South Africans have a growing appetite for innovation, but they aren’t satisfied with what’s on offer. In the last year, for example, more than 400,000 SA consumers took to social media to complain about their banks. About 7.3% of these consumers expressed some intent to close their accounts, equating to more than 30,000 potential instances of customers looking for a new financial home — and that’s only people who publicly volunteer this information online. This is good news for new entrants, who will welcome want-away consumers with open arms, “dynamic interest rates” and “innovative functionality”. As consumer expectations rise and new digitally focused entrants aggressively compete for market share, incumbents will need to make significant improvements and get to the bottom of why they’re fallen short. Looking at social media conversation may be a good place to start. Digital is playing an increasingly important role in banking, and with new digitally focused entrants launching i...
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