Is this Africa’s digital revolution?
Each year, Euromoney’s Awards for Excellence prompt a variety of pitches – good and bad – from banks all over the globe. In Africa, which has some of the most under-developed countries in terms of banking, not only is it important for banks’ pitches to highlight strong fundamentals, profit growth and shareholder returns, but technological innovation that can leapfrog older, dated methods in banking and sometimes be the key to winning an award.
In the run-up to the decision-making, one such bank sent over its pitch accompanied by a (very short) list of technological improvements that the institution had introduced over the last 12 months – in an attempt to bolster its otherwise lacklustre financial results.
At the top of the list, the bank proudly stated how it had gone to huge efforts to enhance customer experiences at just one of its branches – by installing an extra-large television on the wall. As part of its pitch it sent us a YouTube link to a video of this very TV set. Luckily, other banks in the region showed a little more promise.