The digital revolution is far from over, and banks are going to only keep pushing deeper into new trends.
Coenraad Jonker, the CEO and co-founder of fully digital TymeBank, says that the banking industry in South Africa is going through a shake-up, and more shifts are on the way as operations become increasingly digital.
Through the disruption of digital, the South African banking industry has been forced to rapidly digitize in line with consumer behaviour, with more customers preferring to conduct their banking online or through mobile apps rather than heading into a branch. However, more complex financial needs – such as home loans, vehicle financing, credit and investment services – are still more easily accessible through legacy banks.
Locally, Nedbank has been a big proponent of this shift and has for several years pushed for the sharing of data and APIs to create better products and services for customers.For example, TymeBank’s most recent partnership with The Foschini Group has allowed it to access a wider consumer base and use data from transactions and money behaviours to manage risk and benefit the customer.
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