Banks will become more like telcos: Michael Jordaan

[Kevin Lancaster]

Banks will become more like telcos: Michael Jordaan

Former FNB CEO Michael Jordaan said that banks will become more like telecoms companies, while telcos are trying to muscle into banking.

 

[Thor]

Fully agree

 

[Tharaxis]

I don't understand the need that banks have to become telecoms companies and visa versa (in fact I don't see that push as much from the telecoms side, only South African banks for some reason). Stick to your core competencies!

 

[VQuest]

Both banks and telcos are evil money grabbing bastards, so they are already the same in my book.

 

[backstreetboy]

That's why I'm with Capitec. They are just a bank. If Telkom ever goes into banking

 

[xumwun]

Well banks are very much dependent on telecoms.

 

[supersunbird]

I don't understand the need that banks have to become telecoms companies and visa versa (in fact I don't see that push as much from the telecoms side, only South African banks for some reason). Stick to your core competencies!

Not needs, wants, for more slice of your moneys (aka more profits)

 

[Chris.Geerdts]

We literally were talking this talk 10 years ago at MTN and FNB's already launched its MVNO so remarkably little new thinking there

 

[Ockie]

I agree with this. MNO's have got the infrastructure for communications which the banks can use, and the banks have got massive user bases the MNO's can target. You are already seeing this happen with FNB connect and Vodacom Mpesa. We do have markets that is pretty fully tapped, so now and in future I think it will be cross pollination, supplementing and complimenting each other.

 

[Dlamaqhinga]

Halfway there, FNB is a Telco already and Telkom and Vodacom are legal financial providers that is why they offer device insurance.

 

[Mike Hoxbig]

I don't understand the need that banks have to become telecoms companies and visa versa (in fact I don't see that push as much from the telecoms side, only South African banks for some reason). Stick to your core competencies!

Did you read the article?

 

[krycor]

Banks would be sued to death due to outages.. unlike banking, you not allowed to have teleco outages the kind the banks in Sa have had over the last few years. Yes they won't run their own network but if the billing system is self hosted and goes down i'm pretty sure the fines would be huge.

In the reverse.. Telecos are rarely protected enough vs data security.