The African Banking & Financial Technology Forum

November 2001

In 2001, paynet sponsored the African Banking and Financial Technology Forum whose key objective was to provide a broader understanding of the most successful strategies for banks seeking to take advantage of the next phase of the e-business revolution.

Transformation in the banking and financial services industry continues to be driven by globalization and consolidation at a national level, moving across borders and impacted by increased competition and ongoing margin erosion.

Following the first wave of online financial services and Internet banking, most banking players have failed to harness new technologies. Multi-channel and customer value driven banking models are emerging as the potential winners in most segments of the banking and financial services industry, with new integrated multi-channel players able to take advantage of traditional brick-and-mortar presence and the best of the new electronic channels.

However, combining the best of the physical networks with existing and new technology-based delivery channels and access points that are available with wireless and broadband technologies is not an easy strategy to execute in a volatile economic and business environment.

This scenario, the unprecedented discontinuity brought about by the e-business revolution is escalating to the next stage, where both incumbent and new players need to build a sustainable competitive advantage based on flexible and innovative organization, new skill sets and cultural changes.

Technology will continue to be a major enabler of industry transformation. optimizing internal and external processes to gain cost control, innovative products, services and solutions, enhanced value in customer relationships and changing the economics of several segments of the banking industry.

Banking and technology executives must drive innovation to maintain their leading role in successfully implementing their business agendas.

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