The Reserve Bank of Malawi (RBM) has urged local banks to embrace digital transformation, saying the age of tech-savvy has arrived.
RBM Deputy Governor William Matambo said this on Friday in Mangochi during the 2022 Bankers Association of Malawi (BAM) Seventh Annual Lakeshore Conference held under the theme ‘Catching tomorrow today’.
He said the financial services industry across the world is in the midst of a digital transformation, as such, there is need for each and every banking player to adapt to such changes for survival and customer satisfaction.
Said Matambo: “There is need for the bankers to position themselves digitally because what is happening throughout the world is that there is financial technology that has come and that wind will not stop until it sweeps everyone along the way.
“Therefore, what the bankers should do is to position themselves in a way that embraces change of digital innovation today, so that tommorow when things change, they will not be caught unawares, but be ready and able to move forward with the rest of the world.”
He said the way banking was being done yesterday, is being done today and will be done tomorrow is different and the only remedy is to embrace the changes.
“For everyone who doesn’t want to change then they will be swept off the grid of banking. So, it is important that everyone comes along and benefits from the changes that are happening,” said Matambo.
He expressed satisfaction with the digital technologies, saying apart from improving businesses, they are reducing the cost of banking as well as helping in the financial inclusion agenda.
BAM president McFussy Kawawa admitted shortcomings of digital transformation by some players, saying that much as there are some who have acted with speed to embrace digital innovations, there are others who are slow.
“But let me indicate our commitment here that as players in the banking sector, we are leaving no stone unturned to make sure that together we embrace technology so that we won’t be taken by surprise tomorrow and that we remain relevant to our customers and deliver the value that is expected,” he said.
Kawawa, who is also Malawi Stock Exchange-listed National Bank of Malawi plc chief executive officer, said banks will continue to charge affordable customer service fees, saying there are no plans to raise the charges in near future.
He touted this year’s conference as successful and urged bankers to strive to uphold the ethical code of conduct, adding that the profession needs people of high integrity for customer trustworthiness.