Infor Uganda Financial Services industry innovation
The new digital reality in the Financial industry
Today, a confluence of new technologies, new regulations, and new business pressures have combined to turn some of yesterday’s standard practices into new sources of disruption—and even risk—for financial institutions. New pressures come from more digitally savvy customers who now have access to powerful tools and endless options, literally, at their fingertips.
Additionally, non-traditional providers create new competition, constantly evolving regulations demand attention, the need to better leverage data is crucial and now expected, and the importance to align business strategy with customer interests are all weighing on organizational leaders. That’s why so many of these leaders are now trying to innovate and transform in unique ways.
Challenges facing financial services in East and Sub Saharan Africa
As you know, innovation doesn’t just happen. And as the threat of declining revenue and customer loyalty at the hands of more disruptive competition, outdated processes, and other pressures reaches a tipping point, your financial institution must begin to think differently. It’s no longer enough to increase productivity by automating business processes or differentiate on product functionality alone. To succeed and overcome modern challenges, you must clearly distinguish yourself from competitors, transform business processes, and find flexible tools to innovate.