At CN&CO we love to stay up to date with everything on the go in the financial services space. Outside of our partners in this space, there are exciting things on the go in the industry and changes that we think you should be aware of. Our weekly wrap-ups are intended to keep you in the know and update you with stories that you may have missed over the last week.
The world is continually evolving around us. Models are changing, data is becoming increasingly important, and we need to grow with the digital transformation drives. This week we highlight a few interesting developments linked to this space in the financial services industry.
The Giant Flag initiative and EasyEquities
Sending a powerful message to empower the South African community. The Giant Flag is a world-first green innovation project that celebrates the spirit of South Africa, her land and her people, while bringing together job creation, clean energy and tourism.
We were thrilled to learn that our partner, EasyEquities, had partnered with this initiative. Read more here.
The Founder of WooThemes & WooCommerce
Mark Forrester is one of SA’s tech icons who built WooThemes and WooCommerce, two platforms which were eventually sold to WordPress.com due to their international popularity. Mark is a phenomenal entrepreneur with a calm approach to business and in this episode he shares the journey with us. Listen to the full podcast on Making SMEs Matter here.
Creative destruction in our banking industry
Advancements in fintech and the demand for digital banking services have caused fear of job losses for thousands of workers in the banking sector in South Africa. While this could create significant hardship for those affected, it doesn’t help to swim against a global tide. Change is inevitable and sometimes necessary for all industries. If embraced and managed correctly, it can and has been shown to be beneficial for the long-term health of an economy. In contrast, countries that resist change fall behind. Read the full article here.
Financial education is everyone’s responsibility
South Africa is in the midst of a savings crisis – we simply don’t have enough money to last us in retirement. We are also R1.6 Trillion in debt. One of the best chances of addressing the situation is if industry players and professionals work together to give more people access to financial education. Read more here.
Measuring up against the world
If 2019 could be described by the financial services industry, many insurers would say that it has proven to be a watershed year for the industry. Regulatory reform has been a major industry influencer as regulation moved towards the Twin Peaks model. In addition, after gaining momentum for two years, the Fourth Industrial Revolution has made some serious demands when it comes to business models and the delivery of value.
At the beginning of the year, Deloitte published a report which discussed the challenges that insurers would face during the year. How has the industry reacted? Read the full article here.
Patience is needed in the great cost debate
There are some horror stories when it comes to the cost debate. What is the industry success stories where value offsets costs? In this article, Craig Gradidge CFP, Executive Director of Gradidge-Mahura Investments, and Dr Adrian Saville, Chief Executive at Cannon Asset Managers, gave their points of view about the cost of investing. Read it here.
International Insurtech and tech updates