Has technological innovations resulted in increased efficiency and cost savings for banksʹ customers?

The role of technological innovations on efficiency and cost reductions in the banking sector is paramount to the successful and profitable service delivery in the sector. Technological innovations play a significant role in improving the efficiency of the banking sector as well as reducing the costs of banking transactions for customers. The banking sector has, for the past decade, witnessed various improvements and new technologies with the main purpose of improving the service delivery of the banking sector. The research objective was to determine the role played by technological innovations in improving efficiency in banks and reducing costs for customers. A quantitative research method was followed and the data was analysed using chi-square tests. The research at hand obtained a data set to examine the contentions that technological innovations are benefiting customers in Alice, South Africa, in terms of improved efficiency and reducing costs for the banking sector customers. The findings of this study support this contention and had proved that technological advances played a significant role in improving the welfare of customers.