Continued reliance on legacy ICT systems will see South Africa's largest and oldest banks risk losing market share

[mylesillidge]

Two digital banks changing the game for Standard Bank, FNB, Nedbank and Absa

Continued reliance on legacy ICT systems will see South Africa's largest and most tenured banks risk losing market share to more dynamic digital entrants like Bank Zero and Pepkor's upcoming PlusB.

These legacy systems are enormously expensive and cause lengthy delays in deploying new digital products due to operational and executive bloat — a problem newer, digital-first banks don't face.

 

[oros]

I'm very curious what pep would bring to the table!

 

[Smiggles]

Lol yeah no Bank Zero still don't have payshap support meanwhile all legacy banks does. This article is a joke.

 

[Moonlit8377]

Lol yeah no Bank Zero still don't have payshap support meanwhile all legacy banks does. This article is a joke.

yeah agreed
kinda annoying

they also took their sweet time with digital wallet support

with apple pay taking extra long (even tyme was guilty of this)

 

[ISP cash cow]

I'm very curious what pep would bring to the table!

I foresee them gaining the rural and low income banking customers. Where they can just go into a pep store and draw cash or deposit cash into some one else "bank account" which then someone can draw from a pep store in their own province or town

 

[yogidabear]

I foresee them gaining the rural and low income banking customers. Where they can just go into a pep store and draw cash or deposit cash into some one else "bank account" which then someone can draw from a pep store in their own province or town

Saturday morning in small dorps gains 2500 ATM where you can draw cash inside at a till opposed to waiting in a queue outside. The foot traffic alone seems worth the investment, but not sure how that affects actual shoppers with same queue.

 

[HermeticAnarchist]

The legacy systems still work better than the new ones.

The extended time to implement fixes/enhancements is a result of the bean-counters in charge buying into BS processes and covers all systems new and old.

It's purely corporations playing corporate games that puts them in the position they find themselves in.

 

[oros]

Saturday morning in small dorps gains 2500 ATM where you can draw cash inside at a till opposed to waiting in a queue outside. The foot traffic alone seems worth the investment, but not sure how that affects actual shoppers with same queue.

Another thing pep should also look at is the qty of cashiers, especially when they launch the bank, as I've noticed they will put on cashier at till while the queue is long.....