Technology is changing everything around us, from how we order takeaways to how we’re socialising with friends. Many of the new companies popping up everywhere are using technology to their advantage by creating new business models in already established industries.
The only downside is that it’s hard to keep up with what’s out there. We’ve gathered a list of a few local brands that Team Naked think you might like!
10X Investments: Provides a range of simple, effective, low cost solutions to saving for retirement
The 10X platform is transparent and simple to use – you know exactly what you’ve paid, how it’s grown in value, and whether you’re on track for your retirement goals.
With only an estimated 6% of the South African population who say they are able to retire comfortably, 10X is trying to change the way people invest their money for retirement.
Here’s why they appeal to some of the team:
- 10X has created an easy to use investment platform that’s 100% online – there’s no paperwork or phone calls. It’s easy to use, understand, and is transparent – you know where and how your money is being invested and how much to invest to achieve your retirement goals.
- Due to their technology and their simplified investing strategy (they use index tracking to invest their clients’ money), they are able to charge you lower fees of 1% compared to the industry’s average of 3%.
TymeBank: A 100% digital smart bank that saves its clients’ money with a pay-as-you-use service
TymeBank is a purely digital bank that offers South Africans a convenient, uncomplicated and cheaper way of banking. They are keen on transparency, making sure it’s easy for you to know exactly what you’re paying for and what’s free. They want to show South Africans how money really works, by empowering them with the skills to best manage their money.
Here’s a look why TymeBank caught a couple of our teammates’ eyes:
- They are a paperless, all digital bank that allows you to sign up as a client online in under five minutes with no phone calls required. To verify your account, collect your card and draw cash, you can pop over to any TymeBank kiosk inside Pick ’n Pay and Boxer stores nationwide.
- TymeBank charges you for transaction costs instead of monthly fees. The transaction costs are said to be 30% – 50% lower than other banks. Part of what allows them to save money and keep their fees low is due to not having any bank branches.
- One of their products called GoalSave claims to give you up to 7% interest on your savings (8% if your salary is deposited into your TymeBank account). On top of their unique benefits, they offer the stock-standard benefits that other banks offer as well, meaning you can still capitalise on rewards while saving money.
SweepSouth: A platform where you can conveniently book a home service you need
SweepSouth offers clients convenient, reliable and flexible home services while offering their employees dignified work opportunities. After realising the inefficiencies that exist in the domestic service industry in South Africa, it became their mission to “create happy homes by providing dignified, flexible work at decent pay to our SweepStars (employees); and a hassle-free and reliable service that gives time back to our clients”.
Here’s a snapshot of why some Naked team members like to use SweepSouth:
- On SweepSouth’s slick interface (web and app) you can book a SweepStar to either clean your home, tidy up and help maintain your garden, to help with caregiving, heavy lifting and even maintenance on your home. You are able to customise the service by stipulating whether you have your own cleaning products and by indicating exactly what needs to be done and what can be excluded.
- SweepSouth gives their SweepStars access to a network of clients in which they can dictate where they want to work and when. The SweepStars will also earn up to 80% of the booking fee (plus 100% of the tips). Of the thousands of people that SweepSouth has employed, 71% were previously unemployed. Plus 74% of the current SweepStars are the breadwinners at home.
Yoco: Makes receiving card/online payments simpler
Previously, it has been hard for entrepreneurs to get their hands on card payment machines in order to grow their business. Yoco was founded to help small businesses grow and get paid through tools and services – most notably, their nifty portable card machines and online payment services.
Here’s a quick look at how Yoco got on our radar:
- Yoco has made card payment services more accessible and affordable to small business owners. Any entrepreneur can order a card machine in under five minutes and receive it within a couple of days for a once-off fee. Or they can make use of Yoco’s online payment services where a card machine isn’t required (sign-up is free).
“A solution like Yoco does mean that restaurants, cafés, and service professionals have a way of accepting card payments without having to tie themselves to the card-reader technology or network provided by a particular bank. And at this stage, it seems to be getting its merchants set up a lot faster than banks do too." – Stuart Thomas, VentureBurn - Along with the machine or online payment service, Yoco offers business owners access to a number of impressive technological resources: the Yoco app to add products, track sales and send digital receipts, a free business portal that provides valuable insights to all of your transaction data (allows you to track sales, see what the current best seller is, compare performance, etc.), plus online support 365 days a year.
EasyEquities: Makes buying shares easy and affordable for everyone
Investing has traditionally been perceived as difficult and complicated and only for professionals. The goal of EasyEquities is to remove the “tricky tech, jargon and complex functionality” and make buying shares “easy, cheap and fun ... ensuring that anyone can own shares in the companies they love.” They’ve built an online platform, with the help of their customers, that is easy to use and engaging.
Here are a few points on EasyEquities that stood out for us:
- EasyEquities has made investing and buying shares more easily accessible to anybody who wants to start but doesn’t know how. Their web and app has a step-by-step journey for you to follow: sign up, add money to your account, narrow down the companies listed on EasyEquities that you want to invest in, decide how much, click a button and watch your money grow. There is also no minimum amount you have to invest nor is there a monthly fee – users can invest whatever amount they have, making most shares available to anyone.
- They are 100% clear on all of the costs and fees that you will pay – it’s all communicated upfront and you’re given a breakdown on your invoice.
- They aim to help you learn in any way they can. They have a bunch of resources to help you if you have no idea where to start: a blog page dedicated to those new to investing, video tutorials, and the Riskalyse tool which helps you to match the amount of risk you are willing to take with appropriate investments. When you sign up for an EasyEquities account, you also get a demo account where you can practise investing.
Tech is making its way into many facets of our day-to-day lives. It’s really exciting to see other brands using technology as an opportunity to make things more instant, affordable, and more transparent – just like we’re doing at Naked!