Fintech taking on the big banks
Traditional banks have been spurred into action by the threat of new entrants, such as Discovery's recently launched bank
The battle lines have been drawn in a war of payment platforms as traditional banks seek to stave off the threat of innovative fintech companies muscling in on their turf. One of the reasons why fintech companies have been able to gain wide adoption in a number of markets has been their focus on customer experience and efficiency, on which banks have previously failed to focus. Alain Raes, CEO for Europe, the Middle East, Africa and Asia Pacific at the Society for Worldwide Interbank Financial Telecommunication (Swift), this week said traditional banks have been spurred into action by the threat of these new entrants, such as Discovery's recently launched bank. "Many innovations come as a result of competitive pressure." But he thinks South African banks don't have much to fear - for now. Swift is the leading financial messaging services provider, operating in 212 countries. Raes was in SA to advise the financial services community on an initiative called Project Future aimed at mod...
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