How Barclays Africa can thrive as ABSA - continued
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.