Sanlam, Africa’s largest non-banking financial services group, has launched Sanlam Fintech, a business cluster that will focus on expanding the group’s existing fintech offering and ensuring that all aspects of its services are digitally led. The overarching goal is to use technology to accelerate access to financial services for all Africans, in line with the Sanlam brand’s purpose of helping Africans live with financial confidence.
Sanlam Fintech brings together a host of existing product houses, including Sanlam Rewards, SatrixNow, MiWay Blink, Santam Switch, Home+, EasyEquities, Sanlam Credit Solutions, and Sanlam Multi Data. The cluster will focus on converging these product offerings into a single ecosystem that incorporates financial guidance, rewards, non-intermediated product offerings, and seamless payment capabilities.
“At the heart of Sanlam Fintech is the convergence of a single ecosystem that incorporates financial guidance, rewards, non-intermediated product offerings, and seamless payment capabilities to deliver the integrated digital experience that today’s client expects,” explains Riaan van Dyk, Sanlam Fintech’s CEO. “We are building a single view of customer that will allow us to serve hyperpersonalised interactions at scale, ensuring that our clients get a holistic experience tailored to their needs, regardless of the Sanlam Group product(s) they hold.”
In addition to converging its existing product offerings, Sanlam Fintech also plans to invest in new value propositions to drive future growth. The cluster has established an ‘entrepreneurial’ team that will focus on building new tools, products, and capabilities. Currently, this includes fast-tracking AI development and deployment to enhance existing product experiences and sales processes.
The launch of Sanlam Fintech is a significant development for the African fintech landscape. Sanlam is a major player in the African financial services industry, and its launch of a dedicated fintech cluster is a sign of its commitment to investing in and growing this sector. Sanlam Fintech’s focus on converging its existing product offerings into a single ecosystem is also a notable development. This approach will make it easier for customers to access and use Sanlam’s products and services, and it will also allow Sanlam to provide more personalized and integrated financial solutions.
Sanlam Fintech’s investment in AI is also a positive development. AI has the potential to revolutionize the financial services industry, and Sanlam’s investment in this area shows that it is committed to staying at the forefront of innovation.
The launch of Sanlam Fintech is a positive development for the African fintech landscape and for Sanlam’s customers. Sanlam Fintech has the potential to accelerate financial inclusion across Africa and to provide Sanlam’s customers with more innovative and integrated financial solutions.