Peach Payments offers daily settlements for all merchants
Online payment platform Peach Payments now offers all its South African merchants free daily automated settlements. This means payments processed via Peach Payments will automatically be transferred to online businesses' bank accounts the next business day at no...
The role of banks in creating lasting value for customers
In the ever-changing economic landscape of South Africa, where interest rates have been steadily increasing and inflation levels remain uncertain, the collective sigh of relief when interest rates were not hiked at the end of July was almost audible. Unfortunately,...
Digital distribution will disrupt SME insurance
Insurance for small and medium enterprises (SMEs) has a reputation for being complicated, opaque, paper-intensive and expensive. Many SMEs believe that they get poor service and value for money from insurers; they're also frustrated by one-size-fits-all products and...
Is AI a game-changer for anti-money laundering compliance?
In the aftermath of South Africa's recent greylisting by the Financial Action Task Force (FATF), companies are now confronted with the imperative to address eight identified strategic deficiencies while simultaneously reducing their financial crime risk through...
Harnessing the power of data to drive financial and economic inclusion
The modern world has moved towards digitisation, yet a significant gap remains in terms of financial and economic inclusion, particularly in Africa. Despite this, there is a substantial opportunity to harness the power of data to bridge this gap and further the cause...
Dynamic pricing a potential gamechanger for insurers, customers
Auto insurance is leading the charge with the adoption of dynamic pricing, which entails developing policies that are more cost-effective for low-risk customers and using a different premium model for high-risk policyholders. By Ben Burger, commercial and new business...
What is perpetual KYC?
Know Your Customer (KYC) is a focal point of modern financial regulations, particularly concerning anti-fraud and anti-money laundering requirements. But KYC is even more valuable for managing risks with bad customers, speeding up transactions, and getting more...
How should African companies approach fintech?
Whether you realise it or not, there's a good chance your company is using a financial technology (fintech) product. And even if by some slim chance it isn't, chances are it will be in the near future. That's as true in Africa as it is anywhere else in the world. In...
Fintech and the challenge of Treating Customers Fairly
Fintech businesses need to apply Treating Customers Fairly (TCF) principles when designing new products and services, especially considering the digital divide, writes Lerato Lamola, associate director at Webber Wentzel. The future of financial services is...
Removing barriers to entry crucial to growing SA’s insurance sector
On the face of it, South Africa has a robust and competitive insurance sector. Though there may be more than 170 or so companies playing in the insurance space, if you dig a little deeper, it becomes evident that it's actually quite concentrated and difficult to break...
Financial services optimise efficiency ratios with enterprise intelligence
In my role as chief product and technology officer for FICO, I meet frequently with C-level executives in the financial services sector, looking to squeeze competitive advantage out of their data, writes Bill Waid, chief product and technology officer at FICO. In our...
Earned wage access hands SA women a lifeline
South Africa celebrates Women's Month in August with the theme "Accelerating Socio-Economic Opportunities for Women's Empowerment", and The African Union has declared 2020 to 2030 as the Decade of Women's Financial and Economic Inclusion. But, despite advances made in...