Roundtables

Flexibility in finance

How agile banking services are coping with the Covid-19 crisis.

04 August 2020

For many years, people have spoken of South Africa’s financial sector with a kind of reverence, at least as far as innovation goes. While other sectors of the economy have remained digital laggards, local banks and financiers have been constantly experimenting and finding new ways of servicing customers old and new for decades. From mobile banking to peer-to-payments and reward schemes, digital transformation has translated into a competitive advantage and delivered world-class services.

If those organisations that were already digitally transformed have been quickest to adapt to the new normal of the Covid-19 world, which has been generally observed, financial services should have been best placed to take disruption in their stride. They should have been best placed to help customers who needed to rapidly reassess their finances and adapt to digital services and e-commerce.

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