CASE
PROFILE
STUDY
TRUST IS THE FOUNDATION OF
THE DIGITAL ECONOMY, AND
CONSISTENT EFFORTS MUST BE
MADE TO ENSURE THAT TRUST.
a person has sufficient data capabilities to
be able to process this payment via their
phone. The payment provider needs to
ensure they can seamlessly process the
payment safely and securely. Collaboration
is thus key in this process.
What challenges have you had
to overcome?
Trying to achieve exponential innovation
comes with its fair share of challenges. In
the payments industry for instance, our
biggest concern is around misconceptions
around security.
Consumers take a lot of time to change
behaviours and have concerns regarding
cybersecurity and fraud. According to a
2018 Mastercard survey, 87% of South
Africans believe that data breaches and
www.intelligentcio.com
hacks are the new normal and will likely
happen to everyone.
The key to addressing this is three-
fold. First, it’s necessary to establish a
dialogue involving knowledge-sharing with
government and banking and technology
partners to address these issues in a
collaborative way.
Second, deploy the technological tools
available that minimise fraud concerns
and strengthen authenticity. Tokenisation
and Artificial Intelligence have been
instrumental in achieving these goals.
Lastly and most importantly, it is necessary
to raise awareness on these issues to
gain trust among consumers. Trust is the
foundation of the digital economy, and
consistent efforts must be made to ensure
that trust.
Every company that aims to innovate will
have its fair share of challenges while trying
to achieve exponential innovation.
But keeping the larger picture in mind
and addressing these concerns is essential
not just for a firm’s growth, but also their
sustainability and survival.
By executing a three-pronged approach
and leveraging technology to achieve
exponential innovation, it is possible to
transform industries, benefit economies and
positively impact and enrich communities.
The world today is evolving at an
exponential pace – disrupting technologies
are changing the way people shop, travel,
communicate, pay and much more. Exciting
times lie ahead, providing companies are
able to approach and harness innovation in
the right way. n
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