Banks, fintechs can play significant role in meeting customers' needs - Bank CEO

Chief Executive Officer of UMB Bank, Nana Dwemoh Benneh, has said good cooperation between banks and fintechs is essential for assuring client satisfaction in a secure and effective manner.

He claims that because of this partnership, fintechs can rely on banks to supply the infrastructure necessary to maintain the security of the goods and services that clients use.

Nana Dwemoh Benneh praised the role of fintechs in creating a resilient financial system during an interview with GhanaWeb Business on the sidelines of B&FT’s 2023 Money Summit held on May 9.

“We think that there is a happy marriage between fintech and banks where both parties can bring to the customer the best of what comes with fintech and the banks to ensure that customers can undertake their respective transactions safely and seamlessly,” he noted.

Regarding current initiatives to integrate artificial intelligence into the banking industry, the CEO of UMB Bank remarked that the new technology will help bankers detect customers' demands faster.

“I think that AI presents a perfect opportunity for most people who work in banks to focus on how to significantly improve customer interaction and focus on actually speaking to the needs of customers, advising them about the various products and services available thereby allowing for AI to do the repetitive operational work because before AI, a lot our bank staff had to spend time doing paperwork,” Nana Benneh explained.

He added that AI can reduce the time customers spend in the banks while also ensuring banking staff can operate without being under too much duress.

The third edition of the Money Summit comes at a time when the global economy and domestic economy are facing a wave of challenges.

Many financial analysts, economists, and experts in financial markets view that the financial sector is key and critical in sustaining and subsequent salvage of the ailing economy.

The Summit which was themed; 'Africa’s robust financial sector: The catalyst for sustainable economic growth' brought together forward-thinking experts in the financial sector to discuss how to navigate the next wave of Fintech and the future of building a robust financial sector.

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