Future developments
AFRICA
We have now set up an IT security section within the bank , which we never used to have in the past .”
Future developments
Available all over Malawi , FDH bank is now accessible in areas where other banks have yet to enter . Providing essential services for people who continuously move across the country , FDH will remain local , and continue to tailor its services to the needs of Malawian citizens . By developing and integrating its services with mobile phone operators , its digital offering will further grant customers flexibility and choice .
However , long-term , Mpinganjira remains acutely aware of how new financial technologies will work to transform the banking industry , where it will work to keep abreast of any potential trends in the market .
“ Technology that is coming into banking is blockchain and cryptocurrencies ,” he says excitedly .
“ These are technologies that , as a bank , we need to be fully engaged in and see how best we can improve the service moving forward . Over time , traditional brick and mortar branches are going to disappear as customers become more technology savvy , and as the country develops more and customers make better use of their time . Brick and mortar will still be relevant , but not as relevant as it is today .”
He concludes : “ The investment in digital products , especially partnerships with fintechs , who are very important and agile when it comes to the development of new products , are very perceptive on what ’ s going on compared with banks . Banks are limited as a result of regulation by central banks , who are not the best innovators . Collaboration with fintechs and mobile phone operators will be critical for further successes in the banking sector in the future .” www . gigabitmagazine . com 271