So you are rigorous with your budgeting and you already have a sensible savings plan? With July being National Savings Month in South Africa, it might be the right time to consider taking the next step in your savings journey.
It’s time to ensure that you are moving your money around in the most cost-effective way possible. There are a variety of banking channels available and it is important to understand them in order to make them work for you in ways that can truly enhance your savings.
Vuyo Mpako, head of Digital Channels and eCommerce at Standard Bank, advises that the most expensive way to move money around is to deal in cash. “It costs you every time you withdraw money – either from a branch or an ATM.”
So rule number one is to try and eliminate cash by using banking channels and facilities that allow you to transfer and transact with your money electronically.
Most well-known of these, of course, are online and cellphone banking solutions. However there is a range of other options available too, that will enable you to transfer money without having to deal with actual banknotes.
The strong interest shown by banking customers in self- and assisted-service channels, and particularly in digital banking, presents new opportunities for financial institutions to demonstrate their capabilities in these areas. It is also an opportunity to showcase their vision and thought leadership as they work their way toward an integrated omnichannel banking environment.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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