The banking and financial sector are rapidly evolving, and South Africa has jumped straight into the FinTech curve growing the sector exponentially in the last decade.
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Fintech’s with streamlined processes and digital-first approaches, provide agility and efficiency, often lacking in certain processes of traditional banks. However, Gellatly cautions against viewing FinTech’s as direct competition to traditional banks at all. Their extensive experience and resources make them indispensable for large enterprises requiring substantial investment capital to achieve domestic and global reach.
While both Fintechs and traditional banks face vulnerabilities, traditional banks have an edge due to their extensive experience in building resilience against cyber threats. “Our business can’t exist without compliance and provides peace of mind to our customers when they contract with us for the use of our services that compliance is taken care of by us.”
Collaboration between traditional banks and Fintech companies is increasing. For Fintech’s like Altron FinTech, partnerships with traditional banks are vital to leverage off their infrastructure and regulatory compliance.
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