Apr 28, 2020 Banking industry, digital age, Nenzeni Duma, Wesbank Motor
Banking in the digital age
Now more than ever, organisations across the world including the banking industry, have to rapidly transform their digital offerings and solutions. Transformation within the banking sector is not a new phenomenon, as over the last two years we have seen the introduction of digital banks, such as Thyme Bank, BankZero and Discovery Bank, causing disruption in the industry.
These influences have become more apparent most recently where globally we are faced with the COVID-19 pandemic. Many areas can benefit from this shift, such as the way we conduct our work and personal errands, and the ways in which we pay for accounts and do general banking. This shift means we now have to fully embrace the fourth industrial revolution.
The introduction of digital banks has definitely shaken the industry of brick and mortar, forcing these establishments to relook their current offerings and customer engagement. As more and more people review the possibilities of conducting all their banking activities online, traditional banks have had to devise new and more innovative ways of delivering required services to vast, forward thinking audiences.
It is now clearer than before that technology is affecting financial services in a multitude of ways. The pace of change is increasing and shows no sign of ever slowing down. Financial institutions are looking to the IT divisions within their organisations to do more to help ensure they are well positioned to succeed in the future. If the South African banking industry is to thrive in this rapidly changing landscape, IT executives will need to agree with the rest of the management team on the stance they wish to adopt.
Today, customers are particular about their expectations, as well as how they want to receive information and services relevant to their needs. The customer knowledge journey therefore has a large impact on the business strategy. In order to keep up with this new kind of “always-connected” customer, businesses must embrace technology to deliver an unmatched customer experience.
“Digital transformation offers businesses an opportunity to deliver on the expectations of modern consumers through a seamless experience, regardless of channel or place. In today’s fast-moving, always connected and always-on society, as a bank we see customers, with their specific needs, at the centre of our digital transformation journey”, says Nenzeni Duma, Group Chief Information Officer, WesBank Motor.
“We have seen the important role that technology is playing during the COVID-19 response. Now more than ever in human history, seamless digital platforms solving for customer connectedness and convenience are critical. WesBank continues to invest in initiatives aimed at making the customer’s experience for vehicle asset financing and leasing as seamless as possible. We are hopeful and optimistic that our agile modernization, monitoring and review of our systems into digital platforms will continually deliver to the needs of our customers,” concludes Duma.
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