The future of banking is hinged on collaborations & partnerships

October 5, 2022 By: ub_admin0 comments

Banking operations and financial services delivery have indeed evolved owing to the numerous technological, demographic, and other socio-economic and environmental drivers. The banking and financial sector has arguably been one of the most impacted by the proliferation of disruptive technology. Disruptive technologies have markedly changed the way entities in the sector operate and deliver products and services to their clients.

Demographic changes with a much younger population in this part of the world, coupled with higher literacy and developments in the communication space have driven expectations much higher. There are now more types of players in the finance space, large, small, medium, and micro.

Traditional financial institutions have had to adapt and continue to do so by embracing technology partnerships as a key enabler and shaper of business models. Financial institutions today are investing in technologies with unprecedented processing power brought about by digitization and storage capacity to support innovations in service delivery and new e-financial product offerings, bringing convenience, reach, lower costs, and 24/7 availability.

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