Banking

Are banks killing innovation in South Africa?

Bureaucracy and rigid regulations in South Africa’s banking industry create incredibly high barriers to entry for innovative entrepreneurs. Designed to secure consumers and the financial services sector against systemic risk, these regulatory frameworks also maintain an exclusive, low-competition environment among the big banks.

Africa’s banking industry focuses on client centricity in the wake of technological advances and new entrants

The banking landscape keeps changing as the industry faces new opportunities and threats. The emergence of Fintech entrants and the risk of cyberattacks add to pre-existing challenges caused by slow global economic growth, high political risk and complex regulatory requirements, according to a survey issued by PwC today.

UK consumers remain sceptical about the benefits of digital-only banks, says Verdict Financial

New digital-only banks seeking to break into the UK market will find the acquisition of customers a slow and challenging process, as consumers remain unconvinced that pure digital banks offer significant benefits over traditional rivals, according to financial services research and insight firm Verdict Financial.

Lack of trust and nontraditional offerings erode bank relevance