2nd Future Digital Banking Summit – East Africa

The disruption brought about by the COVID-19 pandemic has highlighted the need for Banks to continue enhancing their operational resilience. The pandemic has brought to the fore the need for banks to continue revamping their business continuity plans, talent management plans and operational processes. This will also ensure banks can operate sustainably as different stakeholders are increasingly demanding for sustainable operations from a social and environment viewpoint.

As Banks strive to thrive in a post-pandemic world, they must adapt to an evolving regulatory and more competitive environment. Banks should ensure they have capabilities to adopt to expected or foreseeable regulatory changes. Such changes may also be catalysts for consolidation in the banking industry, and banks should be prepared to take advantage of such opportunities which may be key drivers of organic growth in future. Banks in East Africa projected an increase in the use of digital channels by customers in 2021.

Over 60 percent of representatives of the banking industry expected that more than 75 percent of customer transactions would be conducted through digital channels. In 2017, only eight percent of the respondents cited a usage of digital channels of over 75 percent. Today, thanks to digital technology, Africa is the second largest banking market in the world in terms of growth and profitability according to a study conducted by the international consulting firm McKinsey and published in February 2018. While in most parts of the world, the banking sector is facing poor performance and sluggish growth, the African banking sector is in stark contrast as it is growing rapidly and is profitable at twice the global average. The 2nd Future Digital Banking Summit – East Africa will bring together 100+ Fintech super giants from across the KSA region.