Sim Tshabalala, chief executive of the Standard Bank Group told a GIBS forum he anticipated dramatic changes in the ways banks operated and the products they offered to customers across their retail, commercial and investment platforms.
While the competition for retail customers driven by new technology offerings has received much attention, it is in fact the revenues in the corporate and investment banking space, as well as insurance and asset management that are most under threat from fintechs and big techs, Tshabalala said. Tshabalala said the winners in the new banking environment would be those banks that are able to respond appropriately to the new product offerings. Banks need to find ways to make sure that their customer experience, systems and products are as good as those provided by platforms, and at the same low price point.
While these shifts will have profound implications, Tshabalala said he doesn’t believe banking jobs will be decimated, but that rather different jobs would emerge.
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