SA banks’ digital dividend
Shrinking branch footprints, a migration to digital platforms and benevolent loan defaults are propping up the SA institutions’ profit
25 August 2022 - 05:00
SA’s four largest banks have been nimble in dealing with rising expenses — mainly due to changes in bank regulations — and customers who dislike going into a branch to do their business. But the pandemic may just have been the push banks needed to embrace a digital approach completely.
Sure, Capitec opted for a cheap and simple-to-use digital offering almost two decades ago. But the traditional big four — Standard Bank, FNB, Absa and Nedbank — were slower on the uptake. That’s now evident in the growth in the number of their digitally active customers...
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