Presented by Temenos

Why African banks need to embrace digital technologies

African banks need to learn from the continent’s top telecommunications companies to provide accessible financial solutions that support all Africans.

This is according to Temenos Managing Director for MEA, William Moroney.

“Telecommunications companies have capitalized upon the sluggish attitude of traditional banks and launched their own customer-friendly mobile money products,” said Moroney in a recent blog post.

“The banking community remains relentlessly conservative and has taken few initiatives to help the unbanked and those outside metropolitans and urban areas,” said Moroney.

This is evident given that so many banks are closing their physical branches, limiting rural customers’ access to banking services.

In contrast, Moroney highlights that telecommunications companies have prioritized unserved and underserved areas regarding connectivity.

This has opened up new opportunities for these telecommunications businesses to offer lending, insurance, savings, and other financial products that banks traditionally provide.

Moroney’s blog post provides examples of connectivity driving mobile and digital payment solutions across Africa’s top telecommunications companies.

He implores African banks to work with these telecommunications companies to get back into the market.

Learn more about digital banking

Temenos is hosting a virtual roundtable focused on helping banks embrace digital technologies and find a route back into the broader market.

Temenos is well-positioned to provide insight into this important topic as a leading player in the digital banking solutions industry.

Respected industry players will join experts from Temenos to explain how banks can profit by embracing digital technologies that serve both new and existing customers.

Key insights from the roundtable discussion include how to:

  • Use personalization to improve the digital banking experience.
  • Increase cross-selling opportunities to drive profitable growth.
  • Leverage data to provide deep customer insights and enhance business value.

The virtual event will take place on 27 July 2022 from 10:00 – 11:30 SAST, and if you are operating in the African banking industry, it is a must-attend event.

Click here to sign up for the Temenos event.

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Why African banks need to embrace digital technologies