SOUTH African consumers are displaying more digital savvy than their global counterparts, posing a threat to traditional banking models if financial institutions do not move quickly enough to anticipate their needs, the EY Global Consumer Banking survey showed on Thursday."People are using mobile and online banking much more than they were a year ago," said Steven Lewis, EY’s global markets development and insights head.Compared with a year ago, 60% of the local respondents to the survey reported making greater use of online banking channels, while 53% utilised mobile banking more. The number of people visiting branches or using ATMs fell, with 56% and 33% of the respondents saying they used these channels less often.Of the global respondents, 41% and 33% reported using online and mobile banking channels more often than a year ago, while 25% used an ATM and 11% visited a branch more often.South African banks were ranked 17th out of 32 countries surveyed in terms of overall relevance...
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