Innovate to survive

Banks need to embrace a truly innovative mindset in order to remain competitive within the constantly evolving global economy. They need to provide a seamless transition between products and channels (digital and human) while enabling customers to self-customize their banking experience.

A panel deliberating on the new innovative techniques for fintech industry players, moderated by Robert Yawe, the CEO for Synaptech Technologies asserted that to attract and retain new customers, financial service organizations must increasingly build systems that adapt and evolve to customer demands.

Innove to survive the fintech space, averred Yawe who added that in this mobile-first, socially enabled world, customers have become highly demanding and empowered so their ever changing needs can only be matched by constant innovations.

Catherine Muraga, the CIO Sidian Bank who was a panelist said that banks need to better their current offerings to their current customers by exploring the untapped opportunities that would deliver customer convenience.

Everline Wangu Migwi, the Channel Lead for VMware in East Africa noted that banks have massive legacy systems involved into their operations that make them rigid and not easy to embrace disruptive innovations that would change the brick and mortar narrative.

“Failing to improve banking products and services can put the risk of losing customers to more innovative competitors like Tala in Kenya. Money lending apps are flexible.”  Everline Wangu.

The panel discussed that innovation will help improve sales and customer relationships, Reduce waste and costs, Boost your market position and Improve employee relations. They also pointed out that the sure way to kill innovation is to stay in an own corner, to avoid interaction.