4 digital banks paving the way for digital transformation in South Africa

By Edlyn Cardoza

With the ease of mobile banking, we hardly go into a bank branch, and the results have become a big win for consumers who want banking services and not just banks. Consumers and financial institutions are deftly adapting to the rising demands of a tech-accelerated and pandemic-impacted world, which have presented an array of solutions, ideas, and opportunities for the banking sector’s difficulties.

The future of banking is digital, connected, contextual, and customer-first. Through meticulously selected partnerships and technology, digital banks are upgrading their banking strategy to match how individuals and small business customers manage everyday banking tasks.

The digital transformations have paved the way for the birth of digital banks in Africa, forming the springboard for what 2023 will unfold. Here are 4 digital banks setting their mark to revolutionise banking in South Africa:

• African Bank

With African Bank, you can bank, borrow, save, invest, and insure. They are committed to helping you kick-start positive change in your life by bringing you a range of financial products that offer assistance, security, and comfort. They are committed to making a difference to you and aim to provide more value than their customers expect.

Their core values of transparency, creativity, collaboration, empathy, and sustainability guide its 3,500 African Bankers across 389 branches and four Contact Centres in their daily efforts to make it easier and more rewarding for consumers to manage their financial journey. African Bank is dedicated to creating relevant products that help to uplift South Africans, including loans, investment, and insurance products.

• Capitec

From one banking solution to innovative digital and paperless banking, everything Capitec does is to make your life easier and empower you to take control of your money so that you can live better. Capitec is South Africa’s leading digital bank, with over 10.1 million digital banking clients. They have also been named the third strongest banking brand in the world.

Through their innovative solution to banking, called Global One, they allow over 16 million of their clients to transact, save, insure, and access credit in real time. They give all their clients access to the same affordable service, regardless of their income level.

• Nedbank

Nedbank is one of the leading banks in South Africa. Banking on their digital channels is a fast, safe, and convenient way to transact anytime, anywhere. Manage all your accounts and services in one place. A seamless online banking experience for all your personal and business needs.

Create and manage your Nedbank ID username and password on the Money app or Online Banking. This single sign-on gives you full digital access to Nedbank’s banking and lifestyle products and services.

• TymeBank

TymeBank is a digital bank founded on simplicity, transparency, and affordability. TymeBank’s majority shareholder is African Rainbow Capital, a wholly black-owned and controlled investment company, making TymeBank the first majority black-owned retail bank in South Africa.

TymeBank helps you understand how money works by giving you a clear picture of every Rand and cent you have. This enables you to make decisions about your money today that has the power to grow into a secure financial future.