Picture: 123RF/LDR PROD
Picture: 123RF/LDR PROD

In this edition of Business Day Spotlight, we’re looking at how technology is being used to give consumers access to the best deals for financial products.

Host Mudiwa Gavaza is joined by Michael Bowren, CEO of Fincheck, to discuss the issues.

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Fincheck is an online financial and loan comparison website for SA.

Bowren describes it as a marketplace where consumers can compare and find the best deal for financial products such as vehicle finance and life insurance.  

Business Day Spotlight host Mudiwa Gavaza. Picture: DOROTHY KGOSI.
Business Day Spotlight host Mudiwa Gavaza. Picture: DOROTHY KGOSI.

Fincheck has partnered with about 80 of SA’s big banks and microlenders to supply the people that come to them with options that match their financial profile.

Bowren says they started the business five  years ago in response to the high levels of indebtedness in the country, driven in part by a lack of consumer education and predatory lending practices.

“The real crux of our model is taking the SA insurance, banking and lending industry, and putting it into one marketplace so that people can compare it with an independent eye,” he says.

The discussion focuses on Fincheck’s business model, a recent partnership with Dashpay to compare products using point-of-sale machines, the effects of Covid-19 on the industry, consumer technology adoption, whether there’s enough room have more players in the market and an outlook for lending in SA.

For more episodes, click here.

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 Business Day Spotlight is a MultimediaLIVE production.

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