Technology continues to change the way we live and banking is no different. A recent report on the future of retail banking predicts that banking could become fully digital within the next five years.
Although the changes are being embraced by the youth, it might prove challenging for the older generation.
Professor Olebogeng David Daw, economist at North West University, says digital migration will only be successful if those who are not tech savvy are well educated.
“When it comes to the elderly, you need to make sure that you keep educating them, develop some apps that are user-friendly for the elders. Apps should not be complicated at all. They should be kept very simple. As we know our history in this country, most people cannot read or write, but if you simplify for them it will be easy,” says Daw.
Young people in Mahikeng like Karabo Bolokang Seleka are embracing the possibility of virtual banking and say digital banking is the future.
“Now, it’s easier to bank. It’s easier to get access without standing on long queues at the bank, without any hustle. Technology has taken over the world and we, as South Africans, need to be on that mandate as technology is moving forward in terms of banking. I think in two or three years time, there will only be digital banks. No more branches.” Reporting by Kagiso Keipopele
Banking could go fully digital in five years
