Financial technology or fintech, has been a great way to make money for a lot of people. With the possibility of a new law in South Africa, Fintech is going to have a big impact on how things are done. Find out more in this article about what you need to know about the future of Fintech and South Africa.
What is Fintech?
Fintech is a relatively new industry of finance that focuses on the use of technology. The Fintech ecosystem has had huge growth in developing countries such as South Africa due to the increase in mobile and internet access. Many think this will have a huge impact on banking and financial services, which is why it’s important to know what Fintech is.
How will Fintech impact South Africa?
Fintech has already begun to disrupt many industries. One of the most notable examples is the changing of our banking habits. Banks are now competing for our services by releasing cheaper or even free products. This allows for them to stay on top of their game and maintain market share.
The future of banking salaries in SA
This blog may be a good read for anyone who is a South African banking professional. Banking salaries in South Africa have been rapidly declining for the last decade. In the beginning, banking salaries were high to compensate for low starting salaries and to attract qualified graduates. Nowadays, many people are going into different fields because there is simply no guarantee that they’ll make enough money to cover their living expenses unless they’re working in very senior management positions.
Bullet Point: Lending Club
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The Future of Banking Jobs in SA
The recent emergence of Fintechs and the latest banking trends signal a new approach to banking and financial services. The future of banking jobs in South Africa will likely be drastically different than it is today, and we need to adapt our education system accordingly. The disruptions of technology is not just in the Fintech ecosystem, but in all industries. Banks are not immune to the trend, and it is predicted that banking jobs will move to call centres in developing economies.
The Benefits of Fintech for South Africa
Fintech is a new way of doing banking that is rapidly transforming the industry. It offers better security, lower cost for transactions, and more connections with other businesses. Fintech could be very important for countries like South Africa because the country has over 90% mobile penetration and just under 10 million bank accounts.