This paper explores the impact of new technology and mobile banking in the entire financial sector in Africa. The paper focuses on the case of Standard Bank South Africa to assist in understanding the challenges faced by the major commercial banks in adopting new banking technologies in less developed worlds, such as Africa.
To realize the primary goal of this paper, the researcher discusses how technology can help Standard Bank to move forward in the aftermath of the 2008/9 financial crisis and the new opportunities for the bank to grow its financial service businesses. Furthermore, the research suggests how new technological applications in the financial services sector can help Africans to escape poverty and if diversification is appropriate for a diverse bank, such as Standard Bank.
Technology has immensely transformed business-to-business and within business transactions and interactions. Technological applications are enabling reconfiguration of design, production, marketing, and service delivery in most businesses. For instance, the design reconfigurations have allowed for the implementation of online marketplaces, mobile business activities, such as mobile banking, and better risk assessment. In the emerging financial markets of Africa, disruptive market innovations and reconstituted value chains have become key drivers of the growingfinancial services industry.
Despite the huge benefits of financial innovations, conventional financial services providers, such as banks, finance companies, microfinance institutions, and insurance must be wary of the new risks and challenges posed by these financial technologies. For a major bank like the Standard Bank, financial innovations, such as e-banking and mobile banking present both new opportunities and threats to its core businesses.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Analysis and Discussion
- How Standard Bank can move forward after the 2008/9 financial crisis
- Domestic opportunities for Standard Bank South Africa
- Targeting low income domestic market segments
- Response to HSBC's offer of 25 percent in Standard Bank
- Diversification
- Conclusion
- References
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
The paper explores the impact of new technology and mobile banking on the financial sector in Africa, specifically focusing on Standard Bank South Africa. It examines the challenges faced by major commercial banks in adopting new banking technologies in less developed economies and how technology can help Standard Bank to move forward after the 2008/9 financial crisis. The research also discusses opportunities for the bank to grow its financial service businesses and suggests how new technological applications can contribute to poverty reduction in Africa.
- Impact of new technology and mobile banking in the financial sector in Africa
- Challenges faced by banks in adopting new technologies in emerging markets
- Opportunities for Standard Bank to grow its business in the aftermath of the 2008/9 financial crisis
- Leveraging mobile technology to reach low-income market segments in Africa
- Potential for diversification and collaboration for Standard Bank
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction discusses the transformative power of technology in business transactions and interactions, highlighting the reconfiguration of value chains in emerging financial markets. The paper then focuses on Standard Bank, exploring the challenges and opportunities presented by financial innovations such as e-banking and mobile banking. The analysis delves into the impact of the 2008/9 financial crisis on Standard Bank's expansion plans and business strategies. The research highlights the potential for Standard Bank to utilize digital transformation to expand access to financial services, particularly in domestic markets. The paper also examines strategies for reaching low-income market segments through mobile banking and partnerships with telecommunications companies. Furthermore, it explores the advantages and disadvantages of collaboration with global institutions, such as HSBC, and the potential for partnerships with micro-finance institutions.
Schlüsselwörter (Keywords)
The key topics covered in this paper include the impact of new technology and mobile banking on the financial sector in Africa, the challenges faced by major banks in adopting new technologies in emerging markets, the opportunities for Standard Bank to grow its business in the aftermath of the 2008/9 financial crisis, and the potential for financial innovations to reduce poverty in Africa. The paper also explores the role of diversification and collaboration in the context of Standard Bank's operations.
- Quote paper
- Difrine Madara (Author), 2019, The Impact of New Technology and Mobile Banking in Africa. A Case Study of the Standard Bank South Africa, Munich, GRIN Verlag, https://www.grin.com/document/508256
