Victoria Falls, Zimbabwe – The future of finance in Africa is digital, and a recent conference aimed to chart the course. This past week, the “Banking on the Future” conference, a first-of-its-kind event hosted by EFT Corporation, brought together industry leaders in Victoria Falls (May 13-15) to focus on the explosive growth of online banking across the continent.
The three-day event featured representatives from the continent’s top banks who delved into the latest online banking technologies. Discussions centered on the immense potential for growth and innovation across African markets, with a clear message: Africa’s banking future is online and accessible.
Stephen Enderby, CEO of EFTCorp, emphasized the company’s longstanding commitment to driving this digital transformation. “The ‘Banking on the Future’ conference is a natural next step,” Enderby said. “By fostering collaboration and visionary leadership, we can create a more dynamic and inclusive financial landscape for all of Africa.”
The conference wasn’t just about theoretical ideas. With a packed agenda, attendees explored key areas that will redefine online banking: actionable strategies, fostering collaboration, customer centricity, and the transformative power of Artificial Intelligence (AI).
A thought-provoking keynote by Professor Adrian Saville of the Gordon Institute of Business Science (GIBS) challenged attendees to redefine leadership. Saville argued that successful online banking goes beyond just taking action. He highlighted the importance of building multi-skilled teams, crafting actionable strategies, and cultivating a growth mindset as the cornerstones of future-proof online banking. Saville further emphasized the need for businesses to understand market nuances, adopt relevant models, and foster a culture that embraces success.
Collaboration was a recurring theme. The conference stressed the need for fintech companies, traditional banks, and technology firms to join forces. By creating seamless, integrated online banking solutions, these entities can unlock a win-win situation for both customers and the industry as a whole.
Jon Causier from Simon-Kucher tackled common myths surrounding customer centricity. He debunked the idea that prioritizing customer needs means compromising on quality or price. Instead, Causier explained that understanding customer segments, their value perceptions, and price sensitivity is crucial for building successful online banking models that prioritize customer engagement and satisfaction.
The future of online banking isn’t just about people, it’s about data too. Experts from PWC, Riaan Singh and Mohil Subban, explored the transformative potential of AI in banking. They highlighted how AI can revolutionize customer interactions with financial institutions. From generating text and code to processing data and images, AI empowers African banks to scale online banking operations, reduce costs, and create innovative business models. Additionally, AI holds the potential to streamline and secure payment processes, ultimately enhancing the customer experience.
Carlin Wicomb, Chief Commercial Officer at EFTCorp, wrapped up the event by highlighting the importance of “Banking on the Future” in fostering dialogue and industry-wide collaboration. “Africa’s banking sector is poised for a new era of growth driven by technology,” Wicomb said. “EFTCorp is proud to be at the forefront of shaping this future.” The conference concluded with gratitude to attendees and sponsors, leaving everyone eager for future events that will continue to drive innovation and transformation in African online banking.
