Based on its recent analysis of the enterprise software for the financial services industry, Frost & Sullivan recognises RedCloud Technologies with the 2017 ‘Sub-Saharan African Visionary Innovation Leadership Award’ for its innovative RedCloud One – an end-to-end configurable platform that empowers companies to design and offer new services efficiently.
Despite the regional growth for cloud computing overall, the financial services industry in many African countries, excluding South Africa, is lagging in the use of digital payment platforms used by micro, small, and medium-sized merchants. RedCloud Technologies addresses the significant technological challenges in creating digital marketplaces, where banks, SMEs, corporations, governments, retail, and any service provider can solve the cash management problems facing the entire financial supply chain.
“The opportunity for growth is there. However, considerable challenges in both the cost and current technology deployment inhibit the total adoption of platform-based computing for distributed financial services,” said Frost & Sullivan Senior Industry Analyst, Naila Govan-Vassen. “RedCloud Technologies’ flagship technology, RedCloud One, is a universally accessible platform integrating different service providers with their financial services offerings – creating an ‘Open Marketplace’ to businesses and consumers.”
As an end-to-end platform, RedCloud One enables the Open Marketplace for different service providers to offer financial services, such as loan providers, insurance providers, merchants, agents, and governments. In sub-Saharan Africa (SSA), a successful use of RedCloud One includes deploying it as a distributor banking platform, which provides banks and financial service providers with access to parts of the population that were previously difficult and costly to reach. The use of mobile devices to drive financial inclusion continues to attract non-traditional participants, such as mobile network operators and technology start-ups, thereby creating a more competitive market for banks and financial service providers. RedCloud partners with its customers to offer a competitive platform that enables clients to transition their services to the digital world successfully. In addition, the company’s technology is operationally lean and cost-effective, which are key differentiators as operational costs for banks continue to remain high due to the need to build systems and processes that are compliant, and that can keep up with escalating regulatory requirements.
“RedCloud’s strategic business model of offering customers the full platform, as opposed to a module-based purchasing option, allows the company to bridge the gap between traditional banking systems and fintech. Furthermore, banks and financial institutions will not need to piece different technologies together, thus avoiding the risk of faulty technological implementations as well as keeping their capital expenditure required for the technology upgrade low,” said Govan-Vassen. “Overall, RedCloud’s technology promotes innovative partnerships for banks and other players within the ecosystem, enabling modern and efficient financial services for the SSA market.”
RedCloud has a history of enabling technological advancements in the financial services industry, leveraging best-in-class technology to ensure service providers, such as banks and financial institutions, remain relevant. With its strong overall performance, RedCloud earned Frost & Sullivan’s 2017 ‘Visionary Innovation Leadership Award’ in the enterprise software for financial services industry across SSA.
Each year, Frost & Sullivan bestows this award upon the company that demonstrates excellence in growth and customer value. Frost & Sullivan recognises the superiority of the product/service as well as the overall customer, purchase, ownership, and service experience offered, resulting in the recipient company seeing above-market growth and greater share of wallet. The award lauds the recipient company’s growth, diversification, and sustainability strategies.