Digital banking services changing Africa’s financial services sector – Expert


The Country Manager, Microsoft Nigeria, Ola Williams, says digital revolution is changing how banking gets done, as every bank is eager to evolve, using secure and compliant technology to fundamentally reimagine their business.

Ola Williams in a paper said maintaining a competitive edge and differentiation means understanding customer needs and adapting to market trends while reaching the under-served and the unbanked.

“For financial service organizations, the focus must be on driving and empowering digital transformation across their organizations end-to-end with a holistic viewpoint, embracing tech intensity rather than focusing on specific digital products and tools.

According to her, there are a number of key trends driving the evolution of the financial services sector.

“Customers are leveraging digital engagement channels more than ever, and in response, financial services organisations are seeking to deliver differentiated customer experiences. The rise in adoption of digital banking products during the pandemic has driven banks to expedite their digital transformation agendas.

She said Fintechs have had an agile approach to digitalization, and this is now influencing how enterprise organisations are approaching their digitalisation.

Speaking further, she said the industry is experiencing a level of regulatory scrutiny that is unprecedented in its intensity.

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