INDUSTRY WATCH
Webrooming 2.0 with returns Curb-side pickup
Allow customers to research and buy products online , experience and pick them up in-store , and return them instantly for refunds if needed . Provides the best of both online and in-store shopping experiences , improving customer satisfaction and loyalty through seamless , instant returns . Applicable industries are Fashion , Electronics , Home Goods .
Offer customers the convenience of ordering online and picking up their purchases without leaving their cars . Enhances customer convenience , especially for those who prefer contactless service or are in a rush . Applicable industries are Grocery , Retail , QSRs , Quick Service Restaurant
Cross-channel returns
African fintech may not be meeting market expectations
Few people understand what financial inclusion means . There is a misconception that financial inclusion means giving someone access to a bank account . Nothing could be further from the truth .
Genuine financial inclusion is bringing marginalised people into a formal financial services environment . This is the best chance at breaking the cycle of poverty . When underserved people start using formal products their income is protected , which is the opposite of having no security in the informal sector . They can also incrementally start making use of more digital financial services .
Each country and region on the continent have its own set of regulations , frameworks , and implementation requirements . These are designed to protect the financial integrity of the financial system . At a high level , central banks want to ensure two pillars : the integrity of the financial system and the protection of customer funds .
It is important to appreciate the mandates of regulators when looking at regulatory barriers , which are not new and certainly not something only fintech face . The first is onboarding . This is an expensive exercise and needs to follow a risk-based approach . The second is protecting customer funds . This includes trust accounts and safeguarding the money in the system . Again , this carries a cost burden , especially as a fintech scales .
Then , there is great complexity in data protection and data control and processes . Many countries demand in-country data storage and processing . A multinational business needs to navigate this effectively and compliantly .
So , what can fintech do to make the process of navigating regulation easier and more efficient ? The first is to understand that customers really do not care how fancy or flashy a solution is . They want to know they are getting the service they need . They do not want to be told what they should need . it must solve a challenge for them and improve their lives .
Always put the customer first , with simple products and simple customer interfaces . Then , grow with the customers as they incrementally need more sophisticated products . Working with regulators , you can arrive at a reasonable place regarding what needs to be done , and how to develop new products .
Finally as an industry , we need to benchmark ourselves .
Nikki Kettles , Executive : Licences and Payments Regulation , Mukuru
Enable customers to return items purchased online instore and vice versa . Provides flexibility for customers , driving satisfaction and encouraging repeat purchases by simplifying returns . Applicable industries are Retail , Fashion , Consumer Electronics .
Global expansion
Support multiple currencies and payment methods for customers across the globe . Facilitates global growth by providing a frictionless shopping experience to international customers , adapting to their preferred payment methods and currencies . Applicable industries are eCommerce , Travel , Luxury Goods .
The future of payment orchestration is poised for significant evolution both globally and within South Africa , driven by advancements in technology and shifting consumer expectations . Globally , businesses are increasingly adopting payment orchestration platforms to streamline their payment processes , enhance customer experiences , and integrate multiple payment methods seamlessly . The rise of digital wallets , cryptocurrencies , and Artificial Intelligence is set to redefine transaction experiences , promoting greater efficiency and security .
In South Africa , the growing digital landscape , and the increasing adoption of e-Commerce present unique opportunities for payment orchestration . As businesses navigate a diverse consumer base with varying payment preferences , orchestrated solutions will enable them to manage multiple payment gateways , support local and alternative payment methods , and facilitate seamless cross-border transactions .
The emphasis on financial inclusion and accessibility will drive South African companies to embrace innovative payment solutions , positioning payment orchestration as a key differentiator in a competitive market .
Both globally and in South Africa , payment orchestration will be crucial in shaping a more interconnected , customer-centric financial ecosystem , paving the way for enhanced flexibility , efficiency , and growth in the payments landscape . p
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