My Worries as a Banking Executive in 2024
The banking industry has evolved over the years, and we have seen a disruptive shift in the business of banking in the last two decades.
Banks have faced and is still facing these multiple disruptive forces like FINTECHs, emerging technology such as AI, Cyber security, Customer experience evolution etc. In addition to these disruptive forces, there are also other macroeconomic forces like interest rates, inflation, exchange rate, among others, which are challenging the core architecture of banking especially locally in West Africa. These changes are quite crucial for banks’ success and thus a burning concern for many bank executives.
Banking executives are entrusted with the arduous task of leading and helping banks adopt strategies to manage these forces. Having had the opportunity to interact with several African bank executives; CEOs, CFOs, managing directors, etc., it is instructive to know that issues like Forex, Fintech, Technology, Cyber Security, Process efficiency, Talent Management and ESG are critical factors they make decisions on every day to successfully navigate the dynamic and evolving banking space in West Africa and beyond.
Conclusion: A way forward
We acknowledge that many of these concerns are not novel within the banking industry in West Africa and beyond. In addressing these issues, banks may want to consider a holistic and integrated approach that involves leveraging technology for both operational efficiency and cybersecurity, proactive and forward-looking enterprise-wide risk management, investing in talent development, fostering collaboration with fintech partners and aligning banking practices with ESG principles to meet evolving market demands in the banking industry. Opening up discussions around these areas will definitely give banks in 2024 a competitive edge and firsthand move in the financial services landscape. Deloitte is your strategic partner of choice in helping you navigate through these topical issues and seeing you through to success in this dynamic banking landscape.
[i] The Impact of Forex in Banking: Understanding the Basics | Forex Academy
[ii] 2024 banking industry outlook | Deloitte Insights
[iii] African Banks Outlook 2024 (fitchratings.com)
[v] Why Fintech is Key to the Future of Banking | BCG
[vi] Accelerating digital transformation in banking | Deloitte Insights
