Hylton Kallner | CEO | Discovery Bank | mail me |
Two-thirds of South Africans expect the country’s banks to make a full transition to digital banking within five years, a report by Boston Consulting Group (BCG) in partnership with us, has found.
Differing from other reports of this nature, the report titled: The Future of Retail Banking in South Africa, looks at the future of digitisation and looks at the future of digitisation and retail banking from a customer and not a banking perspective. The report analyses the views of 1,000 South Africans from all walks of life, 400 businesses and experts from across the globe to understand what customers expect, where banks need to potentially catch up and how it can be done.
Key findings include:
- South African retail banking has the potential to become fully digital in just five years if banks provide easy-to-use, secure channels, and make human assistance accessible when needed.
- South Africans are further ahead of the technology curve than their banks. The vast majority – over 86% – of South Africans across income bands, prefer conducting banking digitally.
- More than 50% of…
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Read the full article by Hylton Kallner, CEO, Discovery Bank, as well as a host of other topical management articles written by professionals, consultants and academics in the December/January 2022/3 edition of BusinessBrief.
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