Banking becoming friendlier

Published Dec 3, 1997

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Cyber banking, instore banking, telephone banking, electronic banking and banking in person are the choices open to you.

The supermarket-type approach to marketing and advertising has gripped the imagination and energy of the financial services industry with leaders vying for position.

"The traditionally conservative stance taken by banks is fast disappearing with a more vibrant, consumer-friendly approach coming to the fore," says John Maxwell, managing director of NBS Bank.

The banking revolution is being driven by market forces. Consumers' buying habits are changing; through deregulation new players are entering the market; business is globalising; and there is a demand for more knowledge and transparency.

"These trends are eroding retail banking margins and coercing banks to revisit their products, services and strategies. The banks of the future will be more convenient and accessible to customers ­ 24 hours a day," says Maxwell.

While South Africa has yet to come face-to-face with the total onslaught, a retail approach to marketing financial services and products is making its presence firmly felt, he says.

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