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Banks urged to adopt tech fast

by biasharadigest

Banks urged to adopt tech fast

Kunle Awosika
Microsoft Kenya Country Director Kunle Awosika during the interview at the company’s Upperhill office. October 2, 2013. PHOTO | DIANA NGILA | NMG 

Global tech giant, Microsoft has urged commercial banks to fast-track adoption of technology to mitigate costs and create new customer-centric products that help grow their business.

Microsoft Small, Medium and Corporates, Middle East & Africa director Kunle Awosika said use of outsourced cloud services will greatly help reduce operational costs as well as ease reliance on internal IT security.

Speaking in Nairobi during the Banking, Financial Services and Insurance (BFSI), Mr Kunle said, “banks should be adopting cloud technologies such as ‘hybrid’ to reduce costs, analyse data to create more personalised services and enhance use of customer-focused online channels for better service delivery.

With digital transformation evolving at a much faster pace, Mr Kunle observed that banks and traditional companies lacked internal capacity to keep up with the digital technology trends in the market hence the need to outsource the cloud services which will give them a chance to concentrate on their core business of lending.

Africa Temenos head of digital channels, Javier Hermida observed that rising demand for good customer experience would best be achieved via adoption of IT based solutions riding on cloud which enables customers to access banking services on-the-go.


He said banks that ignore IT adoption risk losing their market share since customers now spend more time online than before when many spent hours on end queuing in banking halls.

The technologies fueling the transformative shift in the banking business sphere include data and advanced analytics, blockchain, cloud and incorporation of artificial intelligence, voice as well as biometrics.

These environmental technologies, experts say, pose a relentless disruption in the business model hence the need for bank staff to be equipped with new skills.

“Skills concern is a rite of passage,” says Mr Kunle adding that changing roles for the finance, banking and industry workforce demands that workers be able to multitask.

The new banking world is data driven where transactions ride on a predictive customer intimacy that enables banks understand their customers better.

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