It’s “adapt or die” for banks

crackersa

Honorary Master
Joined
May 31, 2011
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If there were more banks in SA then I would say this article has sone truth
 

Cius

Executive Member
Joined
Jan 20, 2009
Messages
5,670
Yep, banks are in trouble. For instance in business banking divisions most of their money comes from point of sale devices in businesses and they take up front costs and charge ongoing fees. There are new companies hitting the market that half the fees and in some cases have no fees. One banking exec went to a new tech showcase in silicone valley and met a bunch of kids with such a startup. He asked them their pricing structure and they said zero up front for device and zero percent ongoing for transactions. He laughed at them and asked how they planned on staying in business. They responded we are fully funded and good to go. We will sweep the world with our device watsapp style and then sell for a few billion dollars. The revenue comes from data, and the customer base, just like it did with watsapp or facebook. It can be monetised later.

Banking execs choked on their laughter. Its a new world, and I do think banks are gonna be heavily disrupted in the next decade in every area.
 
Joined
Dec 7, 2010
Messages
78,906
Yep, banks are in trouble. For instance in business banking divisions most of their money comes from point of sale devices in businesses and they take up front costs and charge ongoing fees. There are new companies hitting the market that half the fees and in some cases have no fees. One banking exec went to a new tech showcase in silicone valley and met a bunch of kids with such a startup. He asked them their pricing structure and they said zero up front for device and zero percent ongoing for transactions. He laughed at them and asked how they planned on staying in business. They responded we are fully funded and good to go. We will sweep the world with our device watsapp style and then sell for a few billion dollars. The revenue comes from data, and the customer base, just like it did with watsapp or facebook. It can be monetised later.

Banking execs choked on their laughter. Its a new world, and I do think banks are gonna be heavily disrupted in the next decade in every area.
True, problem is our NPS structure with it's 4 party model. Every TPP needs an acquiring bank to hook into the payment system.... so that idea won't really fly here.
 

Thor

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Jun 5, 2014
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38,021
​Once upon a time ago, I had a vivid dream
Where powers in the government had reached to an extreme,
And corporations wielded such sway upon the land
For they had politicians simply eating from their hand.

But then arose a currency that caught them all off guard,
For they did not produce it and controlling it was hard.
They wanted first to stop it, to ban its legal use,
But the people just ignored them and their asinine abuse.

So then the legal powers across the planet Earth
Decided that this currency had a special worth:
The currency was digital, which meant it could be read
And gave the means for tracking as we bought our daily bread.

But only if they owned it, if it were truly theirs.
Then they'd see in detail our most intimate affairs.
They'd know just what we shopped for, and even when and where.
They'd know what we believed in, they'd know for whom we cared.

And even worse, if worse there was, they'd have complete command
O'er who could spend the money that was given by their hand.
Cause a threat to their control, they'd shut off all your cash
And you'd be forced to beg for food or find it in the trash.

Away they did with dollars then, rolled out their plan for all,
And with their legislative weight they made their legal call:
"Join us cashless. Join us now. Trade in your other coin.
We'll care for you and feed the poor. It's time for you to join."

They said it all with such a smile they had most people heed,
For after all the government provided for their needs.
But others were unsure then; the coin they had was free
From legal interference and the act of bended knee.

The coin held by resisters was apportioned far and wide,
Controlled by no one person; controlled by no one side.
The left, the right, the rich, the poor, each race and gender too,
Could spend as they wished to spend, and do as they wished to do.

The government took action, though, and made it widely known
That only those in terror cells would ever dare to own
A coin not made by government. And so they grew the fear
Among the common people that the enemy was near.

The government began a hunt for all who dared to choose
A coin they did not offer. These terrorists would lose.
But as they started up their hunt, they made a plain mistake:
They chased too many people and shook the rest awake.

And then the population stood all in one big line
With the goal of independence. And a light began to shine.
It shone right down across them all. The government just stared.
It couldn't quite consider that its population dared.

And in this dream I felt a hope I never thought I'd feel,
As if the common people could finally start to heal
From the long abuse of government, and leaders finally could
Support us and protect us, the way that leaders should.

I woke then from this dream of mine and wondered what I'd seen:
Our future, or just wishful thoughts, or something in between.
And as I sit and ponder this, as I sit and muse,
I feel it all comes down to what the common people choose.
 

Ockie

Resident Lead Bender
Joined
Feb 16, 2008
Messages
50,335
What would be the difference between a Reserve Bank backed digital currency and the Rand balance showing in our online banking apps and bank statements already? Most balances dont actually have a cash (note or coin) to back them up in the real world I believe. Or would this be a new seperate currency that works purely on the blockchain as apposed to the Rand that works via the normal and in place financial system?
 

GreGorGy

BULLSFAN
Joined
Jan 18, 2005
Messages
14,513
More? How many banks do you think SA has?
I have these - who is missing:

632005 Absa Bank
470010 Capitec Bank
250655 First National Bank (South Africa)
198765 Nedbank (South Africa)
051001 Standard Bank (South Africa)
800000 Albaraka Bank
999005 Bank of Athens
462005 Bidvest Bank
350005 Citi Bank
589000 Finbond Mutual Bank
584000 Grindrod Bank
570105 HBZ Bank
587000 HSBC Bank
020909 IMB (on Standard Bank network)
580105 Investec Bank
756026 Ithala Bank
432000 JP Morgan Chase Bank
490991 Mtn Banking
450605 Mercantile Bank
471001 Meeg Bank
179005 Old Mutual (on Nedbank network)
585001 Olympus Mobile
187405 Peoples Bank
460005 Postbank
588000 SASFIN
801000 State Bank Of India
431010 Ubank
790005 Unibank
588000 VBS Mutual Bank
 

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
38,021
What would be the difference between a Reserve Bank backed digital currency and the Rand balance showing in our online banking apps and bank statements already? Most balances dont actually have a cash (note or coin) to back them up in the real world I believe. Or would this be a new seperate currency that works purely on the blockchain as apposed to the Rand that works via the normal and in place financial system?
Read my poem. In the middel.
 
Joined
Dec 7, 2010
Messages
78,906
I have these - who is missing:

632005Absa Bank
470010Capitec Bank
250655First National Bank (South Africa)
198765Nedbank (South Africa)
051001Standard Bank (South Africa)
800000Albaraka Bank
999005Bank of Athens
462005Bidvest Bank
350005Citi Bank
589000Finbond Mutual Bank
584000Grindrod Bank
570105HBZ Bank
587000HSBC Bank
020909IMB (on Standard Bank network)
580105Investec Bank
756026Ithala Bank
432000JP Morgan Chase Bank
490991Mtn Banking
450605Mercantile Bank
471001Meeg Bank
179005Old Mutual (on Nedbank network)
585001Olympus Mobile
187405Peoples Bank
460005Postbank
588000SASFIN
801000State Bank Of India
431010Ubank
790005Unibank
588000VBS Mutual Bank
Those are just the EFT banks. But close enough.
 

Honey Badger

Honorary Master
Joined
Apr 30, 2010
Messages
20,443
What would be the difference between a Reserve Bank backed digital currency and the Rand balance showing in our online banking apps and bank statements already? Most balances dont actually have a cash (note or coin) to back them up in the real world I believe. Or would this be a new seperate currency that works purely on the blockchain as apposed to the Rand that works via the normal and in place financial system?
The government and banks won't have control over the value of a digital currency. We would
 

f2wohf

Honorary Master
Joined
Apr 15, 2014
Messages
15,107
Locally controlled:
African Bank
Bidvest Bank
Capitec Bank
FirstRand
Grinrod
Investec
Nedbank
Sasfin
Standard Bank
Ubank

Mutual banks:
Finbond
GBS
VBS

Foreign controlled:
Absa
Albaraka
Commonwealth Bank
Habib
HBZ
Mercantile
South African Bank of Athens

Branches of foreign banks:
Bank of Baroda
Bank of China
Bank of Taiwan
Bank of India
BNP Paribas
Canara Bank
China Construction Bank
Citibank
Deutsche Bank
HSBC
Icici
JP Morgan
Société Générale
Standard Chartered
State Bank of India

Then you have the representative offices: https://www.resbank.co.za/RegulationAndSupervision/BankSupervision/Pages/SouthAfricanRegisteredBanksAndRepresentativeOffices.aspx

And Islamic Bank and Regal Treasury being in liquidation.
 
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