In this latest podcast episode, “Unmasking the Money Maze: Part 1”, Darren Franks chats with Tawanda Chatikobo, Retail and Banking Specialist.
Financial Inclusion: The role of Telcos and APIs
This episode highlights the transformative potential of APIs for financial inclusion and the need for traditional banks to adapt to the changing landscape of banking services in order to remain competitive. As well as the significant role Telcos (telecommunication companies) play in financial inclusion, especially in regions like Africa where mobile penetration is high but many people don’t have access to traditional banking services.
The emergence of Challenger and Neo banks in South Africa
Additionally, Banks, like Tyme and Discovery, are putting pressure on traditional banks to become more nimble and agile in their approach. This competition is leading to traditional banks improving their digital product experiences and design. Banks must find alternative sources of income and revenue pools, such as monetizing customer data and forming partnerships with non-traditional partners such as telcos.
That’s a wrap for episode 2
The FinTech industry is disrupting traditional banking and providing more accessible financial solutions. Banks must adapt to emerging trends and competition to remain relevant in the future.There is definitely a transformation in the future of the banking industry where banks expand beyond their traditional services to build digital ecosystems and explore alternative revenue streams.
Tawanda Chatikobo’s Linkedin: https://www.linkedin.com/in/tawandachatikobo/
Darren Franks’ Linkedin: https://www.linkedin.com/in/darrenfranks/