A survey conducted by PricewaterhouseCoopers (PwC) has counselled banks in Ghana to comprehend the changing technological demands of consumers in the financial sector to enhance output.
In addition, the auditing firm cautioned financial institutions to track the demographical trends and customer sophistication to be able to meet their needs.
The survey, which was themed “Bank of the Future: what bank customers want to experience by 2020”, was launched at this year’s Ghana Banking Survey.
The report appealed to bank mangers to simplify products and channels of delivery to enhance customer experience with lower levels of operational risks.
The survey gauged the opinion of senior banking leaders on the possible future shape of the Ghana banking industry in 2020.
Thoughts of customers were also collected through their responses to scenario-based questions framed around five elementary areas of banking.
The operating models are products and services, channels, technology, organization, and talent
The survey revealed that 68 per cent of the respondents rated technology as a key area that they expect banks to invest in.
The respondents were of the opinion that banking technology was supportive of transferring more of control over their banking life.
Launching the survey in Accra, Senior Manager, in charge of Advisory Services Mr. Kwame Ansa Akufo, explained that customers were demanding higher levels of services from banks.
Mr. Akufo said demographics were evolving, creating demand for new products in new places.
According to him, changes in consumer preferences is expected to drive new multichannel models, and reshape traditional branch banking in the near future.
“This would not be just new products or offerings, but doing things differently across the entire business model. New skills and capabilities would be needed to enable the change,” he said.
He added that while regulations were impacting banks within the competitive landscape, technology had emerged as potent enabler of enhanced customer experience and operational efficiency.
Mr. Akufo urged collaborations in the financial sector to help introduce new products– bancassurance, mobile or digital banking , and self-service.
“There are other products like kiosks, digital financial centers, equipped with modern communication, equipment, agent status in the mobile money product, deposit-taking ATMs, card-less ATMs, as some key bank initiatives, in motion towards 2020”, he said.
On his part, the Director of Banking Supervision Department at the Bank of Ghana (BoG) Mr Franklin Belnye, emphasized on the need for banks to invest in technology.
He, however, warned banks in the country to take into account the associated risks that come with technology in the area of cyber fraud.
“This requires investment in people, systems, and processes that were not only convenient but also affordable”, he said.
He assured that the central bank stands ready to support the process with appropriate regulatory framework to make the financial sector more viable.
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