic. It looks at how the transition affected the
ways in which business was conducted, and service delivery provided. Banks have had
valuable lessons in managing risk, managing expenses while growing revenue, increasing
efficiencies, and managing change in an ambiguous business environment. The benefits of
the fourth industrial revolution present new opportunities for banks from not only a revenue
and service delivery perspective but also in terms of potentially positive impact on employees.
This research question investigates how the banking industry can leverage, the benefits of
the fourth industrial revolution in a sustainable manner. It is imperative for banks to identify
challenges and barriers that could potentially increase resistance from clients and employees
during the transition to new ways of work; at the same time banks must accommodate the
pace and phase of integration of the new service delivery models that they introduce. Culture
and performance are integral issues during the transition or implementation phases of new
technology, business or operational models and frameworks.

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4.2.6.1 Positive Culture and Effective Communication
Participants identified several key characteristics required from the bank in order to transition
successfully to the new way of work. One key characteristic for a successful and inclusive
transition is open and transparent communication and this was identified by 81% of
participants. Employees also felt clear and concise communication is a prerequisite for
executing strategy. Leadership’s role in identifying, communicating, and providing regular
feedback on progress, successes and challenges is vital in order to drive positive change
management.
Participant 9 noted that “Reward and recognition on a regular basis remains relevant and
important and meaningful conversations, that still needs to happen must happen, but now
just in a virtual environment.”
The future of work in the banking industry has changed and client expectations have
increased. The participants acknowledged that new skills and mindsets are required by
employees and 36% of participants stated that the person most qualified for the job should
be the one chosen to do it.
Participant 2 commented “The bank has to employ people with the right kind of attitude, the
right kind of mentality.”
Agility and adaptability in the new environment are key attributes required by employees
during the transition phase and in future. These attributes, together with training and
development, were recognised by 27% of participants. The participants stated that when
suitable candidates and employees are considered for specific future roles, consideration
must be given to the generational theory gap when accommodation is made in the new ways
of work.
A transformation in the banks’ operational environment, arising from to the fourth industrial
revolution, require a change in culture from a bottom-up approach; this view was expressed
by 100% of senior leadership in this study.
Participant 11 stated: “I think the most important thing in this transformation is to make sure
you have a cultural transformation as well and what I mean by cultural transformation, is that
you are always driven-led by the voice of the customer, but also the voice of your people.”

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4.2.6.2 Analysis
Peter Drucker (2016:1) stated that “culture eats strategy for breakfast.” Similarly, employees
in the banking industry highlighted the importance not only of organisational direction but also
the method with which businesses drive strategy to achieve a greater impact.
It is pointless to try driving business products and services when the required human capital
is demotivated and without direction and recognition. The success of any implementation
during the transformation phases will depend on allowing employees to give input on their
experiences and challenges. The agility and adaptability required from employees are factors
that are just as important as leadership and strategy mitigating risks posed by the fourth
industrial revolution.
During the implementation of advanced technology there is a need to make sure that
communication and culture alignment are high on the list of priorities.
4.3 Conclusion
This research study has identified themes which are of high importance to employees in the
banking sector. The importance of focussing on the employee more than on the technology
has reflected a positive and more human approach towards inclusivity when addressing that
impact technology has on the organisation; by extension this applies to the employees of the
organisation.
Banking in the 21st century is characterised by technological disruptions and competitive edge
diversification. The success in driving the continual effects of advanced technology can be
managed by including human capital in a sensitive way, while allowing for the adaptability of
the organisational strategies.

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CHAPTER 5: CONCLUSION AND RECOMMENDATIONS
5.1 Introduction
This chapter presents the conclusion from this study of the impact of the fourth industrial
revolution on employees in the banking sector. In addition, this chapter provides
recommendations on key focus areas that banks need to consider during the implementation
of advanced technology influenced by the fourth industrial revolution. The summary of
findings, recommendations, directions for future research, and limitations of the study are
discussed below:
5.2 Findings from the Literature Review
Objectives
• Determine the extent to which changes in technology and their adoption in the
banking industry, impacted employees and their working environment
Findings from the literature review indicate that employees in the banking industry have been
negatively impacted because of the implementation of the fourth industrial revolution. For
example, the literature review suggests that the impact has resulted in employees being
displaced when banks re-evaluated their strategy against the background of new capacity,
created by advanced technologies in the work environment. Zervoudi (2020:1) argued that
the biggest fear regarding technology is that robotics and artificial intelligence will replace
jobs currently done by humans. Roles that fulfil a specific or repetitive task are largely at risk
as technology has played a more cost-effective and efficient role in the banks’ digital strategy.
• Assess the changes in the working environment in the banking industry, prompted by
the fourth industrial revolution, and the behavioural impact on the employees in the
working environment.
The impact of advanced technologies could change the labour landscape of the banking
industry. Employees will be required to acquire new skills to remain relevant and to cope with
the demands of the industry. Training, education and development will be key drivers to
ensure that employees are equipped to address the industry’s demands. Zervoudi (2020:2)
stated that employees with advanced degrees such as masters and doctoral degrees are
less threatened by job displacement caused by the fourth industrial revolution because they
are protected from the risk of automation.

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• Recommendations on aligning the new work environment to create balance in
employee wellbeing and, work efficiencies, through effective utilisation of technology
and maintaining a positive corporate culture by applying effective policies.
The literature review indicated that the Covid-19 pandemic has had a significant impact on
the advancement of digitisation, automation, and the utilisation of artificial intelligence in the
banking industry. The Covid-19 pandemic led to an increase in the pace of digitisation and
automation that caused banks to re-evaluate strategies to re-purpose and upskill employees
to leverage the opportunities that arose (KPMG, 2022). The effects of the technology have
allowed flexible working arrangements in the organisation. The adoption of the new work
environment required the financial industry to re-evaluate human resource policies to
accommodate that environment. Work-life balance has become a greater concern for
employees therefore employers were required to adopt a remote occupational health
approach to ensure conducive work environments for employees.
5.3 Findings from the Primary Research
• Determine the extent to which technology changes and their adoption in the banking
industry impacted employees and their working environment
Research suggested that employees in the banking industry have been impacted
considerably by the fourth industrial revolution. The Covid-19 pandemic accelerated the
implementation of advanced technologies and this required a swift adaptation to a new work
environment by employees. The unexpected change in work environment caused a deficit in
skills and training, which impacted performance and team efficiencies. Insufficient
communication, collaboration, and sharing of knowledge created a barrier against
organisational and team effectiveness.
• Assess the changes in the working environment in the banking industry, prompted by
the fourth industrial revolution and the behavioural impact on employees.
This research indicated that as the implementation of advanced technologies progressed,
levels of team competitiveness increased, while the work-life balance of employees
deteriorated and the expectations of leadership increased. The remote work environment,
introduced as a result of the lockdown regulations, increased capacity within teams and the
productivity of employees. The increased flexibility in working conditions improved employee

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motivation, trust between employee and line manager and all this led to better work
performances.
• Recommendations on aligning the new work environment to create balance in
employee wellbeing and work efficiencies, through effective utilisation of technology
and maintaining a positive corporate culture by means of effective policies.
Research indicated that bank employees needed training if they were to utilise new
technology on a consistent basis. Cognisance should be taken when these programmes and
launched to accommodate the learning style of employees of different ages, skills and
susceptibility and propensity to technology. Human Resources should be fully aware of job
requirements and the potential of redundancy as far as specialised jobs in the banking
industry are concerned.
5.4 Summary of research findings
The key findings of this study indicated that the fourth industrial revolution, in conjunction with
the impact of the Covid-19 pandemic, has both positive and negative effects on employees
in the banking sector. Challenges and benefits arose which called for proactive change
management engagement combined with engagement at all levels of organisations in that
sector.
The Table 5.1, below summarises the key findings
Table 5.1: Summary of findings
Opportunities and Challenges
Impact
IMPROVED EFFICIENCIES
• New Opportunities arose
• Some employees felt “left behind”
INCREASED EXPECTATIONS
• Increased demand for productivity
• Increased flexibility
• Opportunity to learn new skills
• Less repetition
• Adverse impact on work/life balance
TEAM EFFECTIVENESS
• Misalignment between frontline and
support teams

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• Communication gave rise to
challenges
• Adverse impact on collaboration
• Negative impact on team culture
• Negative impact on operational risk
• Increased workload on employees
ACCOMMODATION BY INDUSTRY
REGARDING NEW WAYS OF WORK
• Policy adoption to accommodate
remote / virtual work
• Expansion of employee wellbeing
programmes
• Adoption of dynamic leadership style
and progressive performance
management
ORGANISATIONAL EFFECTIVENESS
• Training and development
• Fit-for-role
• Consolidation and simplification of
technology platforms
• Strategic re-alignment
• Re-evaluating performance output
measures
• Re-evaluating human resources
policies
POSITIVE CULTURE AND EFFECTIVE
COMMUNICATION
• Open and transparent
communication
• Continual leadership feedback
• New and more relevant skills required
by employees
• Agile and adaptable employees
• Value and strategy re-alignment

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5.5 Recommendations of the study
5.5.1 Recommendation One
Strategy
The rapid implementation of new technologies in the banking industry did not take into
account the slower rates at which employees in the industry could adapt to them. This
mismatch led to various concerns being raised by employees. The implementation of any
new technology framework or model within the banking sector requires strategic planning,
consideration of the adaptability of employees, the capacity of the organisation for transition
to a new model and the ability of employees to grasp the technology within a specified time.
According to Thompson, Petered, Gamble and Strickland (2020:292) there are certain basis
to be covered when executing strategy successfully. Management need to be aware of them.
They include:
• Ensuring capable staff and management to execute the strategy well
• Developing resources and organisation capabilities
• Creating strategy-support in the organisation
• Allocating sufficient resources
• Introducing policies and procedures to facilitate execution of the strategy
• Ensuring appropriate business processes to drive improvement continuously
• Ensuring relevant information systems to support the strategy
• Introducing rewards or incentives to reach objectives
• Creating a positive culture within the organisation
• Leadership that drives implementation of strategy
These requirements for the planning, executing, implementation and controlling of any
strategy is vital and must be the basis for implementing transition.
The organisation needs to ensure that leaders at senior level acquire appropriate strategic
management acumen to deliver on organisational objectives

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5.5.2 Recommendation Two
The Human Element and Change Management
Employees in the banking industry are an integral part of the business model and with
technology threatening many jobs in that industry, human interaction with clients remains
important.
The key concerns of employees relate to how they perceive change and the effect of changes
on individuals, teams, and the organisation. Smit, Botha and Vrba (2019:251) argue that
technological change could involve replacing people by robots when businesses introduce
new processes or systems. These writers claim (2019:251) that the rapid change of
technology has compelled organisations to adopt change, which led to altered strategy or
structures. These changes impact employees directly and may increase barriers against
change. Smit et al. (2019:252) argue that the resistance to change in organisations is driven
by:
• Feelings of uncertainty
• Lack of trust or misunderstanding
• Feeling threatened
• Different perceptions
• Low tolerance for change in general
• Inertia, timing, surprise, and pressure
The leadership of organisations should lead proactively when introducing changes and can
do this by recognising the potential impact of change on the employees. Smit et al. (2019:254)
argue that there are key constructs to use in order to decrease resistance to change; these
include education and communication, participation and involvement, facilitation and support
as well as negotiation and support. Leadership in the banking industry must apply empathy,
understanding and consideration when engaging with employees on change and must take
into account the possible impact it will have on both the individual team and the organisation.

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5.5.3 Recommendation Three
Training, Development and Culture
According to Thompson et al. (2020:302) organisations should appreciate the importance of
training and retraining employees when strategies change; after all, this change will require
different skills, competitive capabilities, and operating methods. The participants in this study
emphasised this point. The organisations’ focus on implementing a new strategy to remain
competitive during the fourth industrial revolution remains a priority; however, this will only
succeed if the employees involved have the required capabilities and skills.
A clear human resource strategy should include the plan for organisational change
management on a digital strategy. A training and development plan is required in an in-depth
analysis of the workforce and the current challenges and prospective barriers. According to
Wärnich, Carrell, Elbert and Hatfield (2018:354) there are seven major reasons for
addressing training and development:
• Improving performance
• Updating employees’ skills
• Improving effective people management
• Addressing organisational challenges
• Orienting new employees
• Preparing for promotion and managerial succession and
• Satisfying personal growth needs
These key elements of training and development will address the challenges experienced by
employees during the transition to a more digitised environment. Senior leadership should
address current and future shortcomings in the training and development area with an
analysis of the current workforce to establish where the greatest needs are for training.

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Table 5.2: Training, development and culture
Education
Training
Development
Focus
Learning focused on
a new job
Learning related to present
job
Learning experiences
Approach
Change in
knowledge
Provided by employer to
employee
• Employer to
employees
• Employee to
employee
• Employer to
client
Aims
• Helps
employees in
qualifying for
advancement
• Initiated by
individuals
rather than
organisation
• Planned learning
(acquisition of
knowledge and skills)
• Short term learning
intervention
• Long-term
learning
intervention
• Stimulating new
ideas/insights
through planned
learning
• Focus on the
creativity and
experience of the
individual
Outcome
Intermediate
learning intervention
Change in skills
Not always job-related
change in attitudes or
values
Source: Wärnich et al. (2018:353)
Table 5.2, above outlines the path an organisation should follow when confronted by specific
circumstances. Rapid changes require implementation of a training plan to assist employees
to acquiring the abilities to operate in the new environment, whereas development and
education address future change within the environment.

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A positive organisational culture is the fuel that drives business success. The impact of
change within the organisation has affected its culture adversely and therefore an
organisational culture analysis is needed. Smit et al. (2019:259) argue that a culture within
an organisation can either be an asset or a liability; if positively managed it improves
communication and decision making, makes control more effective and generates pride and
cooperation.
5.5.4 Recommendation Four
Leadership
The study has highlighted that employees play the central role in any business and are the
centre of any change.
Organisational leadership needs to assess its approach to managing the workforce in this
new environment; even though the traditional methods may be effective, they may require
changes to adapt to the circumstances in which the banking industry operates in South Africa.
Oldfield (2020) states that the virtual environment has changed and a new leadership
approach is required as this environment has introduced new challenges. This study indicates
that employees need continuous communication, understanding and feedback. Flexibility in
working arrangements created an opportunity to re-assess what has worked and what needs
to change. Oldfield (2020) claims that there are ten characteristics which are important in
leading in a virtual world:
• Build trust
• Practice empathy
• Communicate proactively
• Invest time in connecting
• Create clear goals and expectations
• Be humble
• Be consistent
• Be appreciative and celebrate wins
• Establish clear guidelines for working remotely and
• Reinforce company culture.

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Senior leadership must implement an organisational development assessment, in terms of
which leadership is tasked with aligning the organisational culture with a positive,
progressive, and dynamic leadership. All leadership levels require a refreshed approach to
encourage readiness to accept change when addressing the barriers and challenges
experienced in rapid implementation of advanced technologies.
5.6 Areas for future research
The subject matter of this research study could benefit from further research because the
fourth industrial revolution is continuous and not a specific event in time. The current and
forecasted advances will have further impacts on the banking, financial and co-dependent
industries and their employees. Further research would help organisations in the banking
industry to recognise and gain a better understanding of the effects of these rapid changes
on the workforce; it will assist in leveraging opportunities presented by challenges during this
transition. The advances in the fifth industrial revolution will impact the banking sector with
similar speed and improving preparation can potentially increase the work force’s
receptiveness. Thus:
• research is suggested on the risks that the fourth industrial revolution hold for the
banking industry in South Africa.
• research could investigate the opportunity to develop inclusive, flexible, adaptable
human resource policies which are more conducive to the new ways of work.
• research is suggested on how current restrictive legislation in the banking industry can
accommodate the future of banking, to enhance the benefits of advanced
technologies.
• research could compare the ways in which overseas banks managed the rapid impact
of the fourth industrial revolution and their contingency strategies.
5.7 Limitations of the study
As discussed in Chapter 3, the researcher needs to possess certain attributes and skills to
collect rich information to draw conclusions and may be influenced by bias in interviews,
responses, and interpretation.

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The following limitations apply to the study:
• The researcher is not an experienced or trained interviewer and therefore could
possibly have influenced the result of the research.
• The study was limited to one of the largest banks in South Africa, in the Garden Route
Area of the Western Cape; this could have caused geographical bias from the
participants.
• As mentioned, the research study was limited to one bank in South Africa; as a result,
findings could be limited to the employees of one bank.
5.8 Conclusion
This study of the impact of the fourth industrial revolution on employees in the banking
industry in South Africa indicates that implementation of advanced technology in that industry
has been rapid with huge benefits to the organisation studied, and to its employees. The
transition and implementation phase highlighted areas which organisations need to focus on
to improve their organisation and team effectiveness.
Leadership plays an integral part in assessing, planning, communicating, and executing the
digital strategy. The leadership team must be aware of, and prioritise the predicted impact on
employees and any contingencies; this must be done proactively, to address the challenges
and barriers this implementation poses.
Directions for advancing into future integration have been highlighted by this study. The
benefits derived from addressing and implementing the recommendations can be critical for
organisational success and for a positive organisational culture.

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