End of bank branches? Study shows only 40% of SA consumers think they'll need them in 5 years

First, it was opening a bank account using face IDs, selfies and fingerprints without ever needing to visit a branch. And now, researchers foresee a cashless future, where anything from managing personal finances to finalising home loans can be done with voice commands on mobile banking apps.

According to research by Boston Consulting Group (BCG) – which was commissioned by Discovery Bank – many bank customers believe South Africa will reach a new digital dawn in less than five years, by 2027. Some 86% of consumers polled prefer digital channels for their everyday banking needs, and more than half (58%) are comfortable with a fully digital bank.

The research - which included over 1 000 consumers, 400 businesses and several banking experts around the world - found that there will soon be a limited need for brick-and-mortar bank branches as we know them.