INDUSTRY WATCH everyone would be getting it right . Customers with less money in their pockets become more discerning , and in our experience are looking for a full basket of genuinely personalised customer experience where affordability is a crucial component , but most certainly not the only one .
We have learnt that speed , access , trust , convenience and safety in the payments space continue to be exceptionally important drivers in customers ’ decision making on where to spend their hard-earned money .
Game plan for e-wallets
This moment will be a significant game changer for the region . The ability for more people to use e-wallets more frictionlessly will add immense value in the South African context and will fundamentally change the landscape of how money is stored , used and moved . sectors solving a problem for fintech who need ways to enable their customers to pay for goods and services , and where the payment provider gets access to millions of previously unreachable customers .
Digitisation and diversification will continue to be important trends in the coming months and years .
Take a moment to consider the power that MNOs and banks have traditionally exerted in the formal payments ecosystem – fintech who are agile can enter into partnerships with other fintech to offer similar one-stop solutions to those currently offered by the MNOs and banks . This trend will see an equalisation of influence .
Lastly , those that prioritise customer needs and wants will emerge stronger .
Cross roads ahead
Looking toward this big disruption on our doorstep , businesses will approach the opportunity differently . There will be those who throw mud at the wall and see what sticks , whereas we believe the real winners will be those that remain crisp and precise with their customer propositions .
In this context , we believe partnerships will be vital for stability and growth , where partners enter mutually beneficial symbiotic relationships . These can take many shapes and forms , such as payment providers bridging the gap between the informal and formal
There are two schools of thought on how you digitise money . The first is that you place a wallet in someone ’ s hands and encourage them to use it . This would be the traditional approach . The Mukuru approach , and certainly the approach of the more agile players , is to find a way to help people with their payment and remittance needs and then graduate them towards using a digital store of value as they develop trust in the brand and the technology .
These are divergent approaches , but in difficult economic conditions our experience , which has seen us sign up 14-million customers across many countries – says it is better to listen to what customers want and then walk a journey with them as they become more sophisticated in their digital journeys . Our approach is to solve a problem and then gradually build trust and extend the services and products we offer , as opposed to building a shiny product and waiting for customers to arrive .
Mukuru is a next generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 13 million across Africa , Asia and Europe . p
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