Staying in the game: 3 things banks need to do

In our last article, we were questioning if Kenyans really needed banks or if they just need banking services. We waded through some of the conventions that traditional banks have become accustomed to in an era where digital and mobile payments are brewing. We peeled and brought to surface the top trends affecting the financial technology market today. So, what then? What do banks need to do in order to stay in the game in our dynamic financial sector?

Our team of experts simplified the requirements into  three basic pieces of advice:

1)       Innovate

Always be ahead of the curve, this does not mean digitizing existing bank products but rather developing new financial products that address specific customer needs and pain points.

2)       Collaborate

There is need for a bank to open its ecosystem to partnerships with Fintech companies, leverage on existing infrastructure to extend services to existing customers and to acquire
new customers. It also needs to use big data to develop new products e.g. micro lending.

3)       Engage to stay relevant

As a bank manager, it is very important that you open interactive channels with your customers to gather insights into customer behavior & expectations – these channels may be either digital, which means that you would be acquiring customer transaction data or physical – getting feedback on the market trends and expectations.

The 21st century customer has grown to be quite dynamic. Bank need to not just grow, but to thrive.

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