rural children using technology depicting digital inclusion

At DocFusion, our mission is to use technology to enhance lives. Our development roadmap prioritises features that free individuals from mundane, manual tasks, allowing them to do the things that fulfill and inspire them – the things that truly matter.

On 4 July, at Digital Finance Africa 2024 in Johannesburg’s business hub, we had the privilege of listening to two influential players in the dynamic financial services sector share their visions for digital inclusion. Insights from Discovery Bank and Assupol Holdings resonated deeply with us, highlighting a shared commitment to leveraging technology for the greater good.

Digital inclusion: A shared purpose, a shared responsibility

Frank Rizzo, Chief Design Officer at Discovery Bank, and Keneilwe Gwabeni, Group CIO at Assupol Holdings, shared compelling perspectives on the importance of digital inclusion. While technology and innovation were central themes in their talks, the stronger, more meaningful thread was the use of technology to include those historically left behind due to circumstances beyond their control.

Bridging the gap: Digital banks’ role in enhancing financial inclusion

Rizzo emphasised that digital banks like Discovery Bank play a crucial role in making financial services more accessible and affordable. “Digital banking has become a key catalyst for financial inclusion, bringing banks closer to customers,” he stated.

With a significant portion of South Africans owning smartphones, digital banking apps have emerged as the primary interface between banks and their customers. Rizzo noted that Discovery Bank supports major platforms—55% Android, 45% iOS, and 5% Huawei—ensuring that anyone with a smartphone can access their services.

One of Discovery Bank’s primary goals, according to Rizzo, is to make private banking accessible to all. “We aim to democratise private banking,” he said. Efforts include reducing Real-Time Clearing (RTC) payment costs and providing more affordable access to investment platforms. Rizzo also highlighted the importance of financial education. “Empowering individuals with the knowledge and skills to make informed financial decisions is crucial,” he added. The Vitality Money programme exemplifies this commitment by rewarding clients for managing their finances well and enhancing their financial literacy.

“We aim to democratise private banking.”

Frank Rizzo, Discovery Bank Chief Design Officer

Digital shift: Challenges and opportunities for South African insurers in the age of technology

In her address to the room of technology enthusiasts, Gwabeni passionately discussed the challenges and opportunities insurers face in the digital age. “The digital divide, especially in rural areas, remains a significant issue,” she emphasised.

Despite persistent challenges such as legacy systems, data security, skills gaps, and regulatory compliance, the most pressing issue continues to be digital inequality. Gwabeni advocates fervently for solutions that include underserved communities. She highlighted Assupol’s commitment to inclusivity through their efforts to test offline solutions for rural areas.

Recalling her own experiences, Gwabeni shared, “The first time I encountered the digital divide was in my first year of studies in 1996. Almost 30 years later, we’re still talking about it.” She pointed out that many rural communities still rely on physical branches for essential services. “Insurance and banking equality worry me, but I am hopeful that collaborative efforts will help us overcome these challenges,” she added.

“The first time I encountered the digital divide was in my first year of studies in 1996. Almost 30 years later, we’re still talking about it.”

Keneilwe Gwabeni, Assupol Holdings Group CIO

The discourse on technology and innovation at Digital Finance Africa, which brought together some of the continent’s financial leaders, revealed the immense potential to improve lives while staying competitive in a rapidly evolving landscape.

The speakers underscored that true innovation extends beyond technological advancement; it involves ensuring these advancements are accessible to everyone, breaking down barriers, and fostering inclusivity.

REFERENCES

  1. Frank Rizzo, Chief Design Office, Discovery Bank
  2. Keneilwe Gwabeni, Group CIO, Assupol Holdings

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