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2014-06-20
How Banking Is Changing In Frontier Markets – Part 1 : Formality Breakdown
How Banking Is Changing In Frontier Markets – Part 1 : Formality Breakdown
A video interview series featuring Bruce Berkman, CEO and Founder of getchee
In this video series on how banking is changing in frontier markets like Africa, getchee CEO and founder Bruce Berkman explains how banking is becoming much less formal in these markets.
Bruce Berkman –
“In the past consumers went to branches because that’s where everything “occurred”. That’s where they purchased products, thats where they did their transactions. It was very structured, people-to-people interaction. Now what’s happening is that banking is much less structured, and it’s a big deal. There’s a lot more mobile device interaction, and there’s a lot more opportunity for the individual consumer to check on products, so they don’t need to have a particular banking relationship, they can have many different banking relationships.”
“In the past consumers went to branches because that’s where everything “occurred”. That’s where they purchased products, thats where they did their transactions. It was very structured, people-to-people interaction. Now what’s happening is that banking is much less structured, and it’s a big deal. There’s a lot more mobile device interaction, and there’s a lot more opportunity for the individual consumer to check on products, so they don’t need to have a particular banking relationship, they can have many different banking relationships.”
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By Chris Hubbard
Market Strategy
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