EFT Corporation Hosts Inaugural 'Banking on the Future' Conference at Victoria Falls

The inaugural ‘Banking on the Future’ conference, hosted by EFT Corporation, convened industry leaders, innovators, and stakeholders at Victoria Falls from May 13 to 15. The event aimed to envision, discuss, and shape the future of digital banking across Africa.

This landmark gathering attracted leaders from the continent’s top banks to explore the latest advancements in digital banking technologies and the significant growth opportunities within African markets.

Stephen Enderby, CEO of EFTCorp, highlighted the company’s dedication to pioneering digital transformation within Africa’s banking sector. “Hosting the first ‘Banking on the Future’ conference was a natural extension of our commitment to unlocking the potential of digitising African banking. By uniting visionary leaders and innovative thinkers, we are paving the way for a more dynamic and inclusive financial landscape. The success of this event reinforces our mission to revolutionise banking on the continent with customer-centric solutions that make a difference to businesses and customers.”

The three-day conference delved into critical areas set to redefine the future of banking, including actionable strategy and collaboration, customer centricity, and the impact of AI.

The conference highlighted the necessity for collaboration among Africa’s leading organizations to address complex challenges in key markets. Discussions emphasized how the evolving digital ecosystem requires fintech companies, traditional banks, and technology firms to work together to create seamless, integrated solutions that benefit both customers and the industry.

Jon Causier from Simon-Kucher dispelled several myths surrounding customer centricity. He clarified that being customer-centric does not mean compromising on product quality or reducing prices. Instead, it involves aligning products with customer needs and preferences. Causier stressed the importance of understanding customer segments and their value perceptions to build successful monetisation strategies, considering factors such as price sensitivity, motivation, customer engagement, and satisfaction.

Riaan Singh and Mohil Subban from PWC provided insights into AI’s transformational potential in banking. They pointed out the vast opportunities AI presents for enhancing customer interactions with financial institutions. With AI’s capabilities to generate text, code, images, and data, Africa’s future banks will be better equipped to scale operations rapidly, reduce costs, and create new business models. AI also promises to revolutionise payment processes, making them more efficient, secure, and customer-centric.

Carlin Wicomb, Chief Commercial Officer at EFTCorp, remarked on the success of the conference. “‘Banking on the Future’ has set a new and exciting benchmark for fostering dialogue and industry-wide collaboration. The banking sector in Africa is on the brink of a new era of growth and development driven by technology, and we are proud to contribute to this future. We thank all our attendees and sponsors for their support and participation, and we look forward to hosting future events that drive innovation and transformation in the industry.”