The big banks’ sudden price cuts expose a bundle of nerves
There is no doubt these are defensive moves in reaction to stiffening competition
Standard Bank and First National Bank’s recent price reductions are clear signs that big banks are willing to sacrifice revenues to protect their turfs.
In addition to price cuts, they’ve both added data and airtime benefits to certain products that will see them technically pay people to bank with them.
After the two launched new low-cost bank accounts for the entry-level market, FNB went a step further by reducing prices for some of its bundle accounts aimed at the middle-income segment too...