DEWALD NOLTE, VP Business at Entersekt, offers some tips on how African banks can attract and retain customers, despite their age to ensure they are preparing for future generational expectations.
As mobile internet connectivity grows, African youth are fast embracing the opportunity to connect, converse and transact on the web.
According to the GSMA (Mobile Economy Report 2015), mobile internet penetration in Sub-Saharan Africa was expected to reach 38% by 2020. This has largely been driven by lower costs of smartphones, which the GSMA says have decreased by 20% since 2008. A rapidly growing local app market and easy access to games and social media have captivated the youth market.
Although the Millennials generation is a Western construct, African youth (18 to 34) – particularly the urban youth – are displaying similar online behaviour patterns to their counterparts in developed countries. And, while the older generations may accuse them of being driven by a need for instant gratification, the youth’s expectation of simple, fast and always-on service is shifting how organisations design their offerings.
Banks, meanwhile, have built their credibility by portraying themselves as the bastions of the economy, institutions designed to protect your money, with caution built into their organisational DNA. While this is important, of course, it isn’t something that necessarily attracts their fastest growing potential customer base.
Here are five pointers to help African banks attract and retain customers, no matter what their age, and to ensure they are preparing for future generational expectations.
1. Prepare to be compared
At the very outset, it’s important for banking institutions to understand that the younger generations are swiftly getting used to having information at their fingertips.
Research published by Pew Research Centre (2015 Global Attitudes Survey) shows that African youth are jumping at the opportunity to engage online. In Tanzania, those aged between 18 and 34 are 17% more connected to the internet than their elders. This climbs to a significant 31% in both Nigeria and Kenya. The research also shows that the connected youth are active on social media on a daily basis.
Social media is being used to ask questions and to make comparisons based on experience. Price comparison websites are also making it easier to make informed decisions.
This significantly changes the dynamic of how the youth choose products and interact with brands. It is obvious then, that banks will need to change the way they engage with the younger generation. Designing for a frictionless experience must be priority.
2. Just make it work
User experience becomes a key issue when servicing customers across generations.
Based on their engagement with global sites, the connected youth have an expectation that everything must work immediately, offer real value, in a seamless experience.
While the younger generations have a better understanding of technology, continued literacy challenges and multiple regional dialect demographics adds complexity to the user interface served up by financial institutions. Complex security terms such as phishing and pharming can cause mistrust of the service. In many instances, this lack of understanding may lead to customers avoiding digital channels altogether, which in turn drives up the cost of delivery for the banks.
Making use of technology that appears exceptionally simple to the user takes away the fear factor. When it comes to authentication, banks must guarantee their customers’ protection against phishing and other digital fraud vectors without the costly and clumsy use of one-time passwords. These may give the appearance of good security, but they are less effective and overly complicated, particularly for those accessing services on their phones. Removing complexities at the very outset of the transaction resonates with both the older and younger generations.
3. No one reads anymore
No generational cohort reads lengthy warnings or instructions. People will click through to the end of an instalment or process without actually being fully aware of the details – or this may again increase their mistrust of the service. Moreover, in our experience, when an organisation uses text-heavy instructions, abandonment rates shoot up. When communicating instructions, the “keep it simple” rule reigns supreme.
4. Markets are not the same
Companies also need to understand that new markets work very differently. What may have worked in Botswana, may not be obvious to those in Kenya. People use and engage with technology, language and each other differently in every market. This includes generational quirks.
Banks will need to tweak their user engagement depending on where they are operating. Working with partners who have experience in a region allows a bank to learn from their experiences, which can save time and costly mistakes.
5. Innovating for future generations
We see a lot written about banks becoming simple transaction pipes. To avoid this, they must adapt in order to provide better value for their customers. This can be achieved in three ways:
- A simple user authentication, which has excellent security, is a great way to build trust with customers.
- Once this is in place, you can confidently open up your channels and add new services.
- Banks can then begin leveraging their merchant network in order to start on-selling their products to their customers – essentially becoming an aggregated merchant platform. By nurturing trust, banks are able to capitalise on a captive customer base and bring to bear vast economies of scale.
The complexities of catering across borders and language barriers and for different generations with different user expectations are enormous. However, if banks invest in technologies that are simple, seamless and flexible, they can not only ensure all age groups form trusting, lasting relationships with them, but also take an important step towards building new revenue opportunities for the future.
Dell plans 50/50 gender split; 1:1 recycling and reuse
Dell Technologies has unveiled an ambitious 2030 target for a social impact plan called Progress Made Real.
Dell Technologies has declared a decade of responsibility and innovation to ramp up the company’s social impact worldwide. At the company’s Dell Technologies Summit in Austin, Texas, last week, chairman and CEO Michael Dell unveiled a set of ambitious goals in a plan called 2030 Progress Made Real.
“Unlocking the power of data will advance humanity more than any other force over the next decade,” said Dell. “We are committed to making that power broadly available to communities around the world, so we can all move forward together.”
Over the next decade, he said, Dell Technologies will use its global scale, broad technology portfolio and expertise to yield meaningful and measurable impact on society and the planet.
The plan sets the following goals for the company:
· Recycle an equivalent product for every product a customer buys
· Lead the circular economy with more than half of all product content being made from recycled or renewable material
· Use 100% recycled or renewable material in all packaging
· Deliver future-ready skills development for workers in their supply chain
· Drive a comprehensive science-based climate program, setting emissions goals across facilities, supply chain and operations to customer use of our products including partnering with suppliers to meet a greenhouse gas emissions reduction target of 60% per unit revenue by 2030
· Acquire, develop and retain women so they account for 50% of the company’s global workforce and 40% of global people managers
· Acquire, develop and retain black/African American and Hispanic team members so they account for 25% of the company’s U.S. workforce and 15% of U.S. people managers
· Educate 95% of all team members on an annual basis about unconscious bias, harassment, micro-aggressions and privilege
· Advance the health, education and economic opportunity of 1 billion people
· Digitally transform 1,000 nonprofit organisations
· Achieve 75% team member participation in charitable giving and volunteerism in communities
The company says ethics and privacy are foundational to its corporate and social impact strategies and are essential to executing the 2030 goals. To this end, it is fully automating data control processes, making it easier for customers to access, delete or share their personal data. The company will use digital tools to make it easier to get insights from, measure and monitor compliance issues using digital data.
In addition to seeking customer input, Dell Technologies engaged third parties, considered the U.N.’s Sustainable Development Goals and Business Roundtable’s Statement on the Purpose of a Corporation, and surveyed team members to assess the most critical issues and opportunities they see in their work and the world.
“We have a great responsibility to apply the full power of Dell Technologies to transform lives and society,” said Karen Quintos, chief customer officer at Dell Technologies. “By combining our technology portfolio, global scale, team member talent and customer partnerships, we can drive significant positive impact. Our 2030 agenda is comprehensive and deeply embedded across the business. The moonshot goals stretch us to go far beyond incremental change. In some cases, we’re still working to uncover how we’ll get there – but we know that significant change and innovation starts with deep commitment.”
In June 2019, Dell Technologies announced early completion of many of its 2020 goals. For example, through a global recycling network, it reached a 2020 goal of recycling 2-billion pounds of used electronics. Through partnerships with the Government of India and Tata Trusts, it deployed a cloud-based analytics solution to deliver preventive healthcare to remote villages, reaching 11 million people who would otherwise not have these services. A range of additional social impact goals have also been reached (see graphic below)
* For the full list of 2030 goals, see delltechnologies.com/2030goals.
Behind the scenes of Netflix SA’s Queen Sono
South Africa’s first Netflix Original TV show, Queen Sono, is almost ready to air. Gadget’s BRYAN TURNER spoke to the show’s creators on set.
In the heart of Johannesburg, a house is about to make history as one of the first homes to have a South African Netflix Original filmed inside. During filming, it’s surrounded by a dozen large trucks that carry props, camera equipment, set equipment and equipment needed to make this production a reality.
We chatted with Queen Sono’s writer, director, and showrunner, Kagiso Lediga, on set recently. He also heads up Diprente, the Johannesburg-based production company behind the show.
“[Being writer and director] gives one the ability to carry out the vision,” says Lediga. “I mean, it’s not just that I’m wearing many hats. But there’s the other creators, other HODs: from production designer to cinematographer, to the other writers that I work with. So it’s great, I guess that being a showrunner you kind of have to touch on all of those.
“It’s a huge responsibility in terms of carrying out the narrative. You know, sometimes what’s great is when you come up with an idea, and then when you see it when, either you’re sitting behind the monitor, directing, or while you’re sitting and editing, and you’re like ‘Whoa, that’s exactly how we imagined it’.”
The show is an action-packed series that follows Queen Sono, a highly trained top spy in a South African agency whose purpose is to better the lives of African citizens. While taking on her most dangerous mission yet, she must also face changing relationships in her personal life.
Of course, the gravity of being a Netflix Original means that Queen Sono will be put on a global stage, and will be available to stream in over 40 countries. We asked the show’s Director of Photography, Motheo Moeng, how the show’s image has been carefully crafted for a local and global audience.
“Overall, the treatment of the show is based on the characters we have written, naturally, and other spy films that we have looked at,” says Moeng. “So the treatment of her visually, and the look to the show visually, had that in mind. So as much as you wanted to treat it as an African show, we were well aware that it had to have international appeal.”
It’s also dangerous work getting the show to be perfect, Moeng says.
“It’s like being in a boxing ring, so there are days when you’re getting punched, there are days when you have to stand up and go. But overall, I guess the banter between myself and the first aiders is interesting. Our jobs are a direct contrast to each other; I’m trying to constantly light and make things look pretty, and he has to make sure we make the day, so if you stick around for long enough, you’ll see the love-hate relationship between us.”
Stunt Coordinators Grant Powell and Filip-Ciprian ‘Chip’ Florian have us a quick insight into how to get the actors (and film crew) ready for a spy movie’s action.
“[Most productions] have the same demands because they all have the same elements,” says Powell. “It doesn’t matter how big the movie, they’re still an actor. An actor still has to be trained. I still have to deal with the psychology of that. Convincing them that they can do it. So it really doesn’t matter the scale of the film, you’re still dealing with the same elements, which is training an actor from scratch sometimes.
“There was a combat scene with Queen Sono and the baddies, and she kicks one of them out the window, which is Chip by the way. So he goes through plate glass, goes over the balcony, three stories up and lands on a car. I thought that was cool. We had three weeks prep, which is great for a local show. You never get that, you’re usually learning on the day. That’s why the audience will instantly see the quality will be better because of this preparation. That’s what’s going to make this show stand out over and above anything that’s ever been done locally.”
Queen Sono is expected to be released exclusively on Netflix in 2020.