Debit cards will be the cards of the future, credit cards and cheques are set to die a slow death, cash will disappear and the banking industry as you know it will no longer exist in 10 years, predicts Nicky Bicket, managing director of Pick'n Pay Financial Services.
Intensive research commissioned by Pick'n Pay for the launch of its latest financial product has unveiled a groundswell of discontent with banks. Boland Bank/NBS have linked up with the supermarket chain.
One of the biggest concerns expressed in the survey was the perception of high interest rates and bank charges.
The banking sector is waiting with bated breath for the details of the product, due to be launched soon.
Competition is hotting up in the financial services arena and lately there has been a noticeable increase in the amount of advertising from the banking industry.
The trend towards making financial services traditionally the domain of the large financial institutions simpler, more convenient and accessible to customers has seen a host of products come onto the market.
The latest developments have seen retailers moving further into financial services and insurance companies cutting out middlemen in order to bring prices down.
Pick'n Pay's new product is aimed at its four to five million customer base.
It has also been geared towards the market which banks have found most difficult to service.
It will take the form of a transmission account offering highly competitive interest rates.
So far, Pick'n Pay offers a facility to pay your electricity account and an in-store charge card.
Unit trusts and home loans may also be in the offing in the company's effort to offer the full range of financial products.