INDUSTRY WATCH
the South African National Payment System
(NPS), it invested in state-of-the-art data
centres and disaster recovery strategies.
Moreover, it modernised the way it protected
its data by taking an integrated approach to
its systems and services. For BankservAfrica,
it is all about delivering continuous services
and having round the clock availability. mine the data they produce themselves,
but also ensure there is an always-on
digital experience for customers. The EY
annual FinTech Adoption Index Report
2017 forecasts a 71% growth in fintech
adoption for South Africa, with the
country ranking third in future growth
behind only China and India.
This should be a valuable lesson for other
financial institutions in the country. Hyper-
availability requires the continuation of
services in the event of a disaster as well
as having the capabilities to intelligently
manage the data at one’s disposal. Globally, fintech adoption is predicted
to reach 52%. And according to the EY
report, this adoption by digitally active
consumers in emerging markets (that
include Brazil, China, India, Mexico, and
South Africa) average 46%, considerably
higher than the global average of 33%.
Improved insights
for a more connected business environment
that fulfils all customer requirements. When it comes to intelligent data
management, banks can use the information
at their disposal to better understand
customers and their preferences, optimise
sales channel strategies to fit their current
needs, provide improved service, and retain
customers. Looking at business growth
prospects, this data can be used to find ways
to cross-sell to customers and deliver new
digital services and experiences.
Take BankservAfrica as an example. To
maintain the reliability and robustness of Of course, this is not without its challenges
as banks need to not only manage and
Kate Mollett, Regional Manager for Africa
South at Veeam
Looking ahead, fintechs and banks alike will
need to examine how they are prepared for
an always-on environment using a hyper-
availability strategy that is reflective of the
competitive environment in South Africa.
The new digital banks need to design
their systems from availability down
instead of from the platform up.
Availability should no longer be seen
as part of the last mile, but rather the
starting point. Hyper-availability has
become the norm and everything else
is unacceptable. n
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Payments in Africa
driving innovation
Demand on the continent
for geographically
dispersed, less expensive
and more efficient
local and cross-border
payments systems is
accelerating development.
T
he future of payments ecosystems
is taking shape in Africa as the
continent paves the way for
innovation that brings together retail,
banking, financial services and mobile
82
INTELLIGENTCIO
technology. It’s being fuelled by a drive
for financial inclusion – new ways to bring
consumers, merchants and entrepreneurs
into the formal economy.
“A huge advantage is that in Africa, mobile
technology is already a given and a great
enabler for payments,” said Hannalie Marsh,
General Manager of Wirecard South Africa.
She says there is a great demand in Africa
for cross-border payments and a need
to regulate the payment industry on the
continent while at the same time opening it
up to include non-banks.
A HUGE
ADVANTAGE
IS THAT IN
AFRICA,
MOBILE
TECH-
NOLOGY IS
ALREADY A
GIVEN AND
A GREAT
ENABLER FOR
PAYMENTS.
www.intelligentcio.com