Legacy once stood for trust and authority in financial services. Today, it often suggests outdated systems, slow decision-making and an unwillingness to evolve. As technology reshapes how consumers manage their money, staying power in the market alone no longer sets a firm apart.
Paul Roux, Director and Wealth Manager at Sentient Wealth, puts it plainly, “In a digital world, I think adaptability and agility is super important; you can challenge the status quo efficiently and productively, and you don’t need massive amounts of money or massive people force to bring about change.”
That shift is playing out across the financial sector, where lean, fast-moving fintechs are outmanoeuvring traditional players – not by outspending them, but by staying focused, flexible, and relentlessly user-centred. Roux highlights how new entrants are winning by delivering what customers actually want: clarity, convenience, and control.
International money transfers are one sector where this customer shift is rapidly playing out. “People want to transact seamlessly, and cost efficiency is a priority,” says Harry Scherzer, CEO of Future Forex. He adds that “Cutting-edge technology alone doesn’t make for a unique offering. By combining tech stacks with white-glove service to meet these dynamic client expectations, fintechs set themselves apart by understanding the problem and focusing on solutions.”
Francois Le Clus, Wealth Manager at Bovest, sees little room for legacy thinking at all. “I don’t even think there’s such a thing as legacy in the digital world. It’s such a fast-paced environment that if you don’t adapt, you won’t survive.”
Loyalty no longer follows longevity. For legacy institutions relying on their past success, the risk is complacency. Consumers have grown intolerant of sluggish service, clunky systems, and vague pricing models. The winners are the ones listening, being agile, and changing, fast.
Another key differentiator? Customisation and transparency. Rory Brachner, founder and MD of DoshGuide, believes the real opportunity lies in precision. “The one-size-fits-all approach becomes the lowest common denominator. It’s never going to be delightful for any specific segment.”
Instead, emerging fintechs are honing in on specific user profiles, whether that’s small business owners, gig workers or digital nomads and designing interfaces, tools and support systems uniquely for them. “When you log into a product, you should feel like this is built for you,” says Brachner.
Agility isn’t just about speed. It’s about responsiveness to changing client needs, being on the pulse with regulatory updates and emerging technologies. While legacy players may still command brand recognition and deep pockets, newer players are earning trust by getting the basics right through streamlined onboarding, intuitive apps, transparent fees, and instant support.
Transparency, in particular, is proving to be a dividing line. “Users are becoming allergic to opaque business models,” says Brachner, recalling a recent personal experience when he noticed a surprise R500 fee appearing weeks after a transaction. “It’s just dishonest. Do that even once to a client and trust is gone.”
Agility also means humility, the ability to self-disrupt. As Roux points out, even the world’s biggest companies are feeling the pressure. “The biggest tech companies in the world need to challenge their way of thinking because the new guys are knocking on the door.”
Having built a legacy is not enough; preserving relevance depends on a willingness to evolve continuously.
Scherzer captures the trade-off, “Legacy players tend to prioritise risk mitigation over innovation, but in doing so, they risk becoming irrelevant. The digital world rewards those who move fast, efficiently and are focused on solving real customer pain points.”
In the end, the contest between legacy and agility isn’t about age—it’s about mindset. Legacy might offer stability, but agility drives progress. And in a financial world that moves at digital speed, standing still is falling behind.
