Hosted by CNBC Africa and sponsored by Euro Exim Bank and Liquid Intelligent Technologies, the 2021 Future of Banking webinar showcased the key trends driving change in the banking industry.
The 2021 Future of Banking webinar invited industry leaders to unveil these trends during panel discussions.
Among the experts who joined us were Bongiwe Kunene, Managing Director of the Banking Association South Africa (keynote speaker); Dr Graham Bright, Head of Compliance and Operations at Euro Exim Bank Ltd; Andy Jury, CEO of the Mukuru group; Vimal Kumar Ambat, CEO of Airtel Money, Airtel Africa Operations and Samuel Sule, director and head of financing of Renaissance Capital.
Experts described the digitally induced changes in the banking industry and what needs to be done to stay relevant.
The top four emerging trends in the African banking sector for 2022 that have come to the fore are mobile banking, digital-only banking, banks collaborating with fintechs in the adoption of ppen banking services and the need to strengthen the compliance to cope with the rise of more complex and sophisticated financial services. cyber crimes.
In more depth, here is what was highlighted:
With the rise of mobile use in Africa in a context of limited technological access, online banking channels appear to be the preferred form of engagement. Banks are now implementing a mobile-focused strategy, either in the form of exclusively mobile banking brands or enhanced mobile apps with features like virtual assistants.
Digital only bank
The acceleration of the digitally driven economy means that the new normal in banking is engagement through a digital interface – or neo-banks. We are moving from cumbersome interactions at branch offices and product-centric organizations to more transparent digital experiences for consumers. Traditional banks are exploring technological solutions to follow the neo-banking model.
Open banking and FinTech
Banks are forced to rethink the customer journey in a digital world. This has seen fintech providers become potential rivals in the growing adoption of open banking. Open banking forces banks to make their own APIs (Application Programming Interface) more accessible so that third parties can create new products and services in addition to data. This has seen banks collaborate with Fintech to achieve this goal.
Cyber risk and financial crime
With the digitization of banking comes risks associated with cybercrime. Regulators are now stepping up compliance to deal with the rise of more complex and sophisticated financial crimes. Banks need to adopt advanced technologies like analytics and artificial intelligence to deal with this threat.
“Computers may just be the cheat code for our civilization to progress and advance at lightning speed, but it is also extremely vital to protect this asset as we protect our health, our home and our savings,” explained Ignus de Villiers, Group Head of Cybersecurity for Liquid Intelligent Technologies South Africa.
“Our responsibility lies in the protection of sensitive data and information stored electronically. As technology advances day by day, the threat level of cyber attacks has also increased over time. Businesses are particularly vulnerable because most of the company’s sensitive information is stored online, but individuals can also succumb to such attacks. This is what makes cybersecurity so essential, because anyone can be exposed anywhere in this digital economy. “