Abstract
Background The emergence of artificial intelligence presents both potential for growth and challenges for the financial industry. This study examines the impact of artificial intelligence (AI) on the South African fintech industry, focusing on its transformative nature. Method A purposive sampling technique was used to select 76 participants from the banking sector. Furthermore, the participants were divided into focus groups and interviewed. The thematic analysis conducted in this study revealed eight critical themes that encapsulated the myriad challenges and opportunities faced by industry professionals. From navigating the ever-changing regulatory environment to embracing technological advancements, addressing shifting customer expectations, and cultivating organisational agility and resilience, the financial industry grapples with a complex interplay of factors that demand strategic foresight, adaptability, and a commitment to continuous learning and innovation. Conclusions The results demonstrate that AI is propelling innovation, improving operational efficiency, and transforming customer experience in the finance industry. Nevertheless, substantial impediments have arisen in the form of issues over data protection, talent recruiting, and regulatory ambiguity.
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