OM Bank is up and running and ready to transact

Old Mutual announced the launch of OM Bank in late 2025, signalling its evolution into a fully integrated financial services provider, combining banking, insurance, and investments.

The launch of OM Bank closes a critical gap in its offering and strengthens its ability to support customers’ financial wellbeing. Its target market ranges from the mass market to personal finance.

Its entry into an already crowded banking market surprised some, but global trends support Old Mutual’s strategic decision: groups such as ING, NN Group and Allianz started out as insurers that later expanded into banking – coining the term “assurbanking”.

South African households are navigating one of the toughest financial environments in recent memory. Rising inflation and interest rates have eroded disposable income, while debt servicing burdens continue to mount.

Old Mutual research shows that consumers are actively seeking financial partners that offer more than transactional convenience – they want solutions that genuinely support resilience and long-term wellbeing.

Far from being just another digital entrant, OM Bank has a clear vision: by 2028 it aims to be profitable, leveraging its existing roughly 7.5 million insurance and investment clients, and a fully integrated financial services provider, combining banking, insurance, and investments under one roof.

Then there’s the trust that comes with a brand that has been operating in SA for more than 180 years.

How will it do things differently?

Customers are tired of ‘product’ and want a financial partner. That’s the niche that OM Bank intends to capture.

Traditional banking models in South Africa tend to be product-led and siloed. Customers are shoehorned into different account types for day-to-day banking, insurance policies, savings and investments.

This gives them poor visibility across their financial affairs and creates fragmentation and friction, leaving many feeling underserved. This is particularly evident in the middle market where financial pressures are most acute.

OM Bank positions itself at the heart of a broader industry shift: moving from standalone products to intelligent ecosystems.

Banking is no longer just about accounts and transactions. It’s about becoming a trusted partner embedded in customers’ daily lives, delivering insights, managing risk, and supporting wealth creation for the long haul.

Built for the digital era

The bank is built on a modern, cloud-native infrastructure developed in partnership with 10x Banking.

This technology foundation enables real-time personalisation, AI-driven insights, and dynamic solutions such as improved affordability assessments and fairer credit access.

Today’s consumers no longer rely on a single institution to manage their financial lives. The long-held idea of the ‘personal banker’ has largely proven to be a fallacy.

Instead, customers are curating their own ecosystems, using multiple banks, stacking reward programmes, and moving money with precision to unlock value, optimise savings, and manage risk. They are actively engineering their own financial outcomes.

OM Bank is designed for this reality. By leveraging Old Mutual’s deep customer data and behavioural insights built up over its more than 180-year history, OM Bank promises a fresh approach to banking.

The emphasis is less on product than on lifelong financial partnerships.

South Africa’s digital banking space is growing, with neobanks and challenger platforms signalling strong demand for convenience and value. Yet the market is also becoming crowded and increasingly commoditised.

Differentiation requires a huge emphasis on trust and new customer insights into what it takes to achieve financial wellbeing.

OM Bank enters this arena with distinct advantages. It builds on Old Mutual’s established customer base, including conversions from its earlier Money Account offering. By mid-2026, the bank had already onboarded hundreds of thousands of customers and accumulated substantial retail deposits prior to its full-scale rollout.

The bank’s ambition spans the spectrum from mass-market customers seeking affordability and simplicity to those in personal finance segments looking for integrated wealth tools.

Its offering spans transactional accounts, competitive savings products, credit facilities, and seamless integration with Old Mutual Rewards and insurance solutions.

Yet the ambition goes further: to serve customers across the spectrum, from mass-market segments seeking affordability and simplicity to more financially engaged individuals looking for integrated tools to manage, grow, and optimise their wealth across multiple financial relationships.

In a world of DIY bankers, OM Bank goes beyond the traditional account to become an intelligent partner that enables smarter financial decisions.

Trust, value and relevance

In a market where trust remains a scarce commodity, Old Mutual’s heritage is a powerful differentiator.

The group is betting that customers will value a provider that can seamlessly connect everyday banking with protection, savings, and growth opportunities.

Customers are fed up with the typical banking approach to credit access. They want quick responses without filling in wads of forms. They want easy-to-understand savings products and they want to be rewarded for loyalty. Above all, they want a lifelong relationship with a partner capable of spanning all their financial needs.

OM Bank has designed its banking model making maximum use of technology to produce “smarter, fairer outcomes”, from dynamic pricing to personalised advice that helps customers build resilience against economic shocks.

This integrated approach aligns with broader customer needs in a high-pressure environment.

By combining banking with insurance and investment expertise, OM Bank aims to help South Africans move from financial vulnerability toward stability and wealth accumulation.

Old Mutual executives have framed the launch as more than a defensive move to protect its insurance book.

The group intends to compete actively for banking market share while creating deeper, more valuable customer relationships. Profitability is targeted by 2028, with ambitions to reach millions of customers.

As South Africa’s economy continues to test household budgets, the demand for supportive, intelligent financial services is only expected to grow.

OM Bank’s proposition – rooted in data, powered by modern technology, and backed by a trusted legacy brand – seeks to meet this moment by simplifying complexity and unlocking opportunity.

Brought to you by OM Bank.

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