Microsoft has urged banks to transform the financial services landscape in Africa which will be a critical driver of economic prosperity across the continent.
While speaking at the Connected Banking Summit in Nairobi, Microsoft Country Manager for Kenya, Phyllis Migwi, said the rise in adoption of digital banking products during the pandemic has driven banks to expedite their digital transformation agendas as more customers leverage digital engagement channels.
As a result, digital-forward banks are leading the way when it comes to investing in digital experiences for high-value offerings such as lending.
“At Microsoft, our mission is to help financial institutions grow responsibly and deepen their customer relationships by delivering differentiated customer experiences, modernizing payments and core systems, managing risk and improving risk modeling, combating financial crime, and empowering employees,” said Migwi
During the pandemic the financial institutions were stimulated to adapt to changing work patterns, embracing digital tools for their employee’s communication and digital revolution to change how banking is done.
Despite change during the pandemic, security and compliance always remains at the core, banks are looking for new approaches to fraud protection. Financial institutions that best manage their regulatory and compliance data will be on a path to stronger risk management and improved operational efficiency.
The financial services technology lead for Microsoft Africa ,Wole Odeleyo,said that Microsoft supports financial inclusion by providing the various platforms required to make it easier to attract, capture and retain customers.
“Financial services organizations can unlock new value creation through embedding digital collaboration into workflows, surfacing meaningful data, and tailoring customer service all with trusted capabilities that facilitate actionable insights, drive efficiency and enhance customer and employee experience,” says Odeleye.
He added to say that Microsoft has come up with Microsoft cloud for financial services, with this it will provide capabilities to manage data to deliver differentiated experiences, empower employees and combat financial crime while facilitating security, compliance, and interoperability.