The modernisation of South Africa’s banking technology is the focus in this edition of the Business Day Spotlight.
Host Mudiwa Gavaza is joined by Eshmael Mpabanga, country head of Intellect Design Arena South Africa.
He discusses how South Africa can unlock its next wave of economic growth through the modernisation of its core financial infrastructure.
While banks have used technology systems for decades to deliver their services, Mpabanga says many of these need to be updated and strategies changes.
SA’s banks, like many others around the world, suffer from having kept such systems for too long. This makes it harder to integrate new technologies and move with the times.
“While many factors are at play, a consensus is emerging among industry leaders that transforming the nation’s core banking infrastructure — the circulatory system of its economy — is a fundamental prerequisite for progress,” he says.
Mpabanga explains why SA’s legacy financial infrastructure is holding back growth, what lessons can be learnt from India’s public-private digital transformation success and how Brics’ emerging economies can collaborate to accelerate inclusive progress.
Intellect is a financial technology consulting firm focused on banking systems.
The company operates across 57 countries, servicing over 60% of the world’s top banks, with a recent expansion into South Africa.
Through the discussion, the fintech expert outlines: Intellect’s investment in South Africa; some of the fundamental shifts banks can take towards servicing customers better; lessons from other emerging markets; and ways in which finance houses can make use of technologies such as artificial intelligence (AI) and automation.
Join the discussion:
Producer: Demi Buzo
• Business Day Spotlight is an Arena Podcasts Production.
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