Time is running out for brick and mortar banks, survey shows
A Discovery Bank-Boston Consulting Group survey found that 60% of respondents believe there will be no need for physical branches by 2027
29 August 2022 - 13:00
UPDATED 29 August 2022 - 23:54
SA’s traditional banks may have to overhaul their entire operating models as consumers increasingly embrace digitisation to the extent that most clients expect there to be no need for physical branches within five years.
A new report on the future of retail banking — compiled by Boston Consulting Group (BCG) on behalf of Discovery Bank — found that 69% of SA consumers expect local banks to become fully digital in five years, with 60% believing there will be no need for physical branches...
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