Retail banking in South Africa is evolving rapidly due to the COVID-19 pandemic, with about 80% of consumers preferring to do their day-to-day banking digitally, according to a report by Boston Consulting Group (BCG) in partnership with Discovery Bank. BCG suggests that traditional banks may struggle to meet new digital expectations and compete with new, more agile challenger banks like Tyme Bank and Bank Zero. However, the report also suggests that traditional banks could leverage their data to understand customer needs and use AI models to predict their needs before they arise.