Collaboration between traditional banks, fintechs key for financial inclusion
According to a study by McKinsey & Company, digital financial services will potentially provide access to financial services for 1,6-billion people in emerging economies by 2025. By Andrew Weinberg, CEO of the Akelo Group The study found that these developments...
Modernising and regulating the SA payments industry
In the second half of 2022, the South African Reserve Bank (SARB) announced it has its sights set on stricter regulations for the South African payments ecosystem "to ensure financial stability in a world of increasingly innovative and disruptive technology". Though...
5G could curb cyberattacks at financial institutions
In the 2023 Budget Report, it was revealed that there has been a marked increase in cyber-attacks against financial institutions, the implications of which include business disruption, lost productivity, legal repercussions, and lasting financial consequences. "To...
Opportunities for business expansion in the evolving payments landscape
South Africa could experience some turbulence in 2023 due to high levels of inflation and the Reserve Bank being unlikely to move away from its rate hike cycle - including the most recent increase of 25 basis points - overall leading to a rather bearish outlook. This...
Root and FinChoice partner on personal accident insurance
Insurance platform Root has joined forces with digital financial services provider FinChoice to launch a personal accident plan designed specifically for South Africa's tech-savvy, urban population. The new product, underwritten by Guardrisk, offers a lump sum of up...
Insurance and insurtech trends to expect in 2023
This year insurtech grows up - just in time to address a slew of new insurance industry needs, writes Louw Hopley, founder and CEO of insurtech platform Root. Insurtech has, in recent years, been both misunderstood and overhyped. Many saw the arrival of new...
AI the great enabler of the African payments industry
No longer the stuff of science-fiction, artificial intelligence (AI) has captured the attention of South Africans across the board. In fact, it would be difficult to scroll any news or social media platform without finding at least one reference to the likes of...
Is ChatGPT the death knell for investment banks?
Over the past few weeks, ChatGPT has been one of the most talked-about new products in the tech world. This algorithm has been developed to the extent that it is capable of doing a huge number of things that no other single algorithm can do. Could it be as...
Digital banking revolution can help banks regain customers’ love
Retail banking in South Africa is increasingly competitive, with fintechs, neobanks and digital players disrupting the banking value chain with new and emerging technologies. For banks to keep up with the rapid pace of change and be loved by their customers in the...
How AI can save consumers billions in accident claims
Artificial Intelligence is taking the world by storm, especially with the latest tech hit, ChatGPT, going viral. By Filum Ho, CEO of Apollo Studios If you haven't heard of or tried ChatGPT, it's a highly advanced artificial intelligence tool that you can use to ask...
Traditional banks missing opportunities to compete with newcomers
The combination of fintechs, retailers and telcos pivoting to find new lines of revenues, as well as the growing impact of open banking practices, should have made it clear to banks that they can't adopt a business as usual approach. By Chris Wood, regional MD:...
Banking and payment security threats and trends to watch
The digital pendulum is swinging back to pre-pandemic agendas, offering security leaders in the banking world a chance to revisit longer-term projects and take advantage of the tech crunch layoffs to bolster their security teams. This will be especially important as...