The Centre of Excellence in Financial Services (Coefs), recently established by the Banking Association South Africa, has commissioned Genesis Analytics to research how disruptive innovations will impact banking in South Africa.
This follows the work done by the World Economic Forum in a report “The Future of Financial Services: How disruptive innovations are reshaping the way financial services are structured, provisioned and consumed”.
The financial services industry is on the cusp of a digital revolution led by innovative fintech companies. Banks must now consider what this new landscape means for their business, in particular how to embrace innovation to deliver an improved customer experience.
The research will focus on the most impactful emerging innovations and how these innovations will shape the ways in which financial services are structured, provisioned and consumed in South Africa going forward. A better understanding of this impact on financial institutions and their customers will assist regulators and policy makers with their approach to broader financial stability mandates.
The establishment of Coefs was announced by President Jacob Zuma in his 2016 State of the Nation address.