Banking our Future

 

 

As a great proponent of mobile banking and the role that it, coupled by South Africa’s relative growth in digital connections. We as a country still remain divided in terms of economic freedom.

Our country, as well as the majority of Africa still remains largely unbanked. Yet most of us possess cellphones.

Put the two together and you have the potential for an explosion in mobile or cellphone banking. Now already we’ve seen most of our traditional players (big 4 SA Banks) latch on to the idea that Mobile banking has more reach than any other tools to entice the masses. You have FNB and Standard Bank currently offering mobile apps (other promising more), and all four major banks having cellphone banking.

But how far can we take that? And what is the current stat of the industry. Arthur Goldstuck of World Wide Worx earlier this week delivered his famous tweetnote depicting a snippet of research into this field at the Banking Africa Outlook 2012 conference in Sandton.

FNB everywhere

Banking future: the tweetnote

#BankingOutlook 1. In mid-19th Century, steamship routes made Cape Town one of a few global hubs of financial information

#BankingOutlook 2. By 1898, telegraph was global, Cape sea route lost significance and SA became a financial backwater.

#BankingOutlook 3. Internet means we’re back on map – especially Facebook map of inter-connectedness: http://bit.ly/MYQOF3

#BankingOutlook 4. Sub-Saharan Africa will increase international data capacity from 80Gbps in 2008 to 35,000 Gbps in 2013

#BankingOutlook 5. Proportion of spend on mobile data by the average SA cellphone owner has increased by 50% in18 months.

#BankingOutlook 6. Banking customer share: Absa 32%, FNB 24%, Standard Bank 22%, Capitec 11%, Nedbank 9%. (#Mobility12)

#BankingOutlook 7. Cellphone banking share: FNB 39%, Absa 23%, Standard Bank 19%, Capitec 10%, Nedbank 8%. (#Mobility12)

#BankingOutlook 8. Cellphone banking platforms used: USSD only: 59%; USSD + browser: 95%; browser only: 5%. (#Mobility12)

#BankingOutlook 9. Main transaction in cellphone banking: airtime purchases, by 74%. Account payments: 14%. (#Mobility12)

#BankingOutlook 10. FNB banking app launched July 2011. Standard Bank July 2012. Nedbank August 2012. Absa December 2012.

Very interesting insights into the growth and role Mobile banking has to play in our future. I still believe we have only begun to realize the potential this medium has. Let’s hope the suits heed our call.

BRSlifestyle

Sources:

Gadget.co.za

 

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