Stitch

“Humans still remain the most important customer touch point for us to introduce personalisation for a better customer experience.” Throughout the course of this year, we've taken a closer look at consumer preferences, trends and behaviours through a series of research reports, blogs and most recently, our annual Stitch Scale Summit. At this year's Scale Summit, we had the privilege of learning from experts and leaders across some of South Africa's biggest enterprises in industries ranging from e-commerce and retail, insurance and travel, to banking and regulation. We got an inside look at their growth strategies, approaches to leveraging technology, and ultimately, how they deliver excellent experiences by deeply understanding and empathising with their customers. A huge thanks again to all of our phenomenal speakers and engaged audience for making this year's Summit a huge success. Sipho Tshabalala Laurian Venter Luke Jedeikin Carlien Parsons Kgomotso Tsetsepela Malatse Meagan Rabe Arno von Helden Gareth Murphy Daniel Courtenay Mladen Čolić Glenn Grimley Shanice Gounden Nolwazi Hlophe (She/Her) Lerato Lamola Esq. Lee Corrigan Sylvester Chauke Rita Saad Monique Kleynhans Jessica Rohman Danielle Laity Kathryn Santana Ethel Nyembe Shabir Ahmed Joshua Gordon Kiaan Pillay Junaid Dadan Priyen Pillay Greg Wylde Jessica Manthey Grant James Dewald Müller Musonda Chalwe Thea Sokolowski Lucille Wilcox Nika Coskey

How does DebiCheck improve predictable revenue for recurring and subscription-based businesses? DebiCheck is a uniquely South African debit collection system designed to protect customers and service providers from debit fraud. In fact, DebiCheck is set to replace traditional EFT debit orders due to its ability to tackle challenges with unauthorised or unexpected disputes by requiring an electronically signed mandate and ensuring collections only occur as agreed upon in the mandate. And its growth has been exponential. In 2022, DebiCheck grew by 101.23%, compared to EFT debit orders’ 11.06%, and in 2023 it grew by 10.43%, while EFT debit orders only saw a 0.23% increase. Ideal for subscription based services like entertainment streaming, gym memberships, data or cellular plans and businesses that require recurring payments like insurance, lending and financing solutions, the 'set and forget' solution has seen wide adoption thanks to its ease, security and convenience for enterprises and their customers. Boost revenue and improve your collections success rate with Stitch DebiCheck: https://lnkd.in/d5NbxVnY

How can you avoid missing payments in the event a bank or provider goes down? For enterprises processing payments at scale, any downtime has a significant impact on revenue. That's why they understand the need for redundancy across the payment stack. For card transactions, this ecosystem consists of a host of different parties: issuing banks, payment processors and switches, card networks and 3DS MPIs (3D Secure Merchant Plug-Ins). Relying solely on any participant in this ecosystem is not ideal, as there is always the chance, and often reality, that one of these ecosystem participants will fail at any point in time. Stitch Product Manager Joshua Gordon shares how Stitch has built in redundancies within our own platform, across our card payment stack - including a multi-acquirer and multi-processor approach - ensuring our clients' ability to process card transactions remains up, even if a provider goes down: https://lnkd.in/diS9C7s2

"Pig butchering" scams are on the rise in South Africa – here's what it is and how to protect yourselves and your customers from falling victim to them. "Pig butchering" fraud is a sophisticated investment scam in which fraudsters lure victims by forming personal relationships with them and convincing them to invest in fraudulent schemes. The term "pig butchering" refers to the process whereby scammers "fatten up" their victims by slowly building trust with them over weeks or months before executing the scam. These scams are meticulously designed to exploit trust and there are several red flags that can help identify these fraudulent schemes before they result in financial losses. Stitch Fraud Lead Ena-Marié Louw (CFE) and Senior Fraud + Risk Analyst Jessica Hookins, CAMS share advice on how to identify these scams and how enterprise businesses can keep themselves and their customers alert: https://lnkd.in/dnqWue7Z

Stitch has been recognised as one of the 100 most innovative fintech startups on CB Insights' 2024 list. 🙌 Today, Stitch products enable enterprises to accept, send and manage their money online. But there's more – our team is hard at work building on our existing product stack to expand our offering in an entirely new space. Keep an eye out to see what's coming soon. In the meantime, take a look at the latest global fintech landscape from CB Insights: https://lnkd.in/ddsvFEDF

"Personalisation is absolutely key for the younger generation. They expect online shopping to be fast, convenient and seamless - that is the baseline. Beyond that is what you need to build to create that brand love." At our recent Scale Summit, we discussed how consumer behaviour has evolved over the past few years, the influences that have led to these shifts and what strategic optimisations successful South African enterprises are implementing to win in a competitive retail environment. Some key takeaways from the first panel of the day featuring Laurian Venter (OneDayOnly.co.za), Luke Jedeikin (Bash) and Carlien Parsons (The Travel Corporation), and moderator Jessica Manthey: 📌 'Traditional' notions of consumer personas are out. Today, businesses aren't looking at LSMs and demographics; they're segmenting customers by interest, irrespective of where they live or how much they earn 📌 Brick-and-mortar stores aren't dead. Consumers want a seamless omnichannel experience, and they want the ability to choose how to shop - be it online, in store or a blend of both 📌 Customers still want a human touch. This is particularly true when it comes to high-value purchases like travel bookings; the ability to speak to a person who can empathise and advise helps to build trust Watch the full recording from the panel below to gain more first-hand insights from some of South Africa's most successful businesses: https://lnkd.in/dKUNEuyN

"E-commerce is undergoing a fundamental change that is reshaping how customers buy and companies sell." How? Next-gen e-commerce. While generative AI has captured the attention of execs over the past year, a subtler surge of technology-driven innovation is transforming nearly every facet of e-commerce. This integration of technology is driving a more unified approach to next-generation e-commerce, whereby a broad ecosystem of capabilities like R&D logistics, warehousing, and marketing and sales are increasingly interconnected. This broader integration holds potential for improved performance, greater productivity, higher profitability and enhanced customer experiences. In its recent report, McKinsey & Company analysed the actions of leaders whose businesses are growing at 10% higher above the sector average to understand their strategies and how they're distinguishing themselves from the competition. Here, they uncovered five truths about next-gen e-commerce they define as the cornerstones of success: https://lnkd.in/ed-62dPq

We recently secured ISO 27001 ISMS certification for our information security management practices. What does this mean? Meeting the stringent requirements of ISO 271001 ensures that all client and customer data is maintained at the highest level of security with Stitch. ISO 271001 is the globally recognised international standard that outlines best practices for an Information Security Management System (ISMS). The certification ensures that compliant businesses take necessary steps to protect their information systems and the data they work with - which is particularly critical in the payments space. Stitch Director of Security and Infrastructure Barney De Villiers explains: "The ISO 27001 certification is a testament to our focus on information security at Stitch; maintaining high security standards remains a key aspect of our culture, not an add-on." Keep reading to find out how the certification enables us to better serve our clients and the impact it has on the industry as a whole: https://lnkd.in/dExREegB

Why is Pay by bank the preferred payment method for deposits into crypto exchanges and other digital accounts? Capitec recently announced a restriction preventing their customers from using manual EFT or traditional bank transfer to deposit funds into crypto exchanges. Why? Manual EFT is harder to track and manage from a fraud perspective - and it takes longer for funds to settle. However, Capitec customers can still choose to deposit into crypto exchanges via Capitec Pay - if their preferred exchange has partnered with a PSP to enable Capitec Pay deposits. For patrons of any bank, Pay by bank and bank-led APIs offer a better user experience, higher security and faster attribution of funds than manual EFTs. Stitch clients can also offer one-click deposits for returning users, enabling them to start trading sooner. Learn more about how bank to bank payment methods have evolved in South Africa here: https://lnkd.in/dKPhQUtr

What are the most common fraud risks in the South Africa's property market? And how can we ensure safe collections when it comes to high-value transactions? The real estate industry is has become an increasingly attractive target for fraudsters, affecting both the buying/selling and rental sectors. With the rise in online transactions and large sums of money changing hands, the opportunities for cybercriminals have expanded. And the same is true for any high-value deposit industries - from investments to savings to car or machinery purchases. But when it comes to property transactions, the financial commitments are substantial. Here, we outline the most common risks for buying/selling and within the rental market as well as how Stitch helps to ensure enhanced security and improve the collections process: https://lnkd.in/drAf34NE