The banks that are all set to transform the digital economy by meeting the digital challenges are neobanks and challenger banks.
Notably, the traditional banking system is on the verge of becoming dead, and the industry has become more agile and competitive than ever!
Undoubtedly, customers are the happiest since new banking services are exceptionally adding to their convenience. Therefore, it has also enabled the rise of digital banks in Africa that are prepared to revolutionize the fintech industry.
Five Digital Banks Prepared to Set the Benchmark
Take a look!
1. Bank Zero
Bank Zero is a banking-based application for businesses and people that emphasizes resolving real-world banking problems faced by customers.
The icing on the cake is that the app charges zero fees in exchange for its services, which makes it a priority option for the customers.
2. Fair Money
Fair Money is one of the leading banking apps in the market that prioritizes bringing financial services to the underbanked audience. It is a modern age credit-led digital bank offering loans to businesses and people without collateral.
If you’re hooked on the fintech industry and are looking forward to developing a banking app, connect with a top-notch fintech app development company for further assistance!
3. Better.App
Have you ever come across a service that multiplies your money?
Well, the Bettr app is all about providing easy access to financial products to young people who otherwise are not offered these services.
The platform incorporates technology, creativity, and community that provides the younger generation with the confidence and money to achieve their dreams.
4. TymeBank
Tymebank is another tremendous digital bank whose objective is to empower South Africans to have control over their finances. The aim is also to provide people with the transparency of the financial situation for informed decision-making.
5. Kuda
Kuda is a digital-only bank that enables people to build their budgets, manage expenses, and savings. Additionally, Kuda has now assembled a Central Bank-licensed microfinance bank to help people make the best use of their money.
Fintech Megatrends in 2022 and Beyond
Find below some of the best fintech megatrends for the upcoming years:
1. Hype-Personalized Banking
According to research, the data generated in the upcoming years is likely to be more detailed than in the past 30 years. Therefore, detailed insights will enable businesses to minutely learn about customer behavior and alter products and services accordingly.
Notably, there exist about 10.1 million digital customers, and the immense data that’ll be collected can be used for hyper-personalized pop-ups.
2. Development of Trust
Every day, there’s a rising report of complaints relating to fraud and data theft. Therefore, people have become more cautious than ever with selecting their preferred banks or financial institutions.
Therefore, security must be one of the topmost priorities of the banking sector, and platforms like Capitec have joined hands with Sky QR- a security platform that enables verifying documents.
Undoubtedly, documentation fraud is one of the rising concerns in South Africa. However, Sky QR has helped Capitec reduce the number of frauds, with more than 85 million QR codes generated and scanned ever since.
3. A Frictionless Experience
Who doesn’t need a convenient and hassle-free experience?
The digital banking experience is improving day by day, be it cashless payments, one-click payments, or whatnot! These services have ensured to provide customers with a frictionless banking mechanism and easier access to their money.
Now that entrepreneurs have realized the importance of these services and the satisfaction they offer, many companies have started emphasizing a massive range of retail banking services.
For instance, customers nowadays can take a loan without engaging with the bank directly.
In a Nutshell
Digital banking is a boon for the industry. People can now easily transact, check their bank balance, and perform money transfers with a click.
In addition, there no longer exists the need for going through statements, withdrawal slips, etc. Digital banking has made it easier for customers to manage their finances.
What is your idea about adding a little more to the customers’ convenience by providing them with a seamless digital banking system?
It is advised to build an efficient app by roping in a top-notch mobile app development company in South Africa for more insights.
So, are you all set?
