As the normal pace of business resumes in a new year, SA’s largest banking group — Standard Bank — has sounded the alarm that traditional financial services firms risk losing their place in the market to competition from fast-growing financial technology players that are working to offer services at faster and cheaper rates, mainly to the unbanked.
“As digitalisation drives the convergence of industries across the globe, traditional financial services groups are contending with a range of new competitors,” says Margaret Nienaber, CEO for client solutions at Standard Bank Group. ..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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