By Thapelo Molefe South African banks are locked in an increasingly intense competition for customers, with lower transaction costs and added perks emerging as the latest weapons in the fight for market share. The Solidarity Research Institute's (SRI) latest Bank Cost Report reveals that banks are not only reducing fees but also introducing new features to attract consumers. The study, which evaluates ordinary transaction accounts accessible to the public, found that charges have decreased across the board, with banks aggressively vying for customer loyalty. The report released on Thursday primarily focuses on the five major banks – Absa, FNB, Standard Bank, Nedbank and Capitec. It also includes online competitors TymeBank and Bank Zero. One of the most significant changes highlighted in the report is the transformation in instant transfers between different banks. The introduction and expansion of PayShap has been a game changer, allowing free transactions under R100 when using a ShapID.