The banking and finance sector is increasingly looking towards network partners such as Liquid Telecom to not only deliver connectivity, but to help drive innovation across their operations. Shouldn’t your business too?
The banking and finance sector has always had to act fast to keep up with the everchanging demands of its customers.
After all, its customers are entrusting them with their financial future. The very least they can expect in return is a reliable, efficient and secure banking service, available anywhere and on any device they choose.
In Africa, the banking and sector is having to act even faster to keep up with more dramatic changes in customer demand.
Some five years ago, mobile banking exploded across parts of Africa in a way previously unseen by the world. The region now has the highest levels of mobile money penetration in the world, which has seriously disrupted traditional banking models.
International and local banks operating across the region have got smart. They’ve been exploring how to overcome some of the infrastructure limitations posed by the vast region, while at the same time tapping into advancements in technology.
Strategies that all businesses in Africa can learn from.
Banking the unbanked
One of the reasons mobile banking proved to be so successful in parts of Africa is that it surpasses the limitations of physical infrastructure. Access to commercial bank branches and ATMs in Africa is proportionally far lower than global averages.
This is changing as global banks and large pan-African banks make their mark further on the region.
But how do they extend their reach to underserved areas when the cost of deployment is high and the population density is low?
Choosing a network partner with scale is a must. The absence of critical ICT infrastructure in rural areas can have costly implications for regional banking institutions.
Satellite has emerged as a cost effective and versatile solution for banks, enabling them to establish reliable links for ATMs and point-ofsell devices. Kenya Commercial Bank (KCB), for example, has one of the largest banking networks across East Africa, and, thanks to Liquid Telcom Kenya, was able to successfully connect 24 of its branches in South Sudan using VSAT technology – allowing for faster and more efficient banking services for its South Sudanese customers.
A competitive advantage
Recognising that increasing the physical reach of their services across Africa will not be enough, forward-thinking organisations are also exploring innovative ways to use technology to gain a competitive advantage.
This has been taking a variety of forms. For some banks, it can be about improving service levels to a specific type of customer.
For instance, video conferencing can enable higher-value customers to directly interact with financial advisors as they would do in a branch. Integrated with online banking services, this creates a very powerful customer experience proposition.
Or it might be more about building brand awareness in a particular field. Security and data privacy, for instance, are issues that weigh more heavily on the minds of today’s customers.
By demonstrating that it follows best practices and leverages the most advanced technologies, a bank can build customer trust and confidence. Liquid Telecom’s CrashPlan service, for example, can ensure that a bank has all its data securely backed up to the cloud, demonstrating to its customers that it has a contingency plan.
Or it might be more about discovering clever, subtle touches to enhance the overall customer experience. For example, Barclays recently became the first bank in Kenya to offer its customers free Wi-Fi in its branches. In partnership with Liquid Telecom Kenya, Barclays connected 10 branches in Nairobi with free Wi-Fi, helping to improve overall customer experience as well as introduce them to the benefits of online banking. Liquid Telecom Kenya set up a dedicated Wi-Fi network - totally independent from the bank’s internal network - in order to mitigate any potential security risk. The positively received move is a good example of customer service differentiation, and will be rolled out to more branches across Kenya.
The banking sector has recognised that high-cost branches cannot survive in their traditional form in Africa and it is responding to that challenge. Greater network capability and use of innovative technology is at the heart of that business transformation - is that the case at your business too?
T
he banking and finance sector
has always had to act fast to
keep up with the everchanging
demands of its customers.
After all, its customers are
entrusting them with their financial
future. The very least they can
expect in return is a reliable,
efficient and secure banking service,
available anywhere and on any
device they choose.
In Africa, the banking and sector
is having to act even faster to keep
up with more dramatic changes in
customer demand.
Some five years ago, mobile
banking exploded across parts of
Africa in a way previously unseen by
the world. The region now has the
highest levels of mobile money
penetration in the world, which has
seriously disrupted traditional
banking models.
International and local banks
operating across the region have got
smart. They’ve been exploring how
to overcome some of the
infrastructure limitations posed by
the vast region, while at the same
time tapping into advancements
in technology.
Strategies that all businesses in
Africa can learn from.
Banking the unbanked
One of the reasons mobile banking
proved to be so successful in parts of
Africa is that it surpasses the
limitations of physical
infrastructure. Access to commercial
bank branches and ATMs in Africa
is proportionally far lower than
global averages.
This is changing as global banks
and large pan-African banks make
their mark further on the region.
But how do they extend their reach
to underserved areas when the cost
of deployment is high and the
population density is low?
Choosing a network partner with
scale is a must. The absence of
critical ICT infrastructure in rural
areas can have costly implications
for regional banking institutions.
Satellite has emerged as a cost
effective and versatile solution for
banks, enabling them to establish
reliable links for ATMs and point-ofsell
devices. Kenya Commercial Bank
(KCB), for example, has one of the
largest banking networks across East
Africa, and, thanks to Liquid Telcom
Kenya, was able to successfully
connect 24 of its branches in South
Sudan using VSAT technology –
allowing for faster and more
efficient banking services for its
South Sudanese customers.
A competitive advantage
Recognising that increasing the
physical reach of their services
across Africa will not be enough,
forward-thinking organisations are
also exploring innovative ways
to use technology to gain a
competitive advantage.
This has been taking a variety of
forms. For some banks, it can be
about improving service levels to a
specific type of customer.
For instance, video conferencing
can enable higher-value customers
to directly interact with financial
advisors as they would do in a
branch. Integrated with online
banking services, this creates a
very powerful customer
experience proposition.
Or it might be more about
building brand awareness in a
particular field. Security and data
privacy, for instance, are issues that
weigh more heavily on the minds of
today’s customers.
By demonstrating that it follows
best practices and leverages the
most advanced technologies, a bank
can build customer trust and
confidence. Liquid Telecom’s
CrashPlan service, for example, can
ensure that a bank has all its data
securely backed up to the cloud,
demonstrating to its customers that
it has a contingency plan.
Or it might be more about
discovering clever, subtle touches to
enhance the overall customer
experience. For example, Barclays
recently became the first bank in
Kenya to offer its customers free WiFi
in its branches. In partnership
with Liquid Telecom Kenya,
Barclays connected 10 branches in
Nairobi with free Wi-Fi, helping to
improve overall customer
experience as well as introduce
them to the benefits of online
banking. Liquid Telecom Kenya set
up a dedicated Wi-Fi network -
totally independent from the bank’s
internal network - in order to
mitigate any potential security risk.
The positively received move is a
good example of customer service
differentiation, and will be rolled
out to more branches across Kenya.
The banking sector has
recognised that high-cost branches
cannot survive in their traditional
form in Africa and it is responding
to that challenge. Greater network
capability and use of innovative
technology is at the heart of that
business transformation - is that the
case at your business too?
