BRUSSELS, 23 January 2018
Sabasaba Moshingi, chief executive of TPB Bank in Tanzania, tells in the latest episode of the WSBI Innovation Exchange video series about the urgent need for banks in Africa and elsewhere to innovate now and in the future.
Here is what Mr. Moshingi had to say.
Banking is changing. The world is changing. Customer expectation is changing.
FinTechs have developed more sophisticated means of engaging our customers. All of us bankers should take our time as CEOs, CIOs, and whoever is really thinking aloud towards having the new way of doing things.
Outsiders have been moving at a speed, that whether we like it or not, we have to change. Mindset is the key. And the management of institutions like banks and institutions that actually are very much traditional in nature must really have clear thinking about the way the world is changing and the way the innovation is coming onboard.
The world has changed with flow of information all over, and with now in case of actually my country, over 65% of the population are actually Millennials. That tells you we have to change the way with our clients and the only way to do that is to be innovative, to be able to engage our clients 24/7, so mobile banking is the way and also any other way that can actually make a client access to our account as quickly as possible, as seamlessly as possible, without necessarily coming to a bank. That is the only way we can be able to survive today, tomorrow and the day after tomorrow.
If you cannot be able to serve you a client instantly online, wherever he/she is, we will be out of this business very quickly. And this is something that we have to make sure that we embrace technology in order to be able to serve our clients 24/7, every day, every hour, every second and forever.
WSBI Innovation Exchange brings together experts from saving and retail banks from around the world to share their views on how digitisation and innovation is approached in local markets.
On-camera interviews took place on 21 September at the 2017 Business Forum in Barcelona, Spain. Experts were asked three pressing questions around digitisation and savings and retail banking.
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>> Learn more about the 2017 Business Forum