Over the past few years there has been a gradual, yet discernible, shift in retail banking in SA as new entrants, often with limited or no physical infrastructure and/or a specific focus on pricing, tried to make their mark. Digital banking received a lot of airtime and pressure to reduce fees increased.

“Traditional” banks responded quickly, and competition intensified. What type of business model would be able to withstand the ongoing contest for the hearts and minds of SA customers, many wondered? And then, without warning, the Covid-19 pandemic entered our lives.....

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