Financial services is one of the most competitive industries in SA, with players across the board working to win a share of voice from their peers. The consumer banking industry, with digital at the forefront for most urban consumers, is showing greater innovation, with people opting for self-service banking solutions instead of visiting branches.
According to the SA Reserve Bank (SARB) supervision report for 2017 total banking sector assets increased from R4.88 trillion in December 2016 to R5.16 trillion at the end of last year.
The growth of the financial services sector is not without its own challenges, with online security making news and Liberty Life apparently having experienced a cyber-attack.
It was just one year ago that the World Bank halved SA’s economic growth forecast from 1.1% to an estimated 0.6%, with low job prospects, which contributed to cautious business and consumer spending. The lender now expects SA’s growth to rise to an estimated 1.4% in 2018, which may be good news for the financial services industry, with more people likely to save and utilise various instruments.
In recent months a number of local players have made more visible marketing efforts: African Bank has increased its visibility by opening branches to service consumer clients and Allan Gray has set tongues wagging with its new TV commercial entitled “Father’s Share” which was released in Sesotho and shows a nontraditional, more South African, side to saving money.
Join Ornico and the FM on June 22 as they investigate the most recently flighted financial services advertising and discuss marketing trends in the sector at the Financial Mail AdForum event in Parktown, Johannesburg. They will be joined by a panel of marketing and advertising industry heavyweights, as well as analysts in media and finance.