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Navigating the banking trends changing our world
Internet and mobile apps are transforming banking. What should you be aware of?
Changes in the global economy affect banking just like all other businesses, and today’s banking landscape is dynamic and changing. As a bank client, you’ve probably already noticed how new technologies are enabling huge, rapid changes in the ways banks operate and serve you. These range from the impact of artificial intelligence (AI) to the digitisation of money, identity, and fraud.
Digital transformation in banking
According to research by strategic management consultants Boston Consulting Group, internet banking has grown by a compound annual average rate of 13.6% in market value since 2019, while financial technology (fintech) firms have grown by 12.2% a year in that time. If these growth rates continue, by 2027 analysts expect the global market value for internet banking to reach $31.8 billion, and mobile banking is expected to reach $1.8 billion. Unsurprisingly, the use of these channels was accelerated by pandemic lockdowns when normal bank interaction in branches wasn’t possible.
For South African banking clients, the efficiency and convenience of internet banking, especially via mobile apps, have led to a significant shift in how you do your banking. Local banks have considered and addressed this shift speedily.
You’ll have noticed changes in the following
- The products that banks offer
- Different markets becoming available to digital channels
- The physical infrastructure of banks, especially branches and their business processes.
Boston Consulting’s research found that most South African banking clients prefer digital banking and new products if the bank’s channels are secure and easy to use. From a market perspective, banks must now cater for a wide range of different client needs and levels of digital readiness.
For example, wealthier clients may prefer to have immediate access to human interaction for advice on more complex products and transactions. Clients in townships and rural areas, whose banking needs are often under-served, can meet many of those needs using digital banking, but most still want access to physical cash as well. For some, this reflects their perception of the reliability of online banking, but many simply need cash to transact in the informal economy. Products like the Nedbank MobiMoney wallet enable rural clients to send and receive cash digitally. We also offer registered stokvels the Nedbank Stokvel Account.
As reliance on digital banking and cashless transactions grows, call centres and digital chat services like WhatsApp are likely to replace physical branches, ATMs and on-site bank managers to address all your banking issues.
In South Africa the increasing popularity of mobile banking apps reflects the country’s deep mobile penetration, which has already passed 90%, according to a 2021 ICASA study. We can also expect the preference for mobile banking on an app to increase as smartphone sophistication continues and penetration deepens.
Security and protection against online scamming will become an even more important part of the new banking industry
Changing banking business models
These changes in client behaviour mean that banks must consider various changes to their business models. There are already a few new concepts apparent in the South African banking landscape
- Digital services
Banks offer a full range of products through their own digital channels and branch network.
- Collaboration
Banks extend their client base by adding non-banking products and services that you can access via their digital channels.
- Digital banks
Full-service banks, but without a brick-and-mortar branch network, meaning that all transactions are digital.
In practice, there is already a great deal of overlap between various digitally driven banking models. For example, many traditional brick-and-mortar full-service banks provide digital banking access via an easy-to-use app and a call centre for queries. This effectively enables clients to migrate to a full-service digital bank.
Mobile payment services, contactless digital and physical cards, and online banking have reached an advanced stage for South African banking clients, but they have not entirely replaced cash. A significant percentage of the population still uses cash for a variety of reasons, so SA is unlikely to adopt an entirely cashless economy in the near future.
Collaborative convenience
Digital channels enable banks to make a collaborative route into the marketplace part of their service offering. Nedbank, for example, uses the Money app to give clients access to Avo SuperShop, a shopping ecosystem that gives you access to a wide range of non-banking products and services, including groceries, home repairs and appliances.
Other financial services institutions are also adopting this approach. Discovery Vitality is a well-known example – offering rewards based on healthy lifestyle behaviour related to the insurer’s core business. Businesses can use digital channels to offer different sets of services to specific client segments. A good example is Nedbank’s channel for small-business clients, called SimplyBiz, which gives users access to a digital platform for skills, networks, advertising and other benefits.
Future-proofing banking
The move to full-service digital banking continues apace and looks set to disrupt traditional banks further. As regulatory frameworks and compliance catch up with digital innovation, we can expect more transformation of the banking business. Security and protection against online scamming will become an even more important part of the new banking industry as a result.
