South Africa’s major banks are increasingly leveraging existing non-bank infrastructure to broaden their customer reach in an efficient and affordable way, a new study by Genesis Analytics and the Financial Sector Conduct Authority (FSCA) shows.
Genesis Analytics noted that retail stores have become increasingly popular as a distribution channel for banks. This is because they typically have a wider footprint than banks’, allowing banks to reach communities where it may not be viable to operate a full branch.
“An example is Tyme bank has no bank branches but uses a partnership with the supermarket chain Pick ‘n Pay and Boxer which has enabled the bank to offer a nationwide service network and expand customer access to physical banking services beyond traditional banking hours in instances where stores are open after 17h00.”
“Banks have introduced banking apps and improved digital payment options and implemented next-generation ATMs that allow customers to do a wider range of transactions, with the aim to reduce the dependency on bank branches.” In the past, banks have focused on the development and roll out of banking through apps accessed on smartphones and internet banking platforms accessed on computers or tablets.
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