South African banking clients have developed new financial habits and preferences in a post-Covid pandemic world.Technology developments, interest rate spikes, new competition from non-banks and the need to meet shifting consumer preferences based on the new realities of their everyday lives – have redesigned the face of SA’s banking sector.
Banks are no longer just competing with other banks – by 2025, non-banking channels will increase their revenue share of traditional banking products.“We discovered that customers want to feel understood – especially in these tough times. They want personalised attention and thoughtful user experiences. An interesting aspect to this is the enduring popularity of bank branches for that human experience, and generative AI’s role in infusing natural language into digital interactions,” said Dutiro.
“For banks to increase their relevance and effectiveness, they must shift from simply knowing basic demographic and financial information about a customer to comprehending their daily life, aspirations and their intent behind obtaining certain financial products,” Dutiro said.