LUSAKA
Thursday: 23rd November, 2023
Technology and Science Minister Felix Mutati has commended the banker’s financial services entities for exerting a radical paradigm shift in the banking sector enabled by digital technological advancement.
Officiating today at the Zambia Institute of Banking and Financial Services (ZIBFS) symposium convened under an all-encompassing refection of the theme “Inside Tomorrow’s Bank – Assessing Growth Drivers post Covid 19: Is Technology the Answer?” the Minister said technology remain a heart of banking backed by the new digital customer oriented operational banking transaction services.
He said despite the COVID – 19 disruptions however based on a survey by the Price Water Cooper audit firm the pandemic triggered business competition through accessibility and efficiency on developed technological banking service attributes in the banking industry. The Minister said the customer’s perspective on digital services hence repositioned with reciprocity appreciation.
The Minister said the digital technology can also be evidently appreciated by the renowned Citi bank that has over years documented a customer base of one hundred and sixty countries, one hundred and forty-five currencies, and recording a daily four Trillion global transactions anchored on an established digital technological technical – know how output platform.
He urged the banking industry to interrogate and develop a strategic futuristic plan that will fundamentally and efficiently accommodate customer needs through an expedited operational digitalised platform that is focused with an ultimate goal of creating a convenient banking environment that will subsequently translate into lowered costs on appreciated broad cultural innovative entities.
The Minister called on the banking industry to continue collaborating with the Government in order to drive the economy by embracing the provided digital infrastructure connectivity with a practical example of the rolled out fiber connectivity to eight Countries in the region providing fast global digital transactions and augmented by Starlink the world’s first and largest satellite constellation using a low Earth orbit to deliver fast broadband internet connectivity.
He encouraged the banking industry to refine the banking technology strategy in order to improve digital transactions.
The Minister encouraged the banks to identify profile-raising innovative financing ways to support its customers to acquire smart – phones as such a defined promotion solution will break the availability of the devices to allow and provide for transactions that will grow the banking sector customer base.
He said the effected digital ID system will eliminate fraud on the Government driven bus system hence creating more efficiencies.
The Minister encouraged the application of interoperability to embrace synchronisation of common shared data transactions amongst the entities.
The Minister alluded to a premium credit FINTECH entrepreneur an entity that has largely grown its business – financial platform base from an initial six thousand to over eight million dollars. He said partnerships will strengthen the banks’ balance sheet in a reciprocal collaborative block chain operation.
And giving his remarks ZIBFS president Moses Shuko said the essence of the banking and financial services conference is to drive the industry forward hence the deliberations are centered to deepen collaborations with the Government and other stakeholders in order to promote innovations, advocating for implementation of quality learning programmes to develop a critical mass of human capital to enter the labour market, excel in the information age, and promoting professionalism service delivery in the sector.
Speaking at the event Bankers Association of Zambia (BAZ) Chairperson Mizinga Melu said the sector innovative solutions must be embraced by partnerships and appreciating the incoming of new sector players.
She said the association is pushing for a digitised banking platform to be secured for the current and future transaction endeavors.
And Bank of Zambia Deputy Governor Rheka Mhango said the 2023 adopted theme creates more room to excel and provide for access in the digital banking transactions.
