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    TechCentralTechCentral
    Home » Banking » Why Standard Bank is betting big on the ‘platform economy’

    Why Standard Bank is betting big on the ‘platform economy’

    By Duncan McLeod30 September 2021
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    Standard Bank’s Jonathan Lamb

    Banks are facing more competition today than ever, and much of that competition is coming from left field – from non-traditional sources such as mobile operators and the big technology companies.

    The implications, says Standard Bank Group, are dire for financial services institutions that are unwilling to adapt their strategies to compete effectively in what it calls “the platform economy”.

    The banking group recently published a new research paper, called “The Power of the Platform Economy for Financial Services”, which unpacks the risks and opportunities in some detail.

    Banks are in a strong position to counter the competitive threats, but they cannot rest on their laurels

    One of the authors at the research paper, Standard Bank platform business lead for wholesale clients (digital) Jonathan Lamb, joined the TechCentral podcast to unpack what this means for “legacy” banks in both the business-to-business and business-to-consumer markets across Africa. (Listen to the podcast below.)

    Where is the threat to banks coming from? Will mobile operators, with mobile money services, or social media companies like Facebook, which owns WhatsApp, prove to be the bigger competitive threat down the line? And how can banks respond?

    Listen to the interview

    Lamb believes banks are actually in a strong position to counter the competitive threats, but they cannot rest on their laurels.

    How do they deal with their legacy IT infrastructure (many are still running mainframes at their core), and is the fact that they are heavily regulated an advantage or a disadvantage in the fight to come?

    Don’t miss this fascinating discussion on the future of an industry in flux. (Note that no video version of this podcast is available.)

    How to subscribe to TechCentral’s podcasts

    There are many ways to enjoy TechCentral’s podcasts, beyond simply streaming them from the website. The best way is by subscribing to them using an app on your phone, allowing you to listen in the car (via Bluetooth), at the gym or wherever you happen to be. Use the links below to subscribe:

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    TechCentral podcasts are governed by a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. This means you may copy and redistribute the material unmodified, but you must provide the appropriate credit to TechCentral, with a link to this page.  — (c) 2021 NewsCentral Media



    Jonathan Lamb Standard Bank TechCentral Podcast
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