Digital Banking: #TheNewNormal

KPMG PUBLICATIONS

Setting course in a disrupted marketplace

Today’s leading financial services companies are operating in a new and more complex environment; one where the fundamental definition of how customersexperience and interact with a bank is being challenged and redefined.

The goal for leading banks is twofold. First, to proactively capitalize on disruption by growing market share and increasing margin; and second, to vigorously protect high value segments and clients. Banks who are successful at both will create shareholder value and a long term competitive advantage.

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#DigitalBanking

Digitalisation in banking continues to be perceived both as an opportunity as well as a challenge. The banking sector is witnessing new breakthroughs that have the potential to redefine how banking services would be offered in the coming years. 

For banks, execution will be key in the future. Digitalisation is a playing field where the winner shall be decided based upon path breaking innovation, flexibility to adapt and successful implementation of ideas. Going forward, banks will need to collaborate, integrate and automate to take their digital journeys, to the next level.

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Banking: Realizing the need for speed

Results of our 2016 Banking Industry Outlook Survey indicate banks have made progress in recent years. In many respects, they are in good shape and are optimistic about the future. New models are evolving and innovative approaches emerging. Yet, the strides are small. Banks need to fast track digital integration throughout their organization. Digitization has to become the foundation for their business. And the need for speed is more important than ever before, as a new banking landscape unfolds, bringing with it a continuous wave of new competitors. The big and strong are no longer guaranteed to win. Speed and agility count just as much…if not more. And the time to accelerate is now.

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Payment Developments in Africa 2015, Vol I 

Historically banks have been in control of payment mechanisms. Today we are seeing a shift, where mobile operators are challenging the status quo and providing innovative solutions for mobile payments and banking.

In this edition we offered a forward-looking perspective on the payment challenges facing Africa’s markets. We also examined the ‘silent revolution’ now underway across Africa’s financial services sector and looked at how Africa’s Financial Technology (FinTech) companies are helping markets leapfrog the legacy challenges faced in other parts of the world.

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Payment Developments in Africa: The Payments Journey, Vol II

As Africa continues its growth trajectory and foreign investors – financial services organisations and others – seek new investment opportunities across the continent, Africa’s payment systems are becoming an increasingly important topic.

In this edition, we take a closer look at many of these trends and discuss how they are impacting the payment sector. This report kicks off with a profiling of Ghana and Tanzania. We then go on to explore how the payment sector is evolving at a regional level with WAEMU (West African Economic Monetary Union). We then review latest FinTech trends, investment numbers and emerging technologies.

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