From risk-centric to customer-centric: Transforming South Africa’s financial services with supply chain thinking

Abstract- The financial services sector in South Africa is undergoing significant transformation driven by rising customer expectations, regulatory pressures, and the need for enhanced operational resilience. Traditionally, this sector has operated from a risk-centric perspective, focusing on compliance and product-driven models. However, as disruptions such as the 2021 Suez Canal blockage and the Durban unrest have highlighted vulnerabilities, there is an urgent need to shift to a more customer-centric approach. This article argues that financial institutions can effectively adopt principles from supply chain management which prioritises customer needs, efficiency, adaptability and continuous improvement. By leveraging shared characteristics such as stakeholder integration, optimized resource flow, proactive risk management and technological compliance solutions, financial services can transition from static risk-focused frameworks to dynamic, customer-first ecosystems. The implementation of real-time data analytics, enhanced personalization, and seamless services delivery is essential for this transition. Ultimately, by embracing these strategies, financial institutions can foster stronger customer relationships, anticipate changing needs and position themselves for sustainable growth in competitive landscape. The future of financial services lies in innovation and adaption, supported by data-driven insights that align closely with customer demands.