All this nonsense about legacy systems hampering the "4 major crime families" in competing with Capitec. Their market size and reach will not allow them to ignore this "upstart". So , offering legacy as a reason they can't and won't compete is errant nonsense. The barriers to entry are: 1. good IT ( easy to buy that stuff - I mean these are not complex products) 2. Premises ( not a problem as we sit here) 3. Money to fund this( definitely not a problem) 4. Staff( definitely not a problem - they are trying to dump their own anyway and this is a good outlet ) They will simply ignore the legacy clients - they deal with them anyway, and all they have to do is to buy a few Capitec staff to run the business- everyone has a price...and in FinServices it seems to be a quite low threshold and - off they go.
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