FinTech

Finance, Financial Inclusion, FinTech, TechFin, Technical Updates

TechFin or FinTech

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Sometimes you need to look at things….from another point of view. This is exactly what you need to do when you have to decide between Fintech and TechFin as there is a very thin line which differentiates them from each other. It’s your pick between the innovator v/s the reigning. While, the Innovator is ‘Taking process to technology’, coined as term FinTech, the Incumbent is ‘Taking technology to process’, coined as term TechFin.   So, What’s so technical about FinTech and TechFin? Technically speaking, Fintech is a space where financial services are delivered through a better user experience using cutting edge technology. TechFin on the other hand is where a firm that has been delivering technology solutions, launches a new way to deliver Financial services. You need to comprehend  both to decide on your pick. The technology and finance are common between the two; the difference lays in the way you apply it.   This difference is much higher than just spelling them or writing them in two different ways: Fin-Tech or Tech-Fin   TechFin When the banks plan on utilizing technology to improvise or enhance existing financial processes and operations, their focus remains on how to use technology to bring superior efficiency and productivity from existing financial processes and operations. The same is done with the objective to magnify the existing experience and capabilities in financial services domain. The aspirations of transformation or disrupting the process are eliminated. The reason behind TechFin companies not looking towards disruption is the fact that their customers demand- Safety Reliability Stability Legacy No risk and minimal change Therefore, large retail commercial banks seldom make changes in their mobile apps, as a slight change in the app invites customer complaints and inconvenience. For their customer, change implies exposure to risk and any change is interpreted as offensive. Such banks avoid changes to skip the negative publicity from these incidents.         TechFin companies, therefore, stick to what Jack Ma coined them as – “Rebuilding system with technology”.         Jack Ma during the China Conference organized by the South China Morning Post emphasized and I quote, “Fintech takes the original financial system and improves its technology, TechFin is to rebuild the system with technology. What we want to do is to solve the problem of a lack of inclusiveness.” The best example of a TechFin company Ant Financial Services Group, an Alibaba affiliate company, in June 2017, launched “Fortune Accounts”, a new feature on its wealth management app- Ant Fortune. The platform which allows consumers to buy a huge range of investment products will now allow third-party financial institutions to set up an “Account Page” of their own. By doing so, they will directly reach consumers without the traditional way of competing on online supermarket format, and help customers get financial advice or promote their products. This is a classic case where the process of investing in financial products has been improvised using technology, helping financial institutions receive backend data of users to receive traffic on their company’s stores. Firms like Amazon (US), Apple (US), Facebook (US), Google (US), Microsoft (US), Samsung (Korea), Baidu and Tencent (China), Vodafone (UK, India and Africa), and Uber (US) all offer various forms of payment, lending and/or other financial services. The entry of these firms signals a shift from financial intermediary (FinTech) to data intermediary (TechFin). FinTech  FinTech, on the other hand, takes the financial process and transforms it utilizing technology to make its mark. Generally, start-ups use FinTech to create Apps, APIs, and analytics, grab diversity, to disrupt and evolve. For example, the existing products or services like – loans, savings, investments, payments or trading are redefined to profitability, speed, and prudence. They prefer transforming the process using technology, usually eliminating the middleman and intermediaries.     Taking the example of traditional and P2P lending, traditional lending will allow an investor to deposit funds and earn interest. A borrower can borrow money from banks, following a cumbersome documentation and approval process, which takes time and at times may face rejections. The approvals are based on pre-historic financial transactions.           A FinTech P2P platform allows the lender to directly lend money to the borrower and earn interest, while the borrower uses an online platform to receive instant approval and funds.   FinTech Vs TechFin FinTechs take the risk and have been welcomed by millennial and customers who are ready to explore and experience innovation. People who are ‘on the go’ and use the mobile platform embrace transformation. FinTechs are ready to disrupt existing processes and financial services ecosystems with use of emerging technology. The limitations of FinTechs are different as compared to TechFins. Unlike TechFins, who have the limitation of huge credit risk, FinTechs face the challenge of regulators. The global economic ecosystem has still not completely accepted the way FinTechs work. There are rules and regulations which they need to adhere to remain operational. Another most critical hazard which they are greatly exposed to is Safety. The chances of privacy risk and hacking always haunt them. To summarize the difference between the two, checkpoints are: TechFin Process first approach. The incumbent, usually large banks participate. Improvise the existing process Do not take the risk Customers prefer legacy and trust Enhance the proficiency of staff for the betterment of process using technology Huge credit risks   FinTech Technology first is the approach. Start-ups, usually participate Follow transformation in the process Do not hesitate in disrupting the existing process. Youngsters, millennial and professionals appreciate them. Eliminate the middleman for faster and superior experience. Limitations of privacy, safety, and regulators.   Closure There is no better way to summarize, the difference between the two, by quoting Jack Ma, the father who coined the term TechFin: “There are two big opportunities in the future financial industry. One is online banking, where all the financial institutions go online; the other is internet finance, which is purely led by outsiders.”   Though a lot of

Finance, Financial Inclusion, FinTech, Fintegration

No bank is an Island – Fintegration is the key. Welcome to the era of Digital Banking

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The buzz around fintech has gained substantial attention of traditional financial institutions, startups, venture capitalists and regulators. Banks and regulators are hard-pressed to revisit their operating model and policies respectively to create a conducive environment of collaboration and dynamism amidst the participants in the fintech ecosystem. – FinTech in India, A Global Growth story by KPMG & NASSCOM  Financial Services and Technology:  The world today is witnessing the phenomenal unprecedented occurrence between FinTech and Banks – Fintegration Redefining FinTech Transformation – Fintegration As the saying goes-“Every coin has two faces”, The FinTechs and the traditional banks have their respective merits and their own limitations. To build on their common business interests and to eliminate their weaknesses, collaborating logically,  so that together they can explore potential needs of customers and deliver, is the ‘need of the hour’. “Banks that do things well are our allies, but banks that do things badly are our competitors. We are in the same sector and we should move forward together.” This statement by Alfonso Sainz de Baranda, from Ahorro.net, on how fintech startups should interact with the traditional financial institutions, clearly summarizes the ‘should be’ relations between the most traditional financial entities and fintech startups to have a  strategic and streamlined partnership –   Fintegration.     THEN & NOW : Why Collaborate? THEN: 2010-15 Scenario To better understand the rationale behind the collaboration of Fintech and traditional banks, referring to The Economist Intelligence Unit Survey 2015, also titled The Disruption of Banking, the survey reported the findings of more than 100 bankers and fintech executives across the globe. It stated the advantages and disadvantages of both sides and their impact on each other. The following were the key findings: Dominance Remains with Banks: While 33% of bankers predicted that in the next five years the era will be of  ‘FinTech+Bank’ , 46% FinTech executives confirmed that banks will continue to dominate.   FinTech lacks Legacy and Funds: 27% fintech respondents believe that they lack risk management experience, and 25% think that they do not have the necessary investment capital. The percentage of executives who believe that they have limited product line and lack legacy systems were 34% and 33% respectively. The absence of Strategic vision with Banks: 49% of bankers believe that banks lack clear and strategic vision for digital. Also, around 38% think that banks do not harness a culture where they can adjust to rapidly changing ecosystems. 42% agreed to danger of security breaches with banks as the main weakness. Both Sides Compliment each other: Amusingly, both fintech and banks have complementary strengths and weakness. NOW: 2017 Scenario To understand the rationale behind the collaboration of Fintech and banks, which is still going strong, let’s look at the “World FinTech Report 2018” survey, conducted by Capgemini. Highlighting successful Fintegrations, ING Bank and Scalable Capital, it suggested that: ‘An alliance between traditional financial institutions, like Bank and FinTechs has become the need of the hour. The blend of their respective competitive advantages and disadvantages perfectly complements each other.’ Further, the report states that FinTech growth has been exponential since 2010. The end of Q3 2017 saw them grow by engulfing more than 7,500 deals and raising USD 109.8 billion. Reinstating on the above point the report states that during the survey more than 55% FinTechs agreed that they would love the relationship as that will enhance- Visibility for them, Economies of Scale, Customer trust, and Distribution Infrastructure. In addition, more than 75% of FinTechs confessed collaboration with traditional financial firms as their primary business objective. The banks, also attracted to the technology wizards, support the alliance. The same is evident when Benoit Legrand, CEO, ING Ventures and Global Head FinTech (ING), said and I quote: “ING should be freeing up time for its clients. For example, with our partnership with Kabbage, we can now offer loans to Small Businesses in less than 10 minutes. This is a great illustration of how a bank and a FinTech can effectively partner” The perfect collaboration can be defined as the one which synergizes and reinforce their strengths and quash their weaknesses. It creates a single entity which can deliver results that they individually cannot. With the perfect combination of Bank’s Scalability, Risk Management, Regulations, Infrastructure, Brand recognition, Customer Trust, Investment Capital, Acquainted with Compliance, Acclaimed distribution network and Legacy system to name a few….. along with FinTech’s Innovation, Agility, Infrastructure built for digital, Innovative new products, Data Handling, Reduced cost and Speed to name a few….., we can build a strong collaborative partnership like never before. Win-Win for All With Fintegration,  it’s a win-win for all, from banks and FinTech firms to individual and corporate customers. The key benefits can be summarized as: a. Benefits to FinTech: They can scale their business and hence confirm a substantial ROI. Ramp up millions of customers with speed. They will receive investment capital to scale-up their business. Better the risk management. Widen their customer reach and penetration b. Benefits to Banks: Will have innovative products in their basket of services to offer to customers. Will deliver products which will certainly give superior customer experience. Launch newer customer-centric products. Reduce the transactional costs. Enhanced efficiency. Elimination of intermediaries. c. Benefits to Customers: High-levels of products, services, and solutions. Functionalities with high speeds. Reduced risk. Services and products in a secure ecosystem, and governed by authorities. Innovative products at their doorstep or directly into their hands or fingertips.   Fintegration across the Globe The collaboration between FinTechs and banks are not the talk of future, rather it’s the reality of today. Both are getting into partnerships and product integrations, direct investments and venture debts, VCs and fund-of-fund investments. There are successful Fintegrations like: BBVA Banco Bilbao Vizcaya Argentaria is a multinational Spanish bank and is the second largest in Spain. By the second half of 2016, BBVA launched its API market-place, which aims to offer other companies, startups, and developers to use eight of its APIs. Therefore, allowing integration of customer banking data with

Bank - FinTech Merger
Finance, Financial Inclusion, FinTech, FinTech Trends, Mergers & Acquisitions

Bank – FinTech Merger Importance and repercussions

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The financial services industry has entered 2018 with a focus on digitizing services to better meet customers’ needs. But do the banks understand that previously inefficient, paper-based processes and messy ‘not so friendly’ user interfaces are no longer going to be good enough in today’s technologically advanced environment? Banks are needed to connect digitally to succeed. With FinTech continuing to gain momentum, it’s just a matter of time, to see them fully integrated into business-as-usual banking. One of the world’s largest Deutsche bank calls for “a shift in mindset from one of competition to collaboration,” arguing that traditional banking providers and new innovators must work together in order to revolutionize the payments market and the wider financial sector for the benefit of all. They said it and I quote: “For both parties, a partnership should liberate them to focus on their core competencies and contribute these areas of expertise to the innovation process.” Fintech, no doubt, is the talk of the day amongst investors, financial service providers, entrepreneurs, and even big corporate houses. The phenomenal potential of creating innovative services and business model makes it disruptive in nature. Realizing the immense potential of the technology, “Banks” are looking to integrate with FinTech solutions. In short Bank+FinTech merger  is next on the cards in the coming years. Welcome to the Era of FinTech. FinTech Nudged All FinTech, the technological innovation in the financial arena, registered its birth as a back-end activity, and today is nudging everything across the globe. It has transformed, almost everything, in such a way that you are about to witness the impact of the “fourth industrial revolution”. More than anything, it has created its own “FinTech Ecosystem” by embracing  the following: Digital Payments Remittances Insurance Lending Financial and Wealth Management Retail Banking FinTech has impressed the Banking Sector and its customers, which is why the transformation in banking has touched a new height. The “2016 World Retail Banking Report” states that almost two-thirds of the retail banking customers across the world use FinTech products or services like cards & payments, loans, Investments, financial advice and mortgages. This is because of the UX standards they offer to their customers. 81% of the customers feel that FinTech offers faster services and extends a great experience. In addition, FinTech firms are fast catching up bank’s “niche parameter”- TRUST. The percent of customers who have complete or partial trust in FinTech firms is as high as 87.9% across the globe. FinTech-Globally Embraced Global acceptance of FinTech is evident from a recent comparative study by EY (formerly Ernst and Young) which reported FinTech adoption between 2015 and 2017 has increased across various countries like- Australia, France, Germany, China, and India. The figures indicate adoption of past (2015), present (2017), and future (as responded in the survey). The adoption of FinTech in these countries has climbed exponentially: Australia- From 13% in 2015             to       37% in 2017 France-     From 27% in 2015             to       40% in 2017 Germany- From 12% in 2015             to       35% in 2017 China –     From 69% in 2015             to       77% in 2017 India –       From 52% in 2015             to       80% in 2017 ‘Banking with FinTech’ attraction Like any other sector, Banks have started reacting to FinTech, and since 2015, FinTech Banks have started emerging. Banks and Financial inclusions have initiated startup programs to constitute FinTech companies. Across the globe, 43% banks created such startups. Another 20% set up VCs to fund FinTechs. There are obvious reasons behind banks being forced to or influenced by FinTechs. EY FinTech Adoption Index 2017 released in June 2017 indicates that the appetite of digitally active consumers has risen considerably, from just one in seven digitally active consumers in 2015 to one in three in 2017. The report also shows that in 2017, there are 84% consumers aware of the fintech facilities in comparison to just 62% in 2015. The same reports show that the fintech adoption rate is expected to reach an average of 52% globally from the current rate of 33% in 2017. Such growth in numbers could soon blur the boundaries between different financial services, laying down new standards for the industry during the process. To stay ahead of the curve, financial firms would benefit from the technical assistance from the fintech startups. Why FinTech Lures Banks Unlike traditional banking, FinTech reduces  structural cost and operational deficiencies. The communication between branches or P2P transactions happens in real-time environments. Real-time updates, proactive alerts and agile innovation are an integral part of an enhanced customer experience. When right technology is used, it can reduce the need for manpower and even the “Brick and Mortar” locations. FinTech provides simplicity of design and power of contextuality that consumers are increasingly expecting. Another customer expectation of ‘externally simple yet internally efficient’ service platform is forcing the banks to rethink their policy of ‘working alone in stumbling mode’ or ‘working and staying ‘in the game’ powerful mode. It also enhances  regulatory compliance and better service to customers. Fintech firms like Teknospire are delivering convenient and affordable services by providing sustainable solutions for digitization of financial ecosystem to market segments (unserved and underserved) by taking care of their need for microloans and grants to the last mile, that till today were thought as unprofitable zone for  banking organizations. User friendly, data focused seamless technology is bringing more personalized offerings. With the security aspect, well taken care of, with biometric advances, the virtual reality solutions are helping customers interact with the banks in innovative ways which were unheard of, with traditional banking. The fast and efficient products and services of FinTech have attracted Banks to offer P2B services. This is evident from the fact that many have started offering traditional in-bank services on mobile devices as well. This has helped them offer high levels of access to consumer, and hence, a better usability and User Experience (UX) standards. Advantages of the Alliance betweenFinTech and Banks With FinTech and Bank partnership, the ultimate

Finance, Financial Inclusion, FinTech, FinTech Trends

Why Fintech B2C and B2B solutions are more in vogue in Asia?

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Preamble The global Fintech trends show an investment of £25.6bn in 2015 rising to £27bn by 2016. The global Fintech investments doubled in the period ending Q2 ’17 and reached $8.4billion. Similarly, in the period ending Q4 ’17, the figure was $8.7billion across 307 deals with annual global Fintech investment touching $31billion in 2017. FINTECH ASIA Asia probably “knows the way, goes the way, and definitely shows the way” and hence, is leading the globe in Fintech, fast embracing the innovation, adoption, and attending the unaddressed Asian customer needs. Fintech has seen some incredible growth around the world. According to DBS CIO Neal Cross, and I quote : “Asia is the real “waking giant” on the scene. Late to the party but catching up fast.”         The fact that of the top ten leading Fintech companies in the world, five (Ant Financial, Qudian, Lufax, ZhongAn, and JD Finance) are from People’s Republic of China (Asia) is enough to justify the lead. Source : Top 10 FinTech Companies in 2017         Though the primary focal point of Fintech companies has been customer-based initiatives (B2C) and customer experience, it seems they have started believing in “ignore the noise and focus on the work”; hence, have shifted their focus to B2B solutions. In the period ending Q2’17, it is reported that out of the top 10 Fintech global deals, three are B2B-focused companies namely- CCH Tagetik ($321m), Pos Portal ($158m), and ITRS Group ($140.6m). Trends Which Keep Asia Leading the Fintech B2B and B2C Solutions Fintech investments Trends in Asia The legend “Only a king can attract a queen and only a queen can keep a King focused” stands true for Asian Fintech markets. The King of global Fintech- Asia has been attracting a lot of investments in the recent past which is evident from the Fintech trends in 2016, of the £27bn global investment £11.7bn was done in Asia, a whopping 44% share. Leading the region, China is estimated to have done an investment of $10bn in 2016 followed by India which did a Fintech investment of $1.1bn Fintech investment. Source : The Fintech Times May12,2017 Apart from these two major countries, other countries like Thailand, Cambodia, Myanmar, Malaysia, Indonesia, and the Philippines did a cumulative investment of $217mn in 2016. Singapore and Hong Kong clocked $800mn with $400mn each, which experts feel is a clear financial prediction of these countries becoming crucial Fintech Hubs in the near future. Latest Fintech Trends in Asia Asia, no doubt has become the largest hub for B2B and B2C Fintech solutions hub of the world and holds some of the largest Fintech companies like Ant Financial (US$60Bn), Lufax (US$18.5Bn), JD Finance (US$7Bn) and Qufenqi (US$5.9Bn). Incidentally, all the four unicorns are from the People’s Republic of China (PRC). There are obvious reasons behind Asia leading the Fintech race and the following Fintech Industry trends in the last few years suggest that Asia will see more movement in the Fintech space. Why Asia leading the Fintech race? Unbanked Populations It is said that 73% of the unbanked population of the world is in 25 countries, majorly in Asia. Since more than half of the world’s population is in Asia, Fintech firms have exploited the emerging needs or demands of the mass and have delivered innovative products and services like- Virtual wallets, Internet lending, e-commerce, P2P lending, payment gateways or mPOS. To match the pace of Fintech firms, traditional banks started adopting similar   products and services and ended up in digitalization of banks. VC-Funding     One of the major reasons for the Fintech industry of Asia experiencing an explosive growth and innovative products and services is strong Venture Capital funding. ‘Ambitious investors are turning their attention to opportunities in Asian emerging markets. It’s Asia, with its enticing mix of booming middle-class populations and rocketing Smartphone adoption, that arguably offers the greatest opportunity for returns on FinTech investments’, according to Michael Lints, venture partner at Singapore-based VC Golden Gate Ventures. In China, the gradual shift away from a manufacturing-centric economy towards a service and consumer-led economy, coupled with the support of the government through financial incentives, is helping in fostering the innovation and entrepreneurship in the region, which bodes well for the future of VCs. With the power of the internet increasingly breaking down geographic barriers, and the combination of high speed of internet, higher spending power and a freer adoption of technology means that fintech has an entire market of willing and able customers. Not only Asian countries are presenting opportunities for VC investment but also  seen is the  greater interest in companies that have businesses that are integrated with these regions, as they can tap into the abundant resources, as well as the enhanced logistics network that has been built over the years. Furthermore, in an era of decreasing interest rates, investors are considering alternative investment options, making VC funds an attractive choice. VCs are focusing on unbanked and underbanked sector of Indonesia, with its massive population becoming tech savvy and gaining increasing levels of disposable income. It is the world’s fourth most-populous nation, with Jakarta alone home to 10 million people. The World Bank reported the country’s GDP per capita to have exploded from just $560 in 2000 to $3,374 in 2015, while the Indonesian FinTech Association says fewer than 36% of adults have formal bank accounts. Not only B2B but also the massive B2C market open ups the lucrative era for VCs. According to Michael Lints, venture partner at Singapore-based VC Golden Gate Ventures, payments is  a major area of focus for business in the region. “A large number of startups are focusing on the B2C payments market because that’s where there is an open gap, especially when you look at the number of people that never use a bank for their payments. For them is has always been cash but now they are using smart phones. Making these devices a means of doing online payments is

banking-is-necessary-banks-are-not
Financial Inclusion, FinTech, FinTech Trends, Open Banking, Technical Updates

Open Banking – Is it comforting to customers or not?

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Big changes are on the horizon. You may have seen or heard about Open Banking, PSD2, and CMA in the news over the past year. Or, you may be hearing about them for the first time right now. Fortunately, Open Banking is right here and it is going to stay. In the banking sector, the concept of “open” can seem contradictory. Banks traditionally have a “duty of care” to protect their assets rigorously, as required by regulators and customers. Traditional Banking is been the same for…just about forever. For the most part, the power dynamic between banks and their customers has stayed about the same. Whether you bank in person, over the phone, online or mobile, the relationship with banks hasn’t changed much alongside the technological advancements. You set up an account with your bank, they facilitate the ebb and flow of your money, and, as a result, they hold the data around that money. All of the histories around your purchases, loans, payments, debits, and credits rests with them. Now banking is about to undergo a major shift. With the ‘Open Banking’, (the outcome of the beautiful blending of Financial and Technology sectors), all of that is going to change. With…… Improving overall customer experience by engaging them and to attend to customer needs in a secure, agile, and future-proof method. New Revenue streams by increasing digital revenue from new channels. As rightly said by Kristin Moyer, Vice President of Research and Distinguished Analyst at Gartner and I quote……“Open Banking is about making everything for sale. It provides a new way to increase digital revenue for the banks that are willing to think differently about what it means to be a bank.” Sustainable service model for underserved markets. ………… open banking is definitely a welcoming change. BANKING: THEN & NOW In 1872, when first wire transfer happened nobody would have imagined how the entire scenario will change from wire transfer to ATM’s in the 1960s to telephone banking in 1980s.  1997 saw the rise of internet banking which paved the way to contactless payment in 2007 and mobile banking in 2010, but still, the traditional ways of banking continued. But NOW  Human-Centered Fintech is making way for personalization and open banking. What is Open banking? Open Banking is a financial services term as part of financial technology that refers to: The use of Open APIs that enable third-party developers to build applications and services around the financial institution. Greater financial transparency options for account holders ranging from Open Data to private data. The use of open source technology to achieve the above. Thus, “Open Banking is the possibility of creating new digital business and ecosystems through APIs provided by the banks. How does Open Banking work? Open Banking will enable companies to give more accurate personal financial guidance, tailored to your particular circumstances and delivered securely and confidentially. To provide tailored advice, companies need to know how you use your account. At the moment, to get personal financial guidance, you have to hand over your confidential banking information to price comparison websites. Source: by Wikimedia Commons Open Banking will use APIs (Application Programming Interfaces) to share customer information securely. Companies will be able to use open banking APIs to see your transaction information to tell you what you might save when considering the current account best suited to you. Or if you run a small business you could find the best deals for your business accounts and loans. No in-betweens, no interruptions, just pure and simple direct customer-to-service relations Open Banking at its best. HOW BIG IS OPEN BANKING?? ….. well the picture says it all Source: https://goo.gl/VmjhSy WHO’S WHO ……ZOOMING ON OPEN BANKING Source: https://goo.gl/VmjhSy So, how does it help, and why does it matter to you? To answer these questions, let’s take a look at what open-banking brings to the digital market and on your FinTech plate.                                                      Source: europa Transparency of Data Companies connect with third-party APIs by developing apps which provide financial services for their customers and connect with banking sectors/firms for access to customer data and personal info. This transparency of data leads to the establishment of improved customer relations. Through open-banking services, you’ll be able to invest in financial products manage your money get detailed financial statements generated pay from one platform to the other (like how you use Paytm for paying your BESCOM bills or the Simpl/LazyPay wallet to pay for other services). Think open-banking, think big-picture. No back and forth dialogs, no payment hassles or dealings with banks. Direct peer-to-peer payments and transactions between customers and businesses. Period. Image Source: Medium.com Safety Benefits If safety wasn’t a priority, we’d all be worried. Open-banking doesn’t compromise on security and leverages Fintech services to adapt to growing security needs. With Agile technologies operating on robust platforms, open-banking is built on a platform of secure systems which means your personal data doesn’t leak to anonymous parties or get hijacked. Banks share personal data through APIs and intermediaries and connects developers with payment networks like VISA and MasterCard for the seamless exchange of money balances and financial information. Cybersecurity measures and anti-intrusion technologies come integrated with APIs, thus building upon layers of transactional security. Image Source: Zanders.EU Consumer-Centric Approach At the end of the day, we love our services and open-banking matches consumer expectations. From Uber’s APIs integrating Google Maps and payment gateways to companies using Big Data, Analytics, and FinTech services to leverage creative products and services, open-banking gives users total control over their financial exchanges. Customer engagement as is (left) and after PSD2 (right) Source: europa Data sharing in financial services tend to be the risk- and permission-based, with required audit trails, and subject to regulation and risk management. If done well, however, it can deliver increased security through enhanced know-your-customer capabilities, identity validation, and fraud detection. The current

Customer Testimonial, FinTech

Testimonial from Ndasenda™ partner

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NDASENDA™ is a payments platform which has aggregated Zesa, Internet,Broadband,Wifi, Airtime and Insurance services. Vimbayi is one of star partners. His experience with us and his tactics to get the maximum out of the platform would help other partners. This interview would be one of the first in our series of getting one-on-one with our partners to know what in Ndasenda entices them and how they have benefitted from it. Hope this encourages other partners to know what is Vimbayi’s tactics for maximising on our platform. We welcome more partners to NDASENDA.com. Elizabeth Ndhlovu-Dumbreni is a freelance writer and Senior Executive-Administration for FN Software Solutions. Liz is in conversation with Vimbayi here Vimbayi Makwavarara, who is one of our top performing agents, have been our patron from the launch of our product. He had been instrumental in giving us many active feedbacks and introducing many new features in our Service delivery platform. This Ndasenda™ platform he actively endorses and we are glad that he finds our solution helpful and helps him in conducting his business in an effective way. Liz : What attracted you to Ndasenda? Which features of ours are most endearing for you. Which are the most which you use? Some examples below for you to pick from No – POS Being on mobile/PC Availability of internet in mobile or PC making it easier No inventory Vimbayi:Primarily I was attracted to Ndasenda by the ability to sell Zesa and all airtime on a web-based online platform. The “live” real-time sales are a brilliantly convenient method to sell vouchers. The main reasons being you are able to sell exactly what you have put in in terms of float across all the products. This meant I could put in say $100 and sell only Zesa… or sell Zesa and airtime across the same float as per the demand of my clients. Liz : What business do you do otherwise and how does NDASENDA platform function as an add-on income for you? Vimbayi: I’m an IT manager for sports betting and lottery company. Ndasenda does provide an additional income source from the commissions earned. Liz : How was your journey with Ndasenda, what is the amount which you started your trading with and how much are your earnings now? Vimbayi: My experience with Ndasenda was actually very good. I think I joined on very early on, and the team that approached me and encouraged me to investigate and try out the platform were very helpful indeed. They were eager to hear what feedback I had to improve the system, as well as what functionality I thought was good and could be improved. I Started with a blogSmall amount, about $50, which quickly grew… I think after funding low floats for a few weeks the team was very happily shocked when I floated $3000 at one go! Liz : How did you acquire your customers – give some pointers for the newer partners. What were the approaches used, is it 1. social circles 2. Targeting coworkers in the workplace 3. Or was it from the Quite Frequented places. Vimbayi: Primarily I used several approaches. 1st I identified an area where I saw that the residents did not have a reliable and close to the source to purchase Zesa vouchers… they were having to travel a distance to purchase vouchers. I also saw the opportunity to provide Zesa and Airtime to the company I work for as they have a large number of branches across the country but the bills are paid for from one location… having me as an approved source for Zesa, airtime, and Telone proved very convenient for them. subsequently, Co-workers also came to know that I sold Zesa and other products online and also enjoyed the convenience of the service anytime they needed it without having to leave the office. They could call at any hour assured that I would be able to supply them the vouchers they needed. I also made and distributed flyers in neighbourhoods close to my point of sale, and leveraged Ecocash as a payment platform. So even after hours clients could pay via Ecocash, and get their vouchers immediately. Liz : With the earnings from our platform what are your dreams? Vimbayi: To grow the float that I can afford to have on the platform, and open more points of sale. Ultimately these earnings I hope will assist my daughter in her educational fees, as well as teach her the concept of business in the future. Liz : What are your feedbacks for our platform? Vimbayi: The platform is Great and ever improving. I hope to see even more products to offer the clients in the future. Thank you Vimbayi for your time with us.We hope to have you with us more often to share the success stories with Ndasenda™ platform.

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