Technology has become a crucial part of our everyday lives, allowing us to do anything from streaming movies and listening to music on demand to getting answers to life’s toughest questions. Yet what’s even more astounding is that much of this incredible tech was only invented in the last 20 years! The reason behind its remarkable success? Consumers’ insatiable appetite for convenience – as Shanaaz Trethewey puts it: “Instant gratification and feedback.”
“Digital business is a very real part of our daily lives because we want to work faster, respond to problems faster, and adapt to changes faster. The only way to achieve this is with technology, and it has become a non-negotiable that companies have the right people, processes, and culture to execute their digital strategies. Only then will they be able to continue to keep up with the rapid pace of today’s consumer,” she says.
With a rich history of success in the financial industry, Comcorp is pushing toward a new era of digital transformation and risk mitigation. Trethewey brings to light fresh ideas for businesses that want to leverage technology to increase efficiency and productivity while staying ahead on consumer due diligence.
1. Responsiveness to Gen Z
With the growing population of tech-savvy millennials and Gen Z, businesses must adapt to stay successful. From B2B operations to direct consumer sales strategies, a strong online presence is essential for any business looking to make it in today’s digital world.
Businesses must take drastic measures to remain relevant in an ever-evolving tech landscape. If they don’t, the consequences could be dire – from becoming insignificant to losing relevance altogether. Technology is essential for a successful business model; its key role is providing ‘top value and responsiveness’ with targeted solutions tailored toward customers’ needs.
2. Balancing fast consumer onboarding with compliance
Today’s consumers want to complete most of their business online. They dislike physically applying for services such as opening a new account, applying for credit, filing insurance claims, or signing up for medical care. Despite all the efforts to digitally transform customer experiences, one process remains a challenge – customer onboarding.
Businesses battle to satisfy customers with an easy, streamlined process while protecting themselves from fraud. Compliance is there for a very real and relevant reason. All business roads lead to the end customer, making it crucial that correct checks and balances are intact. It’s imperative that we ensure the end user is who they say they are, with valid credentials, to protect ourselves but also provide consumers the assurance that they aren’t subject to identity theft.
Most consumers want to do their part and authenticate themselves when applying for a loan, a car, or a phone. It’s more about “how” it’s done that makes all the difference to them. A seamless and embedded compliance procedure is the solution – reducing the friction in what can be a clumsy or cumbersome confirmation process.
3. Permission-based data sharing
South Africa’s financial sector is on the cusp of a major change: open banking. An emerging trend, this will allow consumers to freely access their own financial data with far greater ease and control than ever before. By embracing the potential opportunities that open banking can offer, South African citizens would join those around the globe in gaining unprecedented insight into their personal finances.
Consumers are accustomed to having their valuable data readily available from a variety of digital sources. Businesses must adjust and understand how this information, be it financial or otherwise, can quickly be accessed in order to provide the best possible service for customers.
4. Biometric identification & increased regulatory vigilance
As anti-money laundering and counter-terrorism legislation become more widespread in 2023, companies across all industries must be prepared to strengthen their consumer due diligence practices. Biometric technology like iris recognition is leading the charge on secure identity checks – providing a reliable way of quickly verifying users while keeping customer data safe from malicious actors. It looks like biometrics will soon be an essential part of our modern lives.
Businesses are discovering the potential of using artificial intelligence beyond traditional financial services – connecting with new customers and ensuring their staff always work in a secure environment.
5. Responsible lending
With easy access to credit, the temptation for consumers to overspend is high. Coming up with objective and consistent criteria for response time in terms of lending can guide businesses away from a potential financial disaster down the line when consumer affluence takes an inevitable dip.
As we move into 2021, businesses must take extra care in responsibly lending to consumers by assessing their personal credit risk profile. This involves verifying identity and accurately evaluating affordability – both of which are essential for a successful marriage between the lender and consumer. Those who achieve this balance will be sure to stand out from the competition.
With the right strategy, local businesses can conquer digital challenges and keep their growth plans alive. Laying a secure foundation through credible partnerships and deploying new software solutions is key to success in today’s market.
For more information visit www.comcorp.co.za.
