Stay ahead of the curve with Sage Enterprise Management (formerly known as Sage X3) for Financial and professional services
Sage X3 for Financial and Professional Services
The financial services landscape has changed a lot over the past years and this change will inevitably continue as institutions re- develop themselves to cater for current and future industry trends as well as globalisation.
We have seen insurance companies such as Discovery shift their business model to include transactional lending and saving solutions. We have seen the likes of Sasfin take their traditional business of wealth and business banking and entering the world of transactional banking, providing banking services to high net worth individuals.
Movements into new markets deliver major benefits to companies’ bottom line as well as the equity in the collection of customer data. Valuable data that can be used for customer loyalty and rewards programs or to improve risk management or allowing the opportunity to cross-sell adjacent products as Discovery has done so successfully.
Read - The future of Banking from an SA perspective by PWC
Another major challenge which banks can’t afford to ignore is Cryptocurrency ie Bitcoin and Ethereum amongst others. Currently these Cryptocurrencies co-exists with the traditional banking system, so traditional money is used to buy them. However financial institutions should be looking at ways to be able to offer similar advantages that Cryptocurrency provide so they can ensure their longevity in the financial services industry.
The advantage to Cryptocurrency include:
- Being a decentralised system not even the creator of the particular block chain is able to manipulate any transaction’s to their own advantage
- Low transaction fee with no extra charges between countries, money can be sent with ease from one end of the world to another in seconds.
- Bitcoin debit cards exist to serve as a link between bitcoin and the traditional system, allowing its use even with merchants who do not accept bitcoin directly.
- Free from the manipulation which plagues the traditional banking system.
- Easy to use global currency, when depositing Bitcoins into others wallets