Digital banking involves high levels of process automation and web-based services and may include APIs enabling cross-institutional service composition to deliver banking products and provide transactions. It provides the ability for users to access financial data through desktop, mobile, and ATM services.
Digital Banking Services In South Africa
TymeBank
Spot Money
Discovery Bank
Capitec Bank
FNB
Standard Bank
Bank Zero
Digitalization in financial services in South Africa: Is it worth the squeeze?
With digital at the center of South African society, banks and insurers are transforming their offerings to meet evolving customer expectations. In a report co-produced with Oliver Wyman, we examine the retail financial services landscape in South Africa.
We look at how digital is driving value for banks, whether digitization efforts are living up to expectations, and how banking services will evolve moving forward.
To do this, we spoke with executives from the top institutions in the country, men and women with a deep understanding of how the industry has changed and where it is headed in the future. For an insightful look at South African banking and insurance, this is the perfect resource.
Why digital banking is the future in South Africa
Millions of South Africans have increased their use of online services – and banking is no exception. Now more than ever, financial organizations are under pressure to adapt and innovate as they face the evolving demands of the modern consumer and increasing disruption from rapidly emerging technologies.
FNB reported an increase in average eCommerce to spend on its merchant devices through the first half of 2020 of 30% year-on-year, while Standard Bank has also reported growth in online shopping and eCommerce.
While the rise of online banking was swift before the pandemic, the national lockdown meant that more South Africans have now made the switch.
Which banking app is the best in South Africa?
Capitec edged out FNB to claim the top spot as South Africa’s Best Digital Bank, after ranking first in the internet banking and mobile banking categories, with a score of 81. FNB places second with a score of 79.
What are the examples of digital banking in South Africa?
What are the most prominent examples of digital banking?
Revolut, Fidor, Simple, N26, and Monzo are some of the better-known digital banking systems out there today using which customers can open an account in minutes on their phone, whenever and wherever they want.
What are digital banking services in South Africa?
Digital banking is the digitization of every level, from the front- to back-end, of banking. This means that digital banks rely on artificial intelligence to automate back-end operations such as administrative tasks and data processing—which in turn alleviates pressure put on employees to complete day-to-day tasks.