Standard Bank has rolled out major changes to its smartphone banking app in an effort to keep customers out of its branches.
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The banking group spent R7.5-billion on IT licences, maintenance and related costs in the 2019 financial year, up 17%, due to the weaker rand and costs associated with its move to the cloud.
Standard Bank will soon begin moving its operational SAP banking systems onto the Microsoft Azure cloud platform as it looks to create what it calls an “always-on bank”.
After years of ploughing billions into shifting from serving customers in branches to mobile apps and instant payments, lenders are often in the dark about the difference their spending is making to operating profit.
After shedding 8% of their workforce last year, Zimbabwean banks may cut more jobs in 2020 as the economy shrivels and the sector increasingly shifts away from cash and toward digital services.
Bank Zero, the digital bank backed by former First National Bank CEO Michael Jordaan, is on track to launch in the first half of next year and is promising innovations to stamp out card fraud.
First National Bank’s new First Business Zero Account, with no monthly fees, has made competitors sit up and take notice.
Nedbank has launched a “lite” version of its smartphone banking application. Called Money App Lite, it’s a streamlined version for Android devices.
The labour court of South Africa blocked a planned strike by banking workers on Friday, ruling that labour unions failed to comply with rules allowing demonstrations.
Nedbank has partnered with Microsoft to migrate components of its IT infrastructure into the cloud, the financial services company said on Monday.