With the retail banking arena in for a tumultuous period should newcomers TymeDigital and Discovery Bank innovate their way to success, corporate and investment banking could save the big four. Taking a leaf from Capitec's book, new entrants to the banking sector are likely to remain focused on scoring retail clients. TymeDigital by CommonwealthBank South Africa has said its focus will be on servicing parts of the population with restricted access to banking services, including micro business. Discovery has kept its plans firmly under wraps.What is clear is that they are joining the market in the era of digitisation where, according to EY's FinTech Adoption Index, released in August, 35% of digitally active South Africans use financial technologies. This figure is expected to increase to 71%. "Traditional firms, who sometimes struggle to deliver the same seamless and personalised user experiences, will undoubtedly need to step up their efforts to remain competitive," said Ashwin Goo...
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