South African fintech company Entersekt has expanded its worldwide operations and secured contracts with major banks across several continents.
The company specialises in online authentication and mobile security solutions within the financial services sector.
Having cemented relationships with large-scale providers such as Equity Bank in Africa and First Bank in the US, Entersekt is well positioned to continue its global expansion and capitalize on increased spend on cyber security worldwide.
According to Entersekt CEO Schalk Nolte, the company’s technology has secured more than 1-billion online transactions in the last 12 months, which includes an impressive 60-million a month in South Africa.
“Our growth is testament to Entersekt’s solid operational and technical expertise, and it also reflects a growing recognition worldwide of the immense benefits of digital banking and secure online channels,” says Nolte.
Only around 10% of authentication solutions in use today rest on out-of-band, push-based mobile technology, but research firm Gartner expects that, by 2019, over 60% will do so, becoming the dominant authentication method. Out-of-band multi-factor authentication significantly increases the security of online and mobile transactions – and thus creates the prerequisite for higher user numbers.
“The widespread adoption of new authentication and mobile security solutions reflects a strong emphasis on the end user experience,” adds Nolte. “The financial services sector is recognising the importance of providing seamless and secure online security in order to drive customers to their digital channels.”
There is also a major cost implication for savvy financial services providers who can give their digital users peace of mind. The cost of conducting transactions at ATMs globally is up to 13 times higher than through a mobile phone, according to Javelin Strategy & Research and KPMG analysis, cited in a UBS Group AG study. Their data also revealed that transactions carried out at branches cost up to 43 times as much.
“Globally, customers are looking to their trusted financial services providers for assurance that the proliferation of new digital channels and online transaction methods are safe,” says Nolte. “We are partnering with providers in order to ensure that this customer trust is maintained and made stronger, as well as to ensure that companies can ‘future proof’ themselves in a highly disruptive environment.”
To make the most of the current momentum and drive its global expansion, Entersekt has signed up key talent in recent months.
Renata Fischer has recently joined the company as senior vice-president of sales. Fischer comes armed with vast experience in the technology and telecommunications domain – most recently as vice-president: sales messaging at Clickatell.
Adnaan Isaacs, now the vice-president of operations, comes from a strong service and operations background, having worked for multinational companies in global support, professional and managed services roles.
Tertius Wessels has also joined the team as Entersekt’s product manager, having spent over 14 years in the industry in roles that included telematics, asset management and laboratory information management.
Rita Lindenberg, Entersekt’s new vice-president of human resources, has more than 15 years of experience as a human resources management professional. She has successfully managed a global HR organisation, and is able to identify the cultural aspects that are key to engaging personnel across varying territories.
