Alexander Forbes and its largest ever investment into digital services
(Norwich, UK, 12/07/2018) – Offering integrated retirement, investment, life and insurance solutions to create, grow and protect the wealth and assets of its corporate and individual customers, diversified financial services group Alexander Forbes intends to invest over $76mn in digitising the customer journey as well as upgrading its technology platforms.
In this month’s Business Chief Africa, Andrew A. Darfoor, Group Chief Executive Officer, provides an exclusive insight into how the business provides financial solutions and services to corporate and retail clients across seven jurisdictions in Africa.
Under a new transformative strategy titled Ambition 2022, the company is focused on helping its customers achieve financial freedom and improved outcomes.
“We want to have a bigger social impact across our markets. For instance, in our home market of South Africa, only 6% of South Africans can retire with any level of certainty or dignity, which by default means 94% can't. That's entirely unacceptable,” he explains.
“We therefore want to work with more people, both corporates and individuals to ensure that both employers and employees can work smarter to ensure that employees can reach retirement stage having much more set aside.”
With a long-term goal to support clients to make smarter financial decisions across a broad range of solutions, the company’s significant investment will reshape the way in which it engages with customers across its consumer operations and will support the development of new products and solutions.
“The journey for somebody who's a millennial is also going to be entirely different in terms of the journey of somebody age 55 and above,” he adds.
“It's a lot easier to go and buy the latest iPhone or flat screen TV rather than put that money towards pensions, savings or retirement. It's largely a question of education, intervention, and awareness. We’re trying to change behaviours to drive the right financial outcomes.