Still very much a mobile-first region, the continent is positioned as a potential leader in Digital Finance and Commerce (DFC) with several markets already leading the way in establishing use cases for mobile money and digital finance. Though even as these products become a more important commercial component of the margins of operators and banks, there are just as many cautionary tales as there are success stories, proving that poor revenue and disappointing uptake have become frustratingly common among these services.
The future of these services depends on a thorough understanding of consumer behavior in order to predict future trends. Knowledge is power, and in this instance, knowledge is data. Can a more intentional data analytics process encourage greater adoption and usage? Why aren’t all DFC providers implementing data science? And for those who have, which approaches are worth emulating and which have fallen flat?
While it’s no secret that “Big Data” is invaluable, extracting its value is no easy feat and requires significant foresight, investment and determination. DFC providers in Africa are certainly intimately aware of the complexity that comes hand-in-hand with the space. And while the industry may be in agreement that data-driven insights will inform the future of DFC, few have successfully pioneered and executed comprehensive data strategies.
The fifth annual Mondato Summit Africa, the region’s executive digital finance & commerce thought leadership conference, will showcase new and exciting use cases, as well as address the debate of Big Data and analytics, and how new and legacy players alike can derive value and monetize existing and potential data sources while balancing concerns for ethics, privacy and consumer protection.