African banks remain resilient and committed to digitization to stay relevant in today’s competitive landscape. As competition heats up between the different players, AI is identified as key technological trend shaping the future of the banking ecosystem in
The core of this year’s report is the most comprehensive banking survey on the continent that attracted the participation of a record 153 banks from across the continent. Against an adverse macro-economic environment, African banks remain resilient and committed to invest in digitization to remain relevant in today’s competitive landscape.
Most African banks understand the importance of the key technological shifts with over 50% of surveyed banks considering it the most important factor for their business. Moreover, 19% of banks considered identify themselves as "digital native", further stressing the importance of digital transformation going forward.
A second element of the report focused on the key technological trends shaping the future of the banking ecosystem in
Most importantly, on a continent where banking penetration rates are still below 50%, African banks reaffirmed the importance of driving greater financial inclusion across the whole continent. Roughly 50% of banks surveys named retail banking as their top priority for 2023/2024, whilst also referring to mobile wallet apps and digital payment systems as the most critical product development priority for the next two years.
It is widely accepted that digitalization can solve many of the structural problems that exist in access to finance in
The full research report, accessible here (https://apo-opa.info/3OlsF2j), offers a clear perspective on market trends, challenges, detailed analysis of the survey results and recommendations.
"We are thrilled to have partnered with ICPublications on this report which is extremely important as it depicts the promising advances made as well as the challenges ahead. The ability to personalize banking experiences is a key expectation among bank customers today and banks have understood that. At Backbase, we reckon that barriers to digital banking are falling but that traditional lenders are still left behind by extremely nimble and agile fintech competitors. We are here to help financial institutions surpass their customers’ expectations at every touchpoint and stay relevant in the new digital era," says Matthijs Eijpe - Regional Vice President EMEA at Backbase."
With demand for reliable and up-to-date information on Africa’s banking and financial sectors at an all-time high, we aim to provide the necessary support to companies and individuals participating in an industry that is reshaping the future of the continent’s economy. We are pleased to have accomplished this significant work with the help of Backbase. They have been an invaluable source of expertise to help us decipher the transition that is taking place among African financial institutions," says Pedro Besugo, Head of Strategy and Business Development, at
Download the report in full(https://apo-opa.info/3OlsF2j).
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About Backbase:
Backbase is on a mission to help banks re-architect around the customer and embrace the paradigm shift to a platform model. The days of being held back by traditional legacy banking technology and infrastructure are over. Backbase is here to help financial institutions — from large banks to credit unions and everything in between — become customer-centric again. We’re the creators of the Backbase Engagement Banking Platform — powering the full customer lifecycle. Our single, comprehensive platform powers every stage of the customer life cycle, deepening customer loyalty and growing share of wallet — all while delivering seamless, frictionless experiences for both your customers and employees. Industry analysts
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