Major financial institutions across Africa have tapped into hybrid cloud and AI capabilities from IBM to unlock digital innovation.
This also helps continue their work to develop digital-first solutions, ultimately broadening access to financial services on the continent.
It comes at a time when Covid-19 continues to accelerate the already rapid changes that were happening across the financial services sector in Africa, fast-tracking the adoption of digital technologies to boost financial inclusion.
With over 475 million Africans expected to be mobile internet users by 2025 GSMA –the mobile economy sub-Saharan Africa 2020, digital and mobile play a critical role in facilitating the delivery of digital financial services to consumers who transact on their mobile phones.
As banks focus their efforts on open innovation, security and high-value services, hybrid cloud solutions have become increasingly important to deliver seamless and secure digital banking experiences.
The lenders on the move include EcoBank, Nedbank, Attijariwafa Bank, United Bank of Africa, Co-operative Bank of Kenya and Banco Ma.
“Enterprises, especially those in highly regulated industries like financial services, face unique challenges when it comes to balancing innovation and regulatory compliance,” says Alan Peacock, General Manager, IBM Cloud.
For decades, IBM has been fueling the transformation of the financial services industry, bringing IBM’s industry experience and leadership in security and data privacy to help banks modernise, transform operations and drive innovation.
According to IBM’s Covid-19 future of business study, more than 59 per cent of the organisations that participated said that the pandemic accelerated digital transformation.
More than 75 per cent of responding executives indicated they expect changed customer behavior to continue post Covid-19.
As companies in the financial services sector are speeding up transformation, IBM hybrid cloud and AI solutions are supporting their drive to accelerate digitalisation in different parts of the continent.
“In the past year we have seen banks navigate changes brought on by a growing preference for digital and mobile solutions, increasing smartphone penetration and the demand for convenience, innovation, and simplicity from today’s modern consumer,” notes Angela Kyerematen-Jimoh, Regional, General Manager for IBM North, East and West Africa.
As banks across the continent take advantage of the opportunity to provide digital financial services which boost financial inclusion, IBM is working with Africa’s leading financial groups to deliver intelligent, cloud-based, digital-first innovation through IBM’s hybrid cloud and AI capabilities, Kyerematen-Jimo notes.