Currently, insurers must compete not only among themselves, but also with insurtech startups and disruptors. This event focuses on the latest trends in channel management, digitization, customer-centric strategies, digital customer journeys as well as product innovation.
An interview with Ms Mwanahamisi, Head of Alternate Channels, KCB Bank, Tanzania.
1. How do you see East African banking 5 years from now?
· More Branchless with more sophisticated technology as brick and mortar banking will be taken over by mobile and Internet banking ,as well as focus on innovations of systems to accommodate technological changes as well as much on its concentration to be on social and digital communities.
2. In your opinion, how can digital transformation and innovation in banking help in achieving a competitive edge?
· To compete in this market Banking should be able to Simplify Today’s demand of banking; anytime, anywhere banking which could be through Agency banking, Mobile banking, E-commerce and other technology means. This requires banking to adapt on current trends to be able to compete effectively with the fast upcoming of the MNOs.
3. In your opinion, which innovations and disruptions will make a mark in the coming years in regards with the banking sector?
· Innovation is rapid on Mobile Banking which at the same time is a Disruption to the banking industry: hence Banks should not take Mobile Network providers as a threat rather as an opportunity for expanding products and partnering with them in order to offer different products to cater for customer’s needs.
4. In addition to implementation of new technology what measures and strategies should the banks develop to be well guarded against limitations of security and risk?
· Banks should have a proper structured KYC (Know your client), mechanisms of encryption, protection, authentication, and verification as backgrounds of perceived information security in Electronic commerce as well as personalized banking tracking systems to manage customer risk.
· The focus should be on internal experts to manage risk, compliance and security. Legal, risk and compliance should be business partners and consultants to the innovation process and not the gatekeepers. Regulators should understand business challenges so as to simplify transition on technological changes in banking industry.
5. How do you think this conference will benefit the participants?
· Participants will be able to Share existing challenges and demand of the increasingly dynamic environment of the current and future customers
· Identify the challenges facing banking sector in Africa and ways of inventing them as well as learning new techniques from other financial sectors across Africa.
Interested in this topic?
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