How Bar­clays Africa can thrive as ABSA - con­tin­ued

Zambian Business Times - - BUSINESS REVIEW -

New cus­tomers and the wider pub­lic must re­main con­vinced that cur­rent and fu­ture prod­uct of­fer­ings have value.

As we move closer to the fourth in­dus­trial rev­o­lu­tion, they will need more in­no­va­tive dig­i­tal trans­for­ma­tion prod­ucts to stamp their au­thor­ity in lever­ag­ing tech­nol­ogy to cre­ate greater ef­fi­ciency to the cus­tomer.

The bank must ex­e­cute with re­solve its dig­i­tal strat­egy fo­cus­ing on em­ploy­ing in­no­va­tion and tech­nol­ogy to solve cur­rent and fu­ture cus­tomer prob­lems.

The re­cent launch of Bar­clays’s new ‘ Timiza’ prod­uct as a glimpse into the fu­ture digi­ti­sa­tion of the bank. This new dig­i­tal of­fer­ing has seen quite as­ton­ish­ing take up with over two mil­lion cus­tomers in just over 130 days of op­er­a­tion.

This is per­haps a sneak pre­view that the Kenyan mar­ket, a leader in dig­i­tal tech­nol­ogy, is on the verge of mov­ing into dig­i­tal cur­rency, un­like many other mar­kets in Africa.

As re­brand­ing be­gins in earnest, the wa­ters are calm. But still wa­ters run deep. Many chal­lenges may crop up unan­nounced.

For now, the bank should in­ter­nal­ize the out­comes they want from each in­ter­est group, de­fine what spe­cific ac­tiv­i­ties sup­port their de­sired out­come from each in­ter­est group, and learn ded­i­ca­tion and pa­tience.

So far, the bank has kept a good record as far as keep­ing its stake­hold­ers in­formed and en­gaged, and this is where it must not re­lent.

Change will al­ways be re­sisted in many ways but what mat­ters is how it is han­dled es­pe­cially when there are mul­ti­ple in­ter­ests.

The se­cret to suc­cess is to mon­i­tor the change, en­gage con­tin­u­ously and com­mu­ni­cate with all par­ties in­volved.

The writer is an As­so­ciate Pro­fes­sor at Univer­sity of Nairobi’s School of Busi­ness.

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