No Free Lunch Podcast – Digital Transformation in the Financial Sector

In the latest episode of “No Free Lunch,” host Greg Stewart engages with Dhesen Ramsamy, the Group Chief Technology and Data Officer for Old Mutual Limited, to explore the profound impact of digital transformation in the financial services sector, particularly in South Africa. The discussion centers on how digital transformation, driven by AI and rising customer expectations, is reshaping the industry landscape.

Digital Transformation Implementation is Critical in Delivering Better Client Experiences

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Ramsamy emphasises the necessity of digital transformation for survival and growth, highlighting its role in enhancing service provision, reducing interaction costs, and expanding market reach. He explains that the focus should not be on whether to adopt digital transformation, but on how to effectively implement it. Old Mutual’s initiatives, such as AI-driven personalized financial platforms, have significantly improved client experiences by making financial services more accessible and tailored to individual needs.

A key highlight is the introduction of the “Smart Coach” within the MyoMutual app, a pioneering multi-agent financial wellness assistant that personalizes customer interactions based on their portfolios and goals. This innovation has led to better-informed clients and more meaningful conversations with financial advisors. Ramsamy also discusses the phased approach to AI adoption in Old Mutual’s insurance division, which focuses on process automation and complex applications to enhance customer satisfaction and reduce claims handling times.

The conversation also touches on data privacy and security, with Ramsamy acknowledging the regulatory landscape in Africa and the importance of responsibly handling personal information. He stresses the need for digital products to be inclusive and accessible, especially for underserved populations.

Future Perspective

Looking ahead, Ramsamy predicts that the financial services industry is at an inflection point, with rapid AI adoption transforming the way institutions engage with customers. He envisions a shift from reactive to proactive customer engagement, using data to anticipate and mitigate risks before they occur.Ramsamy concludes by highlighting the cultural and leadership challenges in AI adoption, emphasizing the importance of addressing workforce fears, leadership ambiguity, and fostering a strong data culture. He advocates for a holistic approach to digital transformation, recognizing it as more than just a technological challenge.This episode effectively captures the transformative power of digital innovation in financial services, offering valuable insights into the strategic and cultural shifts necessary for successful implementation.

Dhesen Ramsamy will be Speaking at Exito’s Digital Transformation Summit at the Indaba Hotel in Johannesburg on 11 March 2026