How To Effectively Bring Digital Transformation In BFSI

Multiple sectors in Africa are taking on the digital transformation trend, and this doesn’t exclude the Banking and Financial Services Industry (BFSI). As a matter of fact, everything revolves around money first, making this industry need to transform digitally more than any other industry.

At the Africa Banking Summit, a panel delved into the digital transformation topic for BFSI, seeking to answer the question of how it can be done effectively in Africa. Moderated by dx5’s Chairman, Harry Hare, the panel of four looked at the components of digital transformation as itself first before thinking of digital transformation in the banking sector.

Lanre Bamisebi, the Executive Director – IT and Digitalization, Access Corporation, was among the panelists and he said that the first thing a company needs to look at should not be technology. Bamisebi advised the delegates to look at the endpoint that they would be working towards in their digital transformation journey and use that to dictate the journey itself and plan their priorities.

In agreement with Bamisebi, Steve Njenga, the Founder and CEO, Metis Technology Solutions Ltd, said that digital transformation is also a business undertaking and it is important to look at that.

“My definition of Digital Transformation is rewiring your organization so that it can deploy technology and generate business values. What I have seen in most banks is a business transformation because digital transformation is something that cuts through different departments in the company and so everyone needs to be onboard,” Njenga remarked.

On his part, the current CIO of the Year and the Head of ICT and Innovation at Cooperative Bank Kenya, Charles Washika, described digital transformation to be like a house where every detail is important to making it whole.

“It is almost like a house. At the top is the vision which has to be customer centric and supported by the executive team. Then you look at the objectives that you have in that vision. Do you need to move fully digital? Then you get to the themes that will move you to that vision. Then look at the initiatives that you will put in place to achieve that vision. As you move down to the foundation, you get the capabilities that you will put in place for instance agile mindset, cyber security. So it’s not just technology,” Washika remarked.

The Smart Banking Summit continues on 23^rd May with more topics around technology and how it can be integrated into the BFSI industry. The summit has attracted top experts in the technology and BFSI sector in Africa.