First National Bank in South Africa has opened its mobile banking-linked e-wallet service to non-customers. The tactic will allow FNB to gain further exposure by targeting a desirable consumer segment, while potentially luring customers away from competitors.
Investec's new iPad app for HNW clients in South Africa should get a warm reception. Datamonitor's 2012 Global Wealth Managers Survey shows that South African HNW clients demand regular reporting on their asset performance, with the majority interacting with their wealth manager's website at least once a week. The next key step is to make it available across more mobile platforms.
According to Datamonitor's 2012 Global Wealth Managers Survey, HNW individuals offshore wealth because of better investment options available overseas. The UK is the primary booking center for offshore wealth. This is not surprising considering the diverse range of products and services available in advanced financial centers such as London.
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