Newcomers to the banking industry are encroaching on markets controlled by the traditional 'big four' banks. And they are just getting started.
Newcomers to the banking industry are encroaching on markets controlled by the traditional"big four" banks. And they are just getting started.South Africa’s banking industry – brands such as TymeBank, Discovery Bank and Bank Zero – are cannibalising retail markets previously “owned” by the traditional “big four” banks. And they are just getting started.announced it had signed up its eight millionth customer, a feat the digital bank achieved just four years after its 2019 launch.
“We expect continued customer growth and for our proposition increasingly to appeal to the more affluent customers as more South Africans demand banking that is affordable, without compromise,” said Jacobs.The drive towards better value for consumers in retail banking is now shifting to commercial banking, which is far larger than the retail segment in terms of revenue. Challenger banks have taken notice and are now starting to target this market, too.
In a recent interview with TechCentral, Sanlam Fintech CEO Riaan van Dyk said it’s difficult, culturally, for legacy banks to transition from the old to the new paradigm. Yet it’s necessary for them to make this transition to shield them from disruption by newcomers.
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