This topic is equally vital for employers and employees. For companies, aligning with these new consumer behaviours ensures relevance and customer retention. For employees, understanding the digital-first financial landscape fosters better client interaction, financial literacy, and personal security in a rapidly changing environment.
Digital-First Expectations Are Now the Norm
Today’s consumers expect their financial services to be available anytime, anywhere. The pandemic accelerated the shift to digital banking, with McKinsey reporting that 75% of South African consumers increased their digital channel usage during the pandemic. Mobile apps and online platforms are now seen as the default mode of interaction, not simply a convenient option.
For any financial services provider in South Africa, this means seamless digital experiences are non-negotiable. Glitches, poor user interfaces, and delayed support are no longer tolerated. In fact, digital functionality is now directly tied to consumer trust. Institutions that fail to modernise risk alienating both tech-savvy youth and increasingly digital-aware older demographics.
Shift in Trust Dynamics: Transparency Over Tradition
Where consumers once leaned on longstanding reputations, the pandemic redefined what it means to trust a financial institution. Real-time updates, human-centric communication, and ethical practices have taken centre stage. This means customers now favour institutions that speak plainly, share openly, and act responsibly.
For a financial services provider in South Africa, building trust now means integrating ethical finance practices, prioritising ESG goals, and clearly communicating fee structures and policies. Speed and clarity are king, especially in a market that experienced high levels of economic uncertainty during the pandemic.
Demand for Financial Wellness Tools
The post-pandemic consumer is more financially aware and education-driven than ever. Budgeting tools, credit monitoring, debt reduction assistance, and retirement planning resources are now expected from financial institutions. Customers don’t just want access to money—they want guidance on how to manage it wisely.
This growing demand presents an opportunity for every financial services provider in South Africa to become more than just a service platform—to be a genuine partner in long-term financial wellness. Embedding financial education tools directly into digital platforms can foster engagement, trust, and client loyalty.
Contactless Payments Go Mainstream
Health concerns during the pandemic fast-tracked the adoption of contactless and mobile payments. According to data from the South African Reserve Bank, contactless payments grew by over 50% year-on-year from 2020 to 2023. What was once a novelty is now a preferred method of transaction.
A financial services provider in South Africa that overlooks this trend risks falling behind. It’s not just about safety; it’s about speed and convenience. Integrating secure, intuitive mobile payment options into offerings is now a baseline requirement for meeting modern consumer expectations.
Heightened Sensitivity to Fees
With financial strain at the forefront for many, consumers have become acutely fee-conscious. Hidden charges, monthly maintenance fees, and opaque pricing models are being scrutinised more than ever. There is a clear call for transparency and value in financial offerings.
As a financial services provider in South Africa, this means simplifying fee structures, providing clear explanations, and offering options that reflect economic realities. Transparency here is a double win—it builds trust while encouraging financial responsibility.
Appetite for Personalised Services
Generic, one-size-fits-all financial advice no longer cuts it. Today’s consumers want financial products and guidance that align with their unique life stages, behaviours, and goals. Advances in data analytics have made this personalisation not just possible, but expected.
Employers should view this shift as a call to support their workforce with more tailored financial benefits and wellness programmes. Meanwhile, a financial services provider in South Africa that leverages consumer data to personalise recommendations will be far better positioned to capture and retain loyalty.
Embracing Alternative Financial Products
Another lasting impact of the pandemic is the rise in alternative finance models. Buy-now-pay-later (BNPL) services, digital wallets, and peer-to-peer lending platforms have surged in popularity, particularly among younger consumers. These tools provide flexibility and access when traditional products fall short.
For a financial services provider in South Africa, this shift presents both a challenge and an opportunity. While it disrupts traditional models, it also invites innovation. Institutions that diversify offerings and integrate alternative options will stand out in a crowded market.
Why This Matters to Employers and Employees
The evolution of consumer expectations doesn’t just affect marketing teams or app developers—it ripples across the entire workforce. For employers, embracing these trends means developing forward-thinking strategies, enhancing employee training, and fostering a culture of adaptability. For employees, staying informed and agile is crucial for delivering exceptional service and maintaining relevance in an increasingly digital industry.
Every financial services provider in South Africa must now act with both empathy and agility. The institutions that thrive will be those that don’t just respond to consumer shifts, but actively anticipate and lead them.
Let’s Move Forward Together
At DCM Corporate, we understand the stakes. As a trusted financial services provider in South Africa, we are committed to helping our clients—and their employees—navigate this evolving landscape with confidence. From ethical financial strategies to digital-first innovation, we’re here to help you meet the moment and build lasting value.
Contact us today to find out how we can support your financial journey in this new era.