Sanlam Fintech CEO Riaan van Dyk highlights the potential of South Africa's fintech sector for financial inclusion, personalized financial guidance, and AI-driven innovation.
South Africa’s fintech sector is ripe with opportunities, says Riaan van Dyk, CEO of Sanlam Fintech. This is driven by a combination of technological advancements, growing appetite for digital financial solutions, and increasing consumer demand for personalized financial guidance, the CEO told ITWeb on the one-year anniversary of the fintech business cluster.
Established in September 2023, Sanlam Fintech is part of the financial services group’s move to expand its existing fintech offerings, as well as ensure all aspects of its services are digitally-driven. Its objective is to use tech to accelerate access to financial services for all Africans, delivering on the brand’s purpose. Outlining the biggest opportunities witnessed in SA’s fintech sector, Van Dyk tells ITWeb that key among these is financial inclusion. “There’s significant potential to expand financial services to underserved populations by leveraging mobile-first platforms and artificial intelligence (AI)-driven tools that simplify access to credit, savings, and insurance products,” he comments. On personalized financial guidance, Van Dyk notes that consumers are increasingly seeking financial advice tailored to their unique needs. Further, integration of behavioural insights – tools that combine behavioural science with fintech such as the money personality assessment – allow for deeper client engagement and a more empathetic approach to financial advising, he states. “We believe that AI has the ability to improve the quality of our products, services, and customer experiences while simultaneously reducing the cost of delivering these to our customers. With lower costs and better experiences, we can deliver valuable solutions to more consumers, including those who may have struggled with access in the past.”Globally, most technology companies are making significant investments in AI, which is seen as a foundational technology for future innovatio
FINTECH SOUTH AFRICA FINANCIAL INCLUSION PERSONALIZED FINANCE ARTIFICIAL INTELLIGENCE
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