COVID-19 and Remote Banking

Sourced from Innovation Village. The advantages of digital transacting over other modes of banking have been highlighted by the lockdown. Although banking remotely has been gaining ground in South Africa long before the lockdown, the limitations on physical movement imposed by the lockdown have given online and mobile banking a significant boost. The current environment will most likely see more people opt for digital banking platforms. This is confirmed by a recent Nielsen syndicated study on the impact of COVID-19 on consumer behaviour in South Africa, which reports that 37% of South Africans say they are shopping and transacting more online. “Apart from being more convenient, digital banking and shopping are cheaper than traditional channels. The lockdown and its effect on the economy h...