Digital financial services (DFS) comprises a broad range of financial services accessed and delivered through digital channels, including payments, credit, savings, remittances and insurance. It also includes mobile financial services
Digital Finance Services In South Africa
COVID IMPACT
Along with changing consumer behaviors, COVID-19 has caused the most recent acceleration in digital adoption. The pandemic forced everyone into a new normal — it changed how we communicate and engage with each other, how we consume, how we keep ourselves busy, how we support one another, and how we rely on technology to enable all of this.
In the financial services sector globally, COVID-19 has been a catalyst in changing digital behavior, with lockdowns and temporary bank closures forcing a shift away from traditionally branch-led activities. South Africa is no different.
CASE STUDY SBER
In recent years, Russian banking group Sber has aligned its strategy to become a full-fledged platform organization, supported by multiple ecosystems. It has
embarked on an investment journey to transform its technology, in what will be the biggest transformation in the bank’s 179-year history.
At the core of this transformation is the launch of its technological platform — which includes creating business service development components and migrating banking business capabilities to the new platform.
Which types of applications do digital financial services provide In South Africa?
Digital Financial Services (DFS) include a broad range of financial services accessed and delivered through digital channels, including payments, credit, savings, remittances and insurance. – Digital channels refers to the internet, mobile phones, ATMs, POS terminals etc.
What are the main components of digital financial services In South Africa?
There are three key components of any such digital financial services: a digital transactional platform, retail agents, and the use by customers and agents of a device – most commonly a mobile phone – to transact via the platform.
How does digital finance work In South Africa?
Digital finance is the term used to describe the impact of new technologies on the financial services industry. We now interact with our bank using mobile technology. We make payments, transfer money and make investments using a variety of new tools that were not there few years ago.
How can digital financial services help develop a country ?
Digital technologies offer financial services at lower costs, fostering opportunities for large-scale inclusion by enabling institutions to serve lower-income customers profitably. Such broadened financial access can sustainably transform emerging economies.