The global banking market is undergoing no small number of changes as advancements in technology impact the way it does business, and who its competitors are. Banking alternatives such as Facebook, Amazon and Apple are putting pressure on the traditional banking model and technology is bringing disruption across accessibility, connectivity, forms of payment and security.

While the South African banking sector may not be on the edge of collapse with the influx of tech and competitors, its vital role in the country begs the question – how can banks afford not to pay attention? Disruption is guaranteed to lie around the corner and the unprepared are likely to become the underdog. “Banking alternatives could soon become the norm as technology companies scramble to fill a gap in the market, especially where banks are unable to service the social media generation thanks to constraints in legacy infrastructure,” says Frank Rizzo, Data & Analytics leader, KPMG. “The question as to whether banking alternatives like Facebook or ApplePay would reach South Africa is the topic of extensive debate by banks, especially how they respond to these disruptors.”