Research is showing that modern, tech savvy consumers are more willing than ever to trial new forms of payment methods: Especially the likes of smartwatch and smartphone powered NFC tech. Banks that do not integrate smart device wallets into their product offerings will find themselves left behind by such consumers.

Customers want their banks to understand and consider their desires, and want services that integrate with their tech-friendly lives. When banks sincerely understand and listen to what their customers want, they stay a step ahead of their competition.

Read on as we discuss the top 5 retail products that banks should consider:

Next Generation Rewards Credit Cards

Banks today are faced with much stiffer competition, especially when it comes to credit cards. It’s not as simple as just offering a credit card with a slightly lower interest rate than your competitors… Banks need to start thinking outside the box.

Rewards credit cards are specifically designed to reward customers for past purchases and to provide them with incentives for making future purchases. The rewards can be anything from ​​cashbacks and interest-free periods, to flexible fee structures and other unique offers, loyalty rewards and discounts.

Traderoot’s Card Management System is capable of supporting the full range of card products: credit cards, debit cards and prepaid cards, corporate or personal cards, travel or gift cards, loyalty and reward cards. The system can also support and manage virtual cards, e-wallets or any other type of payment token you might wish to provide your customers.

Democratisation of Investments

The democratisation of investments essentially means giving those with limited wealth access to a larger range of financial and investment products by pooling their money. Unfortunately, many of the opportunities to invest in successful companies are limited to a relatively small number of people who are considered ‘qualified investors’ due to their wealth. It is now time to democratise investment opportunities by giving everyone the same investment opportunities.

Banks and other financial institutions are thus slowly starting to utilise digital platforms that give people with limited funds access to a broader range of investment products by pooling their capital.

Green Deposit Accounts

The world is finally beginning to realise the importance of the environment and our impact on it. Many investors are conscious of this fact and want to invest in environmentally friendly projects. Green deposit accounts are regarded as a fixed-term deposit for investors who want to invest their cash reserves in environmentally friendly projects. These projects range from renewable energy, waste management, greenhouse gas reduction and sustainable resource management.

SME Banking Platforms

SMEs account for the majority of businesses in the world so there’s an incredible opportunity for banks here. Banks can offer their clients a sophisticated SME banking platform which provides them with the tools tailored to their specific needs. Business owners want to spend less time banking and more time actually growing their business. An SME banking platform can help bring a community of like-minded companies together, helping them connect across the supply chain and with consumers, whilst giving them a complete overview of their company’s finances and helping them manage it.

Seamless and Omnichannel Payment Solutions

Customers expect payments for their purchases to be a seamless process, so developing payment solutions that facilitate multiple channels is essential. Your customers want to be able to pay by whichever method suits them best at the time – card, mobile or online – and they want a single real-time view of their transactions, independent of the channel.

Traderoot’s Payment Service Provider – Channel  (PSP–Channel) is an all-in-one solution that can acquire, authenticate and route transactions across multiple channels in real time. It supports full functionality for all payment channels, including mobile, P2P, P2B, debit and credit cards, and prepaid cards. Traderoot’s PSP–Channel product ensures seamless and secure payment acquiring and aggregates the transactions into a single channel.

The solution provides a uniform outcome, whether your customers make card-present transactions at an ATM, kiosk or point of sale; or card-not-present transactions such as e-commerce and m-commerce transactions.

If your bank is looking to explore any of these products, the team at Traderoot Africa would be more than happy to discuss your options.

Our team’s expertise, experience, and knowledge of the fintech space enables us to provide you with world class assistance and guidance. Have a look through our website to learn more about our solutions or simply contact us at this link, and we’ll come back to you with a holistic and tailored offering that suits your needs. Alternatively, email us on or call +27 (21) 551 5444.