Commercial Banks across the region have been advised to upgrade their digital technology in advancing financial inclusion to customers and fight cyber fraud.
Opening the 18th edition of the East African Banking school meeting at Pearl of Africa Hotel under the theme the future of banking in a digital and disruptive environment, Governor Bank of Uganda Emammuale Mutebile cautioned banks to strengthen their IT systems to cushion cyber fraud.
“We are aware that the world is changing very fast and the usage of technology is enhancing efficiency in the delivery of faster service to customers, however, banks should upgrade their IT system to prevent loss of customer’s money through cyber fraud,” Mutebile said.
He also asked financial institutions to train players in the banking sector in technology advancement to scale up financial inclusion.
Mutebile said there are few IT professionals skilled to offer digital transformation hence banks should employ IT skilled people to reduce other operation risks like cyber fraud.
Mathias Katamba Managing Director of Housing Finance Bank who also doubles as Board Chairman Uganda Institute of banking and financial services said digital era is the way to go because customer needs are changing.
“The world is changing very fast therefore banks should design and rely on technology to serve customers better. Customers now need efficiency and technology to design products in that line,” he said.
Prof Samuel Sejjaaka country team leader of Abacus Business school advised banks to reduce high-interest rates charged on the loans and utilize technology in delivering financial service.
“Banking is no longer in the banking hall customers need money at their comfort zone like mobile money services to reach them faster,”Sejjaaka said.
Anthony Mulindwa Chief Executive Officer of Uganda Institute of Banking and Financial Services urged banks to change mind set and upgrade their system to advance in digital services.
He said the school meeting shall address strategic repositing, financial inclusioin, leveraging disruptive technologies, risk based oversight and complianance, product innovation, leadership and career development.
“The school presents unique opportunity for practitioners in the financial services industry to learn, engage and share experiences on key issues facing the industry, regionally and globally,”Mulindwa said.