Banking & Insurance

People’s safety concerns about transmission through contact has resulted in COVID-19 becoming a catalyst for the adoption of cashless payments globally and even more so in South Africa, with the disruption expected to effect lasting changes in the way people transact with cards and cash.

A recent judgment in the Supreme Court of Appeal has reconfirmed that the duty of debarring representatives, who do not meet the requirement of a ‘fit and proper’ person as prescribed in the FAIS Act, falls fairly and squarely on the shoulders of financial services providers (FSPs).

Changes in the way customers expect to engage with the financial services sector and increasing pressure from regulators is compelling financial services companies to come up with innovative ways to manage their data. Financial services businesses view information/data as a significant corporate asset.

The COVID-19 pandemic has brought the global economy to its knees, and inevitably many employers will need to contain costs by cutting salaries. Being hit with a salary cut or a retrenchment is something every employee dreads, but it’s important not to panic and to manage the situation as responsibly as possible.

The concept of open banking is forcing banks to reconsider the way they think about financial services and is poised to reshape banking as it’s understood today. Realising that this is the new frontier of banking, we are far advanced in our research into open banking, including its challenges and the opportunities it presents.

The fallout from the COVID-19 pandemic will see the battle of the banks intensify, as both legacy and challenger financial institutions race to use tech innovation to gain a competitive advantage in 2020/2021. To some extent, history may be repeating itself, as the financial pressure exerted by the pandemic forces bank management teams to pursue cost discipline while attempting to meet ever expanding customer expectations.

Business leaders need to offer clients an omni-channel experience that comprises all the touch points that a consumer could have whilst interacting with a specific brand. It’s now time to focus on the customer interaction and to exceed consumer expectations.

The Health Professions Council of South Africa (HPCSA) has recognised the severity of the COVID-19 outbreak and provided special guidelines that will apply during the pandemic. The HPCSA will continue to operate, but with restrictions.

Medical aid rates have increased above inflation for a number of years. In addition, food prices have also increased by at least 10%, fuel prices are volatile, and salary increases are typically lower than inflation. The cost of living is higher than ever, and there is little relief in the form of tax credits and rebates.

Pursuant to a circular published by the Council of Medical Schemes (CMS) on 26 March 2020 (the Circular), declaring COVID-19 a prescribed minimum benefit, as that term is defined in the Medical Schemes Act No. 131 of 1998 (MSA), the Minister of the Health has amended the MSA to align with the Circular.