There are nearly 7 million people in Africa who are blind or visually impaired. How do these people use smart devices or mobile devices and how do they do their online banking? If banks are focusing on moving away from Retail banks and assisting the average man on the street to do banking anywhere – anytime, what are they doing to assist these 7 million people? If I use myself as an average to give us a quick indication of the potential value of these 7 million people, lets say all 1/2 of them have the financial means to have a bank account that is 3.5 million people and if we say they paid what I pay for monthly banking fee which is R99 per month x 12 months R1188 a year x 3.5 million people = R41 58 000 000
If you want to see more on Blind people statistics Click Here
If you are an FNB Account holder online banking is free, well the monthly fee but they charge you R3.90 for “Online Banking Account Verification” on most of their accounts now if we simply said that 3.5million people each had their online account verified (if they were an FNB account holder) at R3.90 once a year (which I’d say is a very conservative estimate) that would be R3 500 000 x R3.90 = R13 650 000
If you want to view FNB account fees Click Here
If you were a standard bank account holder and you wanted to Mobile Banking. Transaction fees You will be charged the normal Electronic transfer fee based on the account you have so lets say My account which is the Elite account and the transfer would be “Electronic account payment” at R4,00 this would be R3 500 000 x R4,00 = R14 000 000 assuming that you use used this as a guideline and took all the terms and conditions in to account.
If you want to view Standard Banks Elite account fees Click Here
Having said that what is the average cost to implement, design, advertise and run an online banking App?
The potential for revenue is large in Africa, but who are the players in offering these type of service to Retail Banks in Africa? I have found a few players who are currently offering these sort of Apps Globally
If you want to view App Developers Click Here
Please Note: All figures used is just a guideline to show the potential revenue that banks could make IF 1/2 of the 7 million people who may face problems due to their disability, are using such services, therefore showing that their is potential for Banks to consider Apps and other options for people such as the blind and who could assist them in such a case.
Future Bank Africa will be held next year on 10-13 March 2013, it is a meeting place for the assessment and benchmarking of new technologies and methodologies. A platform for learning:
- How to change your bank to a digital, interactive bank?
- How to improve customer profitability?
- How to implement Mobile strategy?
- How the mobile phone has changed retail banking?
- How to keep banking up to date with technology?
- How to take your business offering digital?
and many other problems and opportunities are covered with regards to Retail Banks.
Companies that want to be considered as thought leaders in these areas, consider a sponsorship or exhibitions space at Future Bank Africa 2013, speak to Zara Harvey at firstname.lastname@example.org or Call on +27 11 516 4945