Digital is disrupting the way banks deal with customers

Technology has been fuelling a transformative shift in the finance industry with customers getting used to well-designed products and services, even selective about what they choose to use.

During the second annual Africa BFSI Summit in Nairobi, it was agreed that CIOs have a big role to play, and are at the epicentre of this revolution.

“The only way for banking to survive digital disruption is an experience mindset implementation,” said Kunle Awosika, SMC Lead, Multi Cluster Countries (MCC), Microsoft adding; “Competition in the industry is growing at a rapid pace as customers are receiving more and more opportunities and offers every day.”

Themed to Transform Innovation for a Better Africa, the two day financial technology event was hosted by Tradepass in conjunction with CIO East Africa, ahead of the East Africa regional Fintech summit slated in May.

Herbert Olowo, CIO Stanbic Bank Uganda, who was attending the summit noted that putting a focus on data both internal and external to create a model that customers resonate with, will help push the fintechs agenda even further.

“To ensure your fintechs organization’s success in the future, it is time to change the focus on your customer requirements and desires is critical,” he said. “Focus on data to understand customers better and meet their needs.”

It the customer needs, perception and experience that play a key role in the digital economy. Customers can now actively consume digital banking services from both traditional banks and fintechs, and are no longer loyal to only one bank. They often switch from one bank to another or even use several financial services simultaneously, especially via mobile applications in the quest for top-notch services.

Also speaking at the forum was Javier Hermida, Head of Digital Channels for Africa at Temenos who opined that digital technology is certainly disrupting the banking the experience.

He said, “Digital is disrupting the way banks deal with customers and technology is fueling the transmission shift.”

The summit hosted regional technology practitioners in the financial space.