Standard Chartered Bank Uganda expects to become more digital in the by end of December, according to Sunil Kaushal, the Regional Chief Executive Officer for Africa and the Middle East.
Kaushal disclosed the new plan on Tuesday as he addressed the bank’s clients hosted at the Serena Conference Centre to appreciate them for the good partnership with the bank. The event was held under the theme; “Building Uganda Together, Celebrating Partnership.
Kaushal said the future of banking is a topical issue and that banking has changed to the extent that physical branches will continue to reduce as technology such as Fintech emerges.
StanChart in March launched its first digital-only retail bank in Ivory Coast, saying it would use the west African country as a testing ground for a global launch of digital services.
He said Stanchart was able to launch digital banking easily in Ivory Coast because it initially had no physical presence there. And that is being used as a pilot to launch similar services in other countries.
The move is part of a fightback by banks in Africa, where telecoms and financial technology companies have grabbed market share from banks by offering services such as mobile money and mobile payments, often to previously unbanked customers.
In Ivory Coast, where the bank had no bricks-and-mortar retail presence, it pledged to offer clients 70 digital services, including money transfers, bill payments and balance tracking.
While addressing guests yesterday at the same event, Standard Chartered Bank Uganda’s Managing Director and CEO Albert Saltson, said banking has moved to the point where clients are provided with solutions that give convenience to the clients.
Saltson said new technology would address the changing needs of the clients and that the bank would move the clients in the times.
However, he said the partnership with clients had helped the bank to contribute to the development of Uganda by availing financial resources for infrastructure projects, manufacturing and others.