With more than half of the world’s population unconnected to the internet (UN BroadBand Commission, 2016), current marketing strategies leave a large majority of consumers untapped. EngageSparks, a startup from the Philippines, aims to connect businesses to unconnected consumers through a less common marketing platform – Phone and SMS campaigns. With an increase in funding along with their clientele of large names (Google and Facebook), EngageSparks inclusive marketing is likely to bring businesses new customers.
Salim Group’s recent acquisition of majority shares of Ina Perdana, Indonesia’s local bank, shows the groups increased interest in finance technology. Along with their convenience store chain – Indomaret, Salim Group aims to introduce peer-to-peer payment technology into their consumers everyday life.
Other than using machine learning for its logistical processes, Amazon is using its algorithm to identify SMEs eligibility for a loan. Amazon’s lending business has grown substantially since its launch in 2011. According to Amazon, interest rates are competitive and lower than traditional lenders. Amazon’s entry into the lending business presents a challenge for traditional lenders and greater options for businesses.
In many urban societies, smart phones are playing an increasing presence in everyday lives. A study by Malauzai indicates that 1 in 4 consumers do all their banking on their mobile. The increase in mobile banking is largely attributed to technology advancements and shifting consumer behaviours.