Banking operations reimagined - by Eshmael Mpabanga, senior manager in the financialservices practice at Accenture in Africa ~
Forces of change are reshaping banking. The last time the banking industry experienced steeply rising rates off a shallow base was in 2005. Over the past 18 years, low rates have had the effect of a Big Bang, shattering the fundamental equation of banking , severing the connections between related offerings, and dramatically disrupting valuations and markets.
By leveraging these insights, banks can design and deliver personalised products and services that address individual customer needs, enhancing overall satisfaction and loyalty. It leads to a seamless omnichannel experience, integrating physical and digital touchpoints to offer a consistent and personalised journey.
Additionally, automation helps ensure compliance with regulatory requirements, enhancing operational transparency and risk management. AI-powered fraud detection systems monitor real-time transactions, minimising the risk of fraudulent activities. Moreover, machine learning algorithms analyse vast amounts of data to identify patterns, detect anomalies, and offer insights that drive strategic decision-making, risk assessment, and product development.
Collaborative partnerships with fintech firms and cybersecurity experts can further bolster banks’ ability to detect and respond to emerging risks proactively.In the age of interconnectedness, banks should forge strategic partnerships with technology providers and industry experts. Collaboration allows banks to tap into external expertise, gain access to innovative technologies, and drive the co-creation of cutting-edge solutions.
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