Financial sector can thank Covid for changing the way South Africans bank
If there is one thing the financial sector can thank Covid-19 for, it is the massive consumer switch to digital banking. New research shows that 86% of South Africans are ready for digital banking, provided that banks provide easy to use and secure channels with accessible human assistance when they need it.
When they were forced to use digital banking when the pandemic started, consumers began to appreciate the speed and efficiency of banking with mobile apps or the internet and banks must now step up and align their services with what consumers want.in partnership with Discovery Bank, internet banking grew by a compound annual average rate of 13.6% since 2019 and while financial technology 12.2%.
According to the report, South African banking has the potential to become fully digital in just five years, enabled by continued regulatory developments, the proliferation of smart devices and advancement of security protocols.Are the banks ready for the move to digital banking? He says consumers want their banks to redefine service in ways that add value to their lives, especially in personalised, real-time, interactive financial management and in providing cutting-edge fintech.
“With the combination of data analytics, digitised services and personalised marketing that is already available, the day is coming when a customer will be able to conduct every bank service imaginable, from opening an account to managing personal finances or from talking to a consultant to finalising a home loan, with just a few taps or a voice command on a mobile app.”
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