Rapid technological innovation and the emergence of more stringent regulations means that banks are having to reinvent themselves as trusted providers of a much broader range of financial services, delivered securely to consumers primarily via mobile technology, says Entersekt CEO SCHALK NOLTE.
The unbundling of banking and transactional functions from traditional financial services providers – driven by increased development of mobile technology, regulatory change, and competition from agile new challenger banks and fintech providers – is forcing banks to radically rethink their business models.
“Managing change on multiple fronts can be difficult for any organisation but especially for large multi-disciplinary financial service providers that operate globally,” says Schalk Nolte, CEO of mobile security specialist, Entersekt.
He says by adopting a mobile-first strategy, banks can cement their role as the central hub for customers’ financial activities – and grow the range of services they provide.
“Banks are finding it hard to categorise and prioritise financial technology innovation that will enable better customer interaction and reduce costs.
“However, by offering a single secure mobile banking app, banks can create a trust point between users and new fintech services providers, making it easy for consumers to choose which payment method to use,” says Nolte.
Consumers now have many ways to manage their finances and make payments, which are often provided by new single-service fintech companies. Banking aggregation services that combine financial offerings from multiple suppliers are also popular with consumers, especially in the 18-35 age range.
Says Nolte: “Historically, the main financial trust relationship consumers had was with their bank. Now, the use of services offered by other financial providers is threatening that bond.”
To avoid disintermediation and service erosion, banks need to strategically position themselves at the centre of mobile-centric financial services by acting as a bridge between their customers and new fintech services. This is especially true for payment services.
Nolte says that banks can help their customers navigate this fast-changing environment and remain competitive by offering a banking app as an anchor point.
“This reinforces and strengthens the relationship between banks and their customers. Our locally-developed Connekt software, deployed around the world, provides issuing banks with a digital commerce enablement tool. The software puts them firmly at the centre of managing digital payments and allows their customers to have a single trusted app for digital payment.
“This removes the need for people to download a range of mobile payment applications as they can now be supported through one mobile banking application. Connekt becomes the single trusted anchor from which the mobile and payments world is unlocked for consumers, and supports their daily financial needs,” says Nolte.
In the EU, the second Payment Services Directive (PSD2) become effective in January. This will make customer data held by the retail banking sector available to a large range of third-party providers that, like banks, also help consumers and businesses transact and manage their finances or make payments online.
Nolte says PSD2 will make it even more important for banks to focus on providing an enhanced mobile banking and financial services offering for their customers.
“It keeps them relevant in a sector that’s being rapidly reinvented by innovation,” he says.
The official launch of Connekt will take place in March this year at the Seamless Africa event in Cape Town.
Huawei Mate 20 Pro matches camera benchmark record
A benchmark by DxOMark sees the triple-cam handset tie with the P20 Pro for best smartphone camera on the market.
The Huawei Mate 20 Pro has come out top in a camera benchmark test that assesses all aspects of smartphone camera performance.
DxOMark, which conducts rigorous hardware testing and is trusted as an industry standard for image quality measurements, has just released the results of its in-depth analysis of the Huawei Mate 20 Pro smartphone camera.
The Huawei Mate 20 Pro is the Chinese manufacturer’s latest top-end device. Building on the P20 Pro’s camera technology, the Mate 20 Pro comes with a Leica-branded triple-camera setup, but swaps its stable-mate’s monochrome camera for a super-wide-angle module, offering a 35mm-equivalent focal length range from 16 to 80mm—the widest of all current smartphone cameras.
The handset is in direct competition with the Apple iPhone XS Max, the Google Pixel 3 XL, the Samsung Galaxy Note 9, among other. How does it fare?
“With a total photo score of 114, the Huawei Mate 20 Pro ties the record-setting score of its cousin, the P20 Pro,” says DxOMark. “The overall Photo score is calculated from sub-scores in tests that examine different aspects of its performance under different lighting conditions.”
The Huawei Mate 20 Pro achieves a photo score of 114 points. In stills mode, the Mate 20 Pro’s triple camera captures images with good target exposure and a wide dynamic range, recording both good highlight and shadow detail even in difficult high-contrast situations. Noise levels are well under control down to low light levels, and the camera’s white balance system and colour rendering settings produce a pleasant colour response in almost all circumstances.
At 97 points, the Mate 20 Pro is very close to the best for video as well, thanks to a fast and smooth autofocus system with good tracking performance, accurate white balance as well as pleasant colour rendering, and low levels of noise, especially in bright shooting conditions. Our testers also liked the exposure system’s ability to adapt quickly and smoothly to changes in illumination.
It was not all good news. DxOMark also had some criticism for the device.
Click here to read about the drawbacks of the Mate 20 Pro camera, and other positives.
SA car wins
The final stage of Dakar 2019 drew to a close at the bivouac in Pisco, Peru, and saw Toyota Gazoo Racing South Africa’s Nasser Al Attiyah and Mathieu Baumel bring home their South African-built Toyota Hilux for
The Qatari driver ensured his French navigator, who turned 43 years old on Thursday, 17 January, received a great birthday present, when the pair arrived at the final time control of Dakar 2019 with teammates Giniel de Villiers and Dirk von Zitzewitz in close formation. The two Toyota Hilux crews completed the entire stage together, as De Villiers / Von Zitzewitz waited nearly 55 minutes for the leaders to start the stage, in order to shadow them to the finish.
The emotions bubbled over for Team Principal Glyn Hall, who found himself without words as his two crews drove into the media area after the time control. “This victory was long overdue,” he finally managed, before being swamped in a sea of well-wishers.
The winning driver, however, was much more vocal: “We are so happy to win the Dakar – not only for ourselves, but also for Toyota and the entire Toyota Gazoo Racing SA team. Everyone has worked so hard for so long, and really deserve this. Thank you for letting us drive this car.”
Toyota Gazoo Racing SA led Dakar 2019 from the first to the last stage, with Al Attiyah/Baumel drawing first blood, before handing the mantle to De Villiers / Von Zitzewitz during stage 2. But then a disastrous Stage 3 saw the Qatari retake the lead – a lead he didn’t relinquish despite some of the toughest stages yet seen on any South-American Dakar.
“When we first heard that the rally was going to take place only in one country, we were skeptical,” said Hall after regaining composure. “But the organisers made sure that this year’s race will long be remembered as one of the toughest tests in the last decade.”
Al Attiyah / Baumel’s victory at Dakar 2019 means that Toyota Gazoo Racing has now won both of the world’s toughest automotive races – the 24 Hours of Le Mans, and the DakarRally.
Click here to read Glyn Hall’s comment on winning the Dakar Rally, as well as the rankings.