Transforming the Financial Services landscape in Africa will be a critical driver of economic prosperity across the continent, a banking summit has been told.
Microsoft Country Manager for Kenya Phyllis Migwi indicated that the rise in adoption of digital banking products during the pandemic has driven banks to expedite their digital transformation agendas as more customers leverage digital engagement channels. As a result, digital-forward banks are leading the way when it comes to investing in digital experiences for high-value offerings such as lending.
“At Microsoft, our mission is to help financial institutions grow responsibly and deepen their customer
relationships by delivering differentiated customer experiences, modernizing payments and core
systems, managing risk and improving risk modeling, combatting financial crime, and empowering
employees,” said Migwi, during her keynote presentation titled “Connected Banking: Opportunities
The forum further heard how the pandemic has spurred the need for financial institutions to adapt to changing work patterns, embracing digital tools for their employees’ communication and digital revolution to change how banking is done. Every bank is eager to evolve, using secure and compliant technology to fundamentally reimagine their business.
Wole Odeleye, the Financial Services Technology Lead for Microsoft Africa said: “Microsoft supports financial inclusion by providing the various platforms required to make it easier to attract, capture and retain customers. From internet banking solutions to the necessary back-end solutions that provide productivity tools for employees, Microsoft provides a seamless engagement with customers.”
In addition, and with fraud on the rise globally, banks are looking for new approaches to fraud protection. The industry is experiencing a level of regulatory scrutiny that is unprecedented in its intensity. Financial institutions that best manage their regulatory and compliance data will be on a path to stronger risk management and improved operational efficiency, the forum heard.
“At Microsoft we are focused on trust, and we adhere to the strictest security and privacy standards in the industry to place banks in control over security, encryption, and governance,” commented Migwi. Mindful of the multiple challenges faced by the Financial Services Industry, Microsoft has developed Microsoft Cloud for Financial Services, trusted cloud to accelerate innovation for sustainable growth.
The solution provides capabilities to manage data to deliver differentiated experiences, empower employees and combat financial crime while facilitating security, compliance, and interoperability.
“Financial services organizations can unlock new value creation through embedding digital collaboration into workflows, surfacing meaningful data, and tailoring customer service all with trusted capabilities that facilitate actionable insights, drive efficiency and enhance customer and employee experience,” says Odeleye.