Caryn Bell and Ebrahim Samodien, Absa. All photos: Karolina Komendera

Digital banks are challenging traditional banks by offering a rich set of features. They’re easily accessible, available 24/7 and are relatively secure because you don’t have to hold cash to conduct transactions. The more tech-savvy (and usually younger) generation has embraced mobile apps, not only for entertainment and shopping, but also for online banking. Financial institutions and digital disruptors are seeing the demand, and they’re answering the call by developing app-based digital banks. There are over 90 fintech companies registered in South Africa and about 46% of people use at least three fintech services to manage their finances. This begs the question: do we still need traditional banks?

Brainstorm, in partnership with BCX, convened a roundtable discussion to gauge the level of digital disruption in the banking industry.