The banking sector is facing an intensifying threat from fintech. But banks are playing the long game, and cash is – sadly – still king. While having world class payment platforms is only great if the economy isn’t cash reliant, writes Nolwandle Mthombeni, senior banks analyst at Intellidex in fin24. Last year we saw good growth in digital adoption reported by the banks, which is key to reducing the cash reliance in the economy. But the proportion of digitally active is still very low, for all the progress that we have made.
Access the full fin24 column here.