Banks need to brace for digital disruption

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fintech

Johannesburg - Increasing digital innovation in the financial sector (fintech) will result in the same disruption to the banking sector that Uber has wrought on the taxi industry and Airbnb on the hospitality trade.

This is worrying for established banking institutions, but good news for their customers, as fintech development will provide cheaper, more efficient services which can be tailored to individual needs.

This glimpse into the future of financial services was presented by a number of speakers at the recent eCommerce MoneyAfrica Confex in Cape Town, backed up by numerous start-ups already affecting the sector.

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