Our Thoughts > How Banking Is Changing In Frontier Markets – Part 2 : Competitive Disruption
How Banking Is Changing In Frontier Markets – Part 2 : Competitive Disruption
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 more and more competitive in these markets.
Bruce Berkman –
“Another thing that’s changing with banks right now, which is a very big issue, is that banks are having to be a lot more competitive.
Before, banks were small and heavily regulated, but they were the only game in town. That’s changing now. A regular bank is now competing with the likes of Alibaba through Alipay, or online merchants, or phone companies who allow you to store money on your mobile device and transfer that money directly from your mobile device to somewhere else.
So banks are having to find new ways to generate revenue and make profit, but more importantly they are needing to find new ways to retain consumers focus, interest and eyeballs.”