FORESIGHT FINANCIAL SERVICES REPORT

The National Research and Technology Foresight (NRTF) project is one of a number
of initiatives launched by the Department of Arts, Culture, Science and Technology
(DACST) as part of its mandate to review and reform the science and technology
system in South Africa. The NRTF project looks at various sectors of the South African economy, and financial services was one of the 12 sectors chosen.
The Foresight Financial Services Sector agreed up front on the areas of focus for the
sector. Six areas of focus were identified. They are:
1. What should be done? (Services focus)
2. Research focus
3. Training focus
4. Marketing focus
5. Focus on the creation of enabling environment
6. Financial Services focus.
The local and international scans were then analysed for the purpose of
benchmarking the sector locally and internationally. It transpired that the sector was
doing well in incorporating new technologies and providing services as efficiently as
possible. Areas such as ATM, Internet banking, electronic account payment, etc. were identified as areas in which the sector is ahead of that of some developed countries. There were other areas in which work still needs to be done, such as fully providing other services relating to e-commerce and the use of multifunctional smart cards.