UBA CEO tells banks

The Chief Executive Officer of the UBA Ghana, Mrs Abiola Bawuah, has urged banks in the country to take charge of the digital revolution which is currently changing the face of banking.

THE Chief Executive Officer of the UBA Ghana, Mrs Abiola Bawuah, has urged banks in the country to take charge of the digital revolution which is currently changing the face of banking.

She said it’s about time banks braced themselves to drive the change in the industry.

“We either ride this change or someone else (fintechs or telcos) will... We either ride or be ridden by the storm,” she stated.

The CEO said this when she gave a presentation at the “Evening with” programme by the Chartered Institute of Marketing Ghana. She was speaking on the topic: ‘Who is threatening the lion of the banking jungle?”

She said the wheel of change in the banking sector was on an irreversible projectile and banks, therefore, had to brace themselves up for it.

“Technology and innovation will be the driving forces of this change for many more years,” she said.

According to her, the biggest threat to banks was not fintechs or telcos but rather the ability to unlearn old ways of doing things, learning, re-learning and embracing the new revolution.

“Banking is being redefined and re-imagined. Technology is changing how companies are organised and runs across all industries and ours is no different,” she said.

“Banking is no longer a noun but a verb. Banking is no longer somewhere you go, it’s something you do,” she added.

She, therefore, advised banks to rethink everything from the customer’s perspective and see how they can best and effectively serve the customers in collaboration with the fintechs and telcos.

“Banks must start seeing fintechs more as competitors and partners that present great opportunity for collaborative business and market development,” she noted.

“Irrespective of the eventual nature of relationship forged between the banks, telcos, fintechs and any other emerging players, the most important point is the customer wins. Any player that best focuses and delivers on the customer’s needs and experience will win,” she added.