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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