Digital is the future, this we know and to make banking easier, more convenient and more personalised, for customers. In order to remain competitive banks have raced to the digital world, where Regulators are recognising the benefit of slicker, safer financial services.
Local banks and insurers are rapidly implementing digital technology. For example:
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Rand Merchant Investment Holdings
Launched AlphaCode to identify and scale disruptive businesses.
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Standard Bank
It had acquired in 2016 a majority stake in Firepay, the team behind mobile payments application SnapScan.
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Sanlam
In 2017 announced it had launched a balanced fund that would be managed by a combination of artificial intelligence and machine learning.
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Nedbank
Is aiming to create a “more agile, competitive and digital” bank reported a 68% increase in value of transactions facilitated via its app suite to R18.6 billion during the six months ended June 30 2017.
According to the bank, transactions were driven by an increase in the number “digitally active and enabled clients”, achieved in part through its nationwide network of intelligent depositor ATMs and 303 new digitally-focused branches.
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FNB
Reported a 68% increase in transactions via its banking app to just under 100 000 000. Mobile transactions recorded by the bank rose 20% to 43 818 000 while internet banking transactions ticked up 7% to almost 215 000 000.
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And Capitec
Voted South Africa’s best digital bank in the 2017 SITEisfaction survey, reported 220 753 cellphone and internet banking transactions over the six months ended August 31 2017, up 39% year-on-year.
It also reported a marked increase at self-service terminals from 116 to 2 899, with overall self-service transactions which include cellphone and internet banking, self-service terminals and dual note recyclers increasing 43%.
In an analyst presentation, it said 71% of all possible transactions were done on self-help devices with clients banking via the remote app or phone saving a combined R165 million, as reported in “MoneyWeb”.