Just what is SA’s bank of the future?
The rise of the super-app and competition outside the traditional banking sector raises questions about the longevity of the traditional banking model. The future, it seems, is decidedly digital
Is it any surprise that banking is considered a low-growth, perhaps even ex-growth, industry? In recent years, banks have been vastly overshadowed by the growth of the big technology companies which, through the likes of Apple Pay, are already eating into their lucrative fees.
In the US, the large banks — including Wells Fargo, Bank of America and Citi — together have a total value of about $2.2-trillion. But four companies that hardly existed in 2000 — Google, Amazon, Facebook and Apple — have a total value of $5.6-trillion...