Owen Malambo is the new Digital Enablement Director at ABSA Zambia, and I got a chance to catch up with him to know what he thinks about the digital banking scene in Zambia, what digital banking success looks like, and what lies in store with all the recent competition.
Why are banks investing in digital technologies, what even is ‘digital’ for banks?
Banks are investing in digital technologies for many reasons. It drives competitive advantage, improves efficiency and manages risks which include regulatory compliance. In order to remain compliant, banks must be able to demonstrate that they are following best practices in security and data protection. This is especially true as we move towards GDPR.
Another reason banks are investing in digital technology is that it can help them reduce costs. By using digital technologies, banks can improve their efficiency and cut down on overhead expenses such as infrastructure maintenance and staffing costs.
How are banks facing new digital competitors?
Banks are facing new digital competitors in the form of FinTech startups who offer services like peer-to-peer lending or money transfers at lower prices than traditional banks. To stay competitive, banks need to invest in digital technologies so they can continue offering services that provide added value but at lower costs than their competitors do.
How do banks’ digital performances compare?
Banks’ digital performance varies greatly depending on how well they have implemented new technology into their operations or which areas they have focused on improving first (such as customer experience).
When are digital projects successful?
Digital projects tend to be successful when they are developed by people who understand both banking and technology – this ensures that the project will be completed quickly without sacrificing quality or security standards; something that’s important.