ABSA REGIONAL OPERATIONS
Vimal Kumar , Chief Executive : Retail & Business Banking , Customer Experience and Digital – Absa Regional Operations , discusses reimagining the future of banking in Africa
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N othing is going to be the same again after COVID-19 releases its grip on the world . While nobody can predict what the ‘ new normal ’ will look like , Vimal Kumar , Chief Executive : Retail & Business Banking , Customer Experience and Digital – Absa Regional Operations , is clear about one thing : the response must be digital . “ COVID-19 has highlighted the importance of digital solutions ,” says Kumar . “ The investment we made over the past few years in the digital transformation of our businesses across the continent enabled us to better respond during this time of crisis . As a modern , future-forward African banking group , a key pillar in our strategy is finding scalable solutions and platforms that continue to meet the evolving needs of our customers .”
Kumar believes that technology will be the driver of this new type of economy . Regional and local trade mechanisms are likely to replace global supply chains , he suggests , and the most successful financial institutions will be those which can promote digital channels most efficiently , making them cheaper to use , cutting or waiving transaction fees and enabling cashless payments and e-commerce .
AUGUST 2020