Underpinned by demographic and sociotechnical shifts, internet penetration amongst South African consumers has increased significantly in recent years and now there is an ever-shifting propensity to interact online.
These shifts are increasingly having an effect on the way people go about their everyday lives and a strategic imperative for financial sector services businesses to develop and adopt digital strategies as a part of their channel and service strategies exists.
Consumers want products that are simple to understand and the ability to quickly access information and complete processes easily in the financial sector. They want to decide when to interact with their supplier, in whichever channel they wish, at any time of day. Furthermore, they want to be able to manage their time and have the power to choose when to interact with their providers. This is where online tech is streamlining the financial sector.
In an age where customers expect solutions to keep up with the speed of worldwide innovation, technology undoubtedly plays a pivotal role in developing value propositions that meet customer needs. Take the mature, commoditized short-term insurance industry for example – the 1980’s saw new market entrant Auto & General disrupt the market with paperless, computerised and voice-recorded underwriting. Later in the 1990’s OUTsurance innovated with the first true direct-selling business model, underpinned by advanced telephony, underwriting and customer management solutions. Online aggregators (Hippo) came next, ultimately followed by complete end-to-end online and mobile insurance solutions today.
Similar to the insurance industry, the loan market in South Africa is a mature one where the current incumbents share the process – Originators generate leads and fulfil the applications process whilst loan providers underwrite the risk and put up the capital. Fincheck Online Financial Comparisons is bent on developing a value proposition that meets customer needs – not only does the company look to provide consumers with the best value, but through partnership with loan providers, strive to develop and provide full end-to-end borrowing solutions that are frictionless and innovative.