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The CEO of FBNBank Ghana says banks must reshape their products and services by providing a consolidated offering to meet changing customer expectations.
He believes that changing customer preferences will drive their demand for seamless banking through different channels; instant payment on all transactions that are reliable and secure without delays or interruptions; and digital payment products that adapt to their needs and give them instant satisfaction.
Speaking on the topic: The Future of Banking After the Global Pandemic at the Virtual Digital Banking Summit 2020, Victor Yaw Asante highlighted the need for banks to adopt emerging technologies in the banking sector as they would drive changes in processes , products and service offerings. and commitment to customers.
According to him, the future of banking is based on three pillars: customer expectations, emerging technologies and an optimal business model.
Mr. Asante suggested that banks should focus on how to use data and insights to deliver a more personalized individual experience from content and insights to the value proposition a customer receives from their bank.
By shedding light on emerging technologies, Victor Yaw Asante stated that the technologies of the fourth industrial revolution will drive higher levels of customer experience and productivity in the banking industry. He said these technologies will combat data fragmentation and accelerate feedback loops to anticipate customer moments of need, allowing banks to quickly capture value.
He emphasized that “bringing these technologies together enables dynamic optimization, delivering a personalized product to a customer at the exact moment of need through a channel that is likely to maximize attention.”
He called on banks to put in place business models that are adaptable to ensure their institutions are agile and can respond quickly to rapidly changing operating environment.
“In the post-pandemic era, banks have an opportunity to challenge themselves and ask how they can achieve zero latency, zero touches, zero paper, across the board.
“They must continually invest to deliver innovative digital capabilities that leverage technologies to innovate faster and provide customized products to meet customers’ changing needs and habits.”
At the same time, it tasked banks with redesigning their processes to contain costs and improve efficiency, while automating all of their risk processes to ensure that risks are proactively mitigated in real time. ”
He recounted the significant impact that the rapid spread of the global pandemic, COVID-19 has had on the banking industry. This, he stressed, culminated in increased pressure on revenues and profitability; rating downgrades and impact on currency financing; decline in the quality of assets; operational restrictions and vendor support challenges, as well as intensified cyberattacks as a result of the increasing use of digital channels by customers and the activation of the remote work model by industry players.
Tapping into key imperatives for the banking industry, Victor Yaw Asante asked players to ensure they develop the right strategies to remain relevant given the evolving banking landscape and the broader application of technological innovation.
The Digital Banking Summit is a C-Suite platform that creates a medium for discussions on global trends and disruption in Digital Banking, how market players can seize opportunities and respond to trends, while focusing on topics Relevant issues such as FinTech Disruption, Financial Inclusion, Block Chain. and RegTech.
This year’s Summit had as its theme “Digitization of the banking sector – On the road to a cashless Africa” and was organized by the International Center for Strategic Alliances (ICSA). FBNBank Ghana and its parent, First Bank of Nigeria Limited, were the official banking partners of the 2020 Virtual Digital Banking Summit.
