The digital future of banking is inevitable and imminent, says a new report. DiscoveryBank DigitalBanking ITinBanking
The majority of surveyed South Africans expect the country’s banks to make a full transition to digital banking within five years, a new report reveals.report, released yesterday by Boston Consulting Group in partnership with Discovery Bank, says hardly anyone today would doubt that at some point in the future, retail banking will be completely digital.
In the past three years, SA has seen the launch of TymeBank, Discovery Bank and Bank Zero. This has forced traditional banks to accelerate their digital-first strategies and aggressively reposition their platform-based models, to offer customers innovative financial products and services.The report says the vast majority – over 86% – of South Africans across income bands, prefer conducting banking digitally.
Some 51% of South Africans say their top reason for visiting a bank branch is that they “prefer talking to a person”.“Consumers are ready for a fully-digital experience. While COVID-19 initially forced many to change their banking behaviour, they have now adopted digital servicing as the norm,” says Tijsbert Creemers, managing director and partner at BCG Johannesburg and co-author of the report.
Hylton Kallner, CEO of Discovery Bank, says: “We are essentially powering the future of retail banking and we are now at the starting point of building complete ecosystems for customers. “In fact, we have seen that nearly 50% of accounts are opened after business hours or over weekends. With 30 to 40 taps on a mobile device, technology enables the entire process within minutes and without the need to visit a branch.”According to Kallner, in a digital banking environment, technology bolsters convenience and good service.
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