Nedbank CIB’s Head of Open Banking, Mobile and e-Commerce, Kenneth Kayser, was one of the expert panellists on the recent Seamless Webinar ‘How to Modernise Payments in an Era of Digital Competition’, which sought to answer key questions around the global shift to digital business in light of the Covid-19 pandemic.
The primary focus of the webinar was the way in which current global events are driving digital transformation in the payment space, how banks, fintechs and governments have responded, and how consumer behaviour is likely to drive demand going forward.
While the immediate shift to e-commerce has brought about a number of challenges, it has also presented opportunities in the form of new consumer behaviours, with the pressure on local banks and payment services providers to support the much higher volumes of e-commerce transactions.
This raises the question, “What are companies doing to handle these challenges, and will it be enough?”
Companies that traditionally offered products and services only through physical distribution, are now having to adjust their operating and distribution models to include digital distribution, which involves e-commerce and digital payments.
According to a recent article titled “How Covid-19 is speeding up digital transformation in SA”, some SA food retailers are seeing a 700% increase in web traffic volumes during the lockdown period. It is also worth mentioning that it took an event of this scale to help drive adoption of some of the digital payment propositions provided by fintechs. “At Nedbank, through our digital banking solutions, we are helping our clients transition and overcome some of these challenges by using the digital banking solutions that we offer,” says Kayser.
That said, how can payment solution innovators and fintechs continue to support and enable digital solutions in respect of changing customer preference, or those customers for whom the existing solutions are inaccessible?
Kayser observes that customer preferences and behaviours are constantly changing, making continual innovation a necessity and data-driven problem-solving the proverbial keys to the kingdom of digital transformation. “At Nedbank, we’re doing this by unpacking customer data/insights to develop solutions that work for both our clients,” he says.
Naturally, the primary consideration for banks and their clients is security, and the long-term adoption of emerging technologies hinges on payment providers’ ability to offer seamless, secure customer experiences.
To listen to the full webinar, click below.
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