High data costs have been a hot conversation topic for quite some time. From calls for a #SocialMediaBlackout in June to recent reports that the Competition Commission had received an “official request” from the minister of economic development to investigate data costs, the debate only seems to be gaining traction.
While the likes of Vodacom and MTN are adamant that the cost of data has declined and fail to see a problem with their current pricing structures, local banks are making moves to mitigate the issue.
Acknowledging that digital banking is only set to expand – with nearly 3 billion users predicted to access retail banking services via smartphones, tablets, PCs and smartwatches globally come 2021, according to a report from Jupiter Research – local banks recently moved to offer mobile banking to their customers for free.
Staying ahead of the competition
What this decision represents is their recognition that the banking landscape has experienced dramatic changes and will continue to change. And these shifts force banks to change their strategy in order to better meet customer needs. If customers want to use your banking services, and they want to do so via mobile platforms, banks need to provide them with seamless access to these offerings.
Consider the findings recent Internet banking SITEisfaction survey from market research agency Columinate, which saw FNB losing out in two key digital categories. For the first time in six years, Capitec took the top honours in the mobile banking and digital banking categories, with FNB narrowly maintaining the top spot for Internet banking.
The Jupiter Research report mentioned above outlines that technology is currently the big differentiator for all banks – from the traditional players to the the so-called “challenger” banks. With investments in innovative banking technology reaching record levels in 2016, more well-established banks are expected to show a renewed focus on digital transformation initiatives.
In the same way that banks had to make it easier for customers to use their digital offerings, modern businesses need to acknowledge what role these digital tools play in their enterprise. If your employees don’t have the resources they need to do their jobs or they’re scared to use their devices because they don’t want to rack up sizable bills, you’re not using digitalisation to your advantage.
With the right telecoms expense management (TEM) software, managing device deployment and use is simplified, ensuring that everyone can work as efficiently as possible. Intrigued? Our monthly newsletter offers a wealth of insights around all things telecoms, business strategy and digitalisation. Sign up below.