Banking and telecommunications services have not, until recently, been viewed as services that could be offered by a single provider. The banking and telecommunications industries have been separate ones, each fulfilling strong, but separate consumer and business demands all over the world.
Technology has changed the face of these industries, allowing each of them to branch out and offer a wider and more innovative range of products and services. Financial Services companies, in particular, seem intent on offering a range of telecommunication products that enable them to meet consumer and business needs that fall outside of pure banking requirements. Absa and Telkom have recently joined forces to offer cash rewards to the bank’s customers when purchasing certain Telkom ADSL contracts and Telkom Mobile airtime. Telkom, now part of Absa’s rewards programme, will offer customers 7% cash back when purchasing its products.
— ITNewsAfrica.com (@ITNewsAfrica) November 4, 2013
FNB seems to be crossing the divide between telecommunications and banking at a rapid rate. The bank recently launched its uncapped ADSL offering and aims to offer its qualifying customers up to 100% discounts on fees. FNB has also recently revealed that it has sold more than 175 000 smart devices since the launch of this offering in 2011. This financial services firm is showing its intent to provide its customers with a broad digital and banking offering.
Both banks and telecommunications providers have realised that there is a large, market-driven opportunity to meet both the financial and telecommunications needs of their customers. We are bound to see many more collaborations between the players within these industries, as well as the diversifying of in-house products and services to provide customers with one-stop financial and telecommunication solutions.