The three major pillars that power innovation in fintech, as discussed by the Regional Sales Executive for Adapt IT in East Africa, Mr. Nyasha Mutsekkwa are Collaboration, Platforms and Insights.
Nyasha who spoke during the East African Regional fintech Summit on the 22nd May 2019 at the Villa Rosa Hotel in Nairobi predicts a bright future for the fintech space especially in the Silicon Savanna with the many innovations around face recognition and related KYCs.
“To innovate you need to know the value your customer brings and what you offer differently than your competitors,” says Nyasha elaborating on Customer Value Scoring and automation. Adding; “AI driven desicioning needs customer collaboration and automation.”
Financial technology (Fintech) is transforming the financial services industry and will continue to do so as the industry makes the shift to foster more innovative technologies opines Nyasha who is convinced that the fintech space can only get better and bigger.
More Fintech companies are leveraging on technology to provide innovative financial service, including payment, lending, savings, financial advice and financial infrastructure, said Laura Chite, CEO CIO East Africa during her welcome note at the Fintech Summit.
She adds that the result of the aforementioned phenomena is greater efficiency, better service and costs lowering or cutting on the fintech transactions.
Nyasha also noted that the first area that needs to be automated is customer service, what he says serves as one of the predominant aspects of any company’s growth. Automation in customer service can actually serve the customers better in the most essential aspects like quality and speed.
The East African Fintech Summit, an annual event on its second year running, is hosted by CIO East Africa in partnership with other Industry players from the Finance and Technology spaces to deliberate on the innovative and disruptive technologies to better the finance industry.
Nyasha concludes that the key to excellent customer service relies on the blend of having human interaction along with the right amount of automation.