As newcomers invade SA's staid banking world, the incumbents are reinventing themselves in ways that would have been inconceivable just a few years ago. Rather than erect barriers against the invaders and close themselves off from the innovation that drives the new banks, they are revealing an appetite for co-operation and collaboration.

"Banks are faced with a number of challenges, from changes in technology to changing consumer needs and demands," says Chipo Mushwana, Nedbank's head of emerging payments.

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