The rate of adoption of mobile devices and application is increasing exponentially and is the best opportunity, currently, to engage markets. So claims Anton de Wet, Managing Executive, Client Engagement, Nedbank, South Africa.
Speaking on the first day of the Internet Show Africa, being held at the Sandton Convention Centre, de Wet said that the current situation in the market is not so much about a banking revolution, but more a communication revolution and that mobile and digital plays a critical role.
In a small example of the size and scope of mobile usage worldwide, in 60 seconds there are 168 million emails sent, 98 000 tweets posted and 695 000 Facebook updates.
De Wet said the challenge for banks going forward is to take technology and embed this into services in order to meet the requirements of the established, developed banked consumer market and those of the entry level, un-banked market.
“Social media is key and new way to engage with our clients. It is much more fresh, exciting, fun and relevant - and realtime live. We are certainly open to the social media and mobile payment platforms that exist in the market, but far more inclined to see what we can do as a bank… we are mindful of the fact that there are many smart guys out there in the market … but where we can, it is more a bank-led initiative,” said de Wet.
Other driving forces making an impact on banking and financial services include the development of near field communication, data on mobile, the prepaid market and social networks.
Chris Tredger, Online Editor