South Africa is a top-performer in the banknig and financial services markets, according to the World Economic Forum Global Competitiveness Report 2009-2010.
In the lastest report, while Switzerland ranks number 44 in Soundness of Banks and number 14 in overall Financial Market Sophistication, South Africa ranks sixth and fifth respectively.
This achievement comes from policy, regulation, and skilled people, according to Bulelwa Koyana, interim CEO of Business Process enabling South Africa (BPeSA).
"Tens of thousands of people are employed in the financial sector that are FAIS compliant, meaning that they have world-class training in the sales and servicing of financial services products. They work for banks, insurance companies, and business process outsourcing companies."
The report states: "In this area there has been a notable improvement in the evaluation of the country’s (South Africa’s) financial markets, which have increased in rank from 24th last year to a very high 5th this year, indicating strong confidence in South Africa’s financial markets at a time when trust has been eroded in many other parts of the world."
Koyana comments: "In the early days, the outsourcers normally handled sales for the banks and insurance companies. Now, as the industry has matured, our BPO members are moving up the value chain, handling customer service, IT support, and even claims processing for customers around the globe."