A few weeks ago I received a phone call from the sales department of a bank I recently opened an account in. Quite typical of any sales person, the sales representative I spoke with asked how I’m enjoying their services and then moved on to ask more personal questions like:
“What are your educational goals?
Do you own a car?
Do you live far away from work?”
As an analytical person, I immediately understood the principle. This young lady was trying to gather enough information that would aid her in recommending additional services to me.
The technological revolution in the Finance sector across the world has caught on rapidly and is projected at a larger growth in the coming years. Though initial reception in Africa may have been slow, the years after the global meltdown saw a rapid rise in the creation and use of Fintech products. For a long time, insurance companies in Africa and the world as a whole faced several hindrances in running their businesses and prevalent of these were premium payments. These companies thrive on regular premiums paid by policyholders. Therefore, any safe option that makes payment of these premiums stress-free, fast and straightforward is welcome. It is no wonder these companies in Africa have openly embraced Fintech in the form of mobile applications and websites which allow policyholders to pay through diverse platforms, access their accounts, make inquiries and requests among other exciting choices.