By Ademola Adewale
The next phase of banking sector reforms and consolidations in Africa’s most populous nation will be driven, not by the industry regulator or by industry or market forces but, by technology, technology and technology.
Computing technology has become a key business driver for Keystone Bank as we embark on a comprehensive overhaul of our systems, processes and human resource assets and capabilities.
Like financial services institutions all over the world, Nigerian banks are increasingly realizing the transformative powers that technology can inject into their products/service delivery offerings and by extension, their reputations and expanding balance sheets. Continue Reading »
By Miles Nosler
Over the last few years, whenever I saw an IBM Smarter Planet commercial on television I wondered what was behind things like Smarter Transportation? Smarter Cities? Smarter Commerce?
Since then I’ve come to understand what the Smarter Planet concept is about – tackling Big issues with smarter, interconnected technologies to improve the way we live and work. But, it didn’t truly sink in until I started crunching some Big Data with an IBM mainframe. Let me explain.
If someone told me I would take the top spot among 4,600 very smart students competing in IBM’s Master the Mainframe contest, I wouldn’t have believed it. But that’s exactly what I did, and now I have in-demand technical skills on my resume that are landing me job interviews. Continue Reading »
By Alejandro Valenzuela
Not many companies can say they’ve been in business for more than a century. As the CEO for Grupo Financiero Banorte, better known as Banorte – Ixe, one of Mexico’s largest banks, I’m proud to say we’ve been serving our customers since 1899. You can imagine how many changes Banorte–Ixe has gone through the course of 114 years—where the exchange of monies once came in the form or bartering and loans were handwritten on paper, banking is now marked by national currencies and automatic tracking through intricate technology systems. Today’s banking industry looks and operates in a very different way to how we began.
Every transformation we’ve underwent as a company has been in response to the changing needs of our customers. We started as a very small local bank in Monterrey, and here we are, 2013, as the third financial institution in México. We find our business undergoing yet another shift, but again, with the same focus in mind: our customers. Continue Reading »
Africa is already well known for leapfrogging the rest of the world in use of mobile money, but African countries now have another big leapfrogging opportunity: big data analytics.
Across the continent, there’s a tremendous potential for using data analytics in powerful new ways in a wide range of industries and domains, from telecommunications and banking to transportation and healthcare.
The big data opportunity for Africa came into sharp focus this week when IBM CEO Ginni Rometty and key members of her executive team visited Africa to meet with clients and government leaders. “Going forward, data is going to be THE source of competitive advantage,” Rometty told a South African audience.
By Marcelo Lema
By Suresh K L
Like many other countries in Africa, Ghana’s banking sector is in the midst of its most transformative phase.
The sector has expanded substantially over the last ten years, characterized by branch expansion and increased capitalization as financial institutions move to meet growing demand for consumer banking services across the country.
This is due to the continued economic growth, foreign investment, increasing diversification and a number of large investments in both the private and public sectors in Ghana and across Africa.
New technologies are helping to drive a wave of innovation across the African financial services sector as banks create new and accessible banking channels and take banking services to previously unbanked parts of society.
By Dennis Bancod
Rizal Commercial Banking Corporation (RCBC), one of the leading private domestic commercial banks in thePhilippines, has grown rapidly over the last five years. To continue this momentum, we’ve set a goal of adding 10 million new customers by 2014. Many of these will include the so-called “unbanked” – farmers, small business owners and others in provinces of the Philippines where ATMs and bank branches are more scarce.
Technology and the transformation of our business model will be two of the most important drivers behind RCBC’s ability to bring banking to the masses.
Traditional banking technology and business models were developed around the characteristics of urban areas: high density of clients, relative proximity to cash distribution centers and the availability of a telecommunications infrastructure, for example.
- By Steve Mills
The opportunities of Big Data are limitless for making business, the global economy and our society work better. The new reality is that Big Data has become one of our most valuable emerging natural resources.
This is due in large part to the economics around lower computing costs and the enormous advancements we’ve made in developing new technologies that can analyze data regardless of what kind, where it resides or how fast it is moving.
In financial services, Wall Street firms are generating five new research documents every minute. Nearly $100 billion in total sales are missed each year because retailers don’t have the right products in stock to meet customer demand. Earlier this month, the United Nations issued a report stating that the world has nearly as many cell phone subscribers as inhabitants.
By Tony Mwai
Ten years ago, if workers in Kenya wanted to send money to relatives across the country, they had two options – either pay a courier to take their wages back to their village or travel themselves, often spending a hefty portion of the wages on bus fare and then losing a day’s pay.
Today, in a just under a second, over 14 million Kenyans can send and receive money to each other in whichever part of the country they are, all thanks to mobile money transfer solutions.
Over the last five years, more than $16 billion has moved between phones in this country, indicating the untapped demand for access to reliable and affordable financial services in the palm of Kenyans. Continue Reading »