"Dare to let your dreams reach beyond you"- maya angelou |
The Bank of the Future!There is a crack in the banking industry! All effort in brick and mortar is the condemnation of this decade.
Well, banks are collapsing as we watch! Wait. How severe is the collapse? What is the direction of all this? The trajectory of this paralysis or collapse is a fulfilling and deeply motivating one. They say it’s inclusive. Some say it’s sustainable. Others say it’s innovative. ALL we know pertaining to the trajectory is that there is inclusivity, sustainability and innovativeness. Why should we be excited at the collapse of the banking industry? Is it not sheer derision and utter folly to even stand the thought of it? No it is not! We are celebrating the renaissance of the banking industry. The death of traditional banking and the birth of digital banking is the revolution we are profoundly immersed and take pride in. The collapse we are talking about is that of traditional bank where brick and mortar take the centre stage. The dot com revolution has not only brought life to the Nasdaq and Silicon Valley but to all of us. The banking sector is one of the major recipients of the revolution, reason why digital banking is responsible for the “brick and mortar” collapse. The bank of the future is anchored on technology and the times are here! Inasmuch as the stratosphere senses a lot of enthusiasm on the digital banking front the question remains on whether we all fully understand the benefits which accrue thereof. The world over 2.5 billion people have no access to a formal bank account. Inextricably, the consequences of such an alarming stat clearly point to the fact that there cannot be shared prosperity as long as many people are financially excluded. Being excluded from the mainstream financial system means that one cannot accrue benefits such as credit, insurance, financial security and capital. Many reasons have been put out to justify why there is a dysfunctional financial system which is not inclusive. One major factor overlooked is the “brick and mortar” model of banking itself. In Africa alone a greater part of citizens are financially excluded as a result of distance and location. Clearly the brick and mortar model does not work! The brick and mortar model is unsustainable and exclusive (if not dividing too)! Thanks to the advancement in technology there is a chance to create a new model of banking called “digital banking”. As this model is inclusive, sustainable and inclusive we feel the urge to be part of that revolution. Starting in Zimbabwe we want to be part of a team that drives change in the banking sector. We want a “compliant” banking system which is anchored upon a digital platform. We want a “governance” driven banking system built on a digital platform. Ultimately we want a “sustainable and inclusive” banking system running on a digital platform. Just as the mobile phone and internet has become an integral part of our lives, we will not rest on our laurels but manipulate these systems to establish a digital banking system in Zimbabwe. We will THINK, plan and create IT!!! |