Banking sector needs Internet and mobile banking to scale up their products, services and profits


The fact that the financial institutions both in the country and Africa in large has evolved tremendously in the recent years, the tradition line up in banking halls to execute certain services, still remains hectic to many.

The traditional banking models of conducting a majority of the banking transactions should be done away with, to minimize time wastage during the queue, reduce cost being invested in building bulk banking halls to accommodate a number of customers as well; it will cut the cost of labour since only few people will be needed to manage the daily running of the banks.
Promoting and investing in the adoption of internet and mobile banking to catch up with their European counterparts is one of the best new technology the banks should impress to improve their products quality, customer service and experience.

Even with some local banks have digitized their services, traditional forms of service delivery are still practiced such that one still has to physically sign with their signatures whenever they want to access certain services. In order to modernize and maximize profits, local banks have been challenged to be more innovative with technology.

Additional area that local banks are still performing poorly is their continued failure to update themselves on the profile of their clients leading to inaccurate segmentation when it comes to services delivery such as loans.

To improve the banking sector performance, Kenya is hosting the first Africa Financial Technology Conference that has brought together bankers and financial solutions technology companies across the continent with the aim of matching up the two.

However, with the continued increase in the access of smart phones, it is projected that more locals will eventually be in a position to use their phones as a banking tool.
Also, clear customer records will not only ease stress during filling reports, but also will curb loan defaulters from accessing loans from other banks thinking they have escaped their previous lender. This will be possible with banks sharing their customers information with their counterparts.