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Future proofing banking through the power of data, APIs and automation

15Jul

By Africa BusinessNo Comments

Fintech

Future proofing banking through the power of data, APIs and automation

The global pandemic has ushered in a new paradigm for the Retail Banking sector, one which demands quicker transformation to a customer-centric service that is digitised, personal and convenient. A recent Financial Industries panel discussion held by Kearney, a global consultancy, shed light on how the power of data, Application Programming Interfaces (APIs) and automation could be leveraged to satisfy these expectations and invigorate the sector. Hentus Honiball, Partner at Kearney, maintains that large, traditional banks with complex, cumbersome operating models and legacy technology architecture are now being threatened by agile new fintech entrants. In contrast with the siloed, product-centric approach of traditional players, responsive new players are looking to build customer-centric...

South Africa. Banking customers are urged to remain extra vigilant during these trying times

South Africa is in the middle of one of the most tyring times in the country’s history. Unemployment was on the rise which will only worsen in the aftermath of the current situation. In addition, tensions are boiling over turning into violent acts and destruction which are currently disrupting society. This includes bank ATM’s and branches. “During these trying times, we are urging all banking clients to keep calm and to be aware that the violence will be causing some disruption to normal branch services. In addition to all the other challenges facing consumers, fraudsters will be more motivated than ever to take advantage of the current crises that is gripping the country. We need to be extra vigilant during these times,” urges Reana Steyn, the Ombudsman for Banking Services (OBS). Online...

Efficient Payment Solutions Essential for SME Survival

Small and Medium-sized Enterprises (SMEs) have long been hailed as the lifeblood of the economy. Now, in the wake of the COVID-19 crisis, they are critical for its recovery. Not only do they contribute 35-50% of national GDP globally, they also drive over two-thirds of new job creation[i]. Ultimately, the more SMEs succeed, the better our economy performs. However, their success – and survival – hinges largely on cash flow management. This is according to Francois Hamer, Business Development Lead at Pay@ - a leading payment aggregator and provider of secure payment solutions. With cashflow management being the reason why 82% of small businesses fail[ii], Pay@ has developed Yap – an electronic bill presentment and payment tool for on-the-go invoicing and payment requests, specifically for ...