Standard and FirstRand shares my choice for Christmas
Cape Town – Banks are adapting fast to the digital revolution because they will be left behind by competitors who aren’t even in banking if they don’t.
These include telecoms such as Vodacom, who through its mobile payment system does more transactions every month in East Africa than all four of our banks put together.
Banks still often get a bad rap in this country for slow service, queues at branches and high service charges, but digital banking takes many of those problem areas out of the transaction.
As one bank executive said recently: “We are all just utilities.”
But there is a price to pay as legacy investments are wound down or reduced in scope, not to mention the need by the banks, as most other business sectors have already done, to cut costs by reducing staff and facilities due to the shrinking economy.
Source: iol.co.za
