{"id":2608,"date":"2022-08-18T21:00:00","date_gmt":"2023-09-04T21:00:48","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=2608"},"modified":"2023-10-24T17:17:11","modified_gmt":"2023-10-24T17:17:11","slug":"african-financial-services-trust","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/eu\/blog\/african-financial-services-trust\/","title":{"rendered":"African Financial Firms Building Trust in Digital Client Relationships"},"content":{"rendered":"\n

\u201cAfrican Financial Services\u2019 Foundation for Growth\u201d<\/a> <\/b>explores some of the major challenges and opportunities facing financial services firms in the region, and how to compete in the evolving battle for customer satisfaction. By reading it, African financial services firms will gain insight into how to become smarter, better-connected players in the market, as well as some of the financial businesses that are doing this successfully with data and technology. <\/p>\n\n\n\n

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African Financial Services\u2019 Foundation for Growth<\/span><\/h2>\n\t\t\t\t\t\t\t

How African financial services firms can develop more personalised, attentive, and trusted digital client relationships with their growing customer base.<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

\n\t\t\t\t\tDownload Now<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t
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The African landscape \u2013 geographical and sociological \u2013 has had a huge impact on how financial services are delivered across the continent. It\u2019s a region of incredible variety, ranging from intensely populated cities to vast and remote areas of land and highly distributed populations, and combines affluent city dwellers who have access to a wide range of financial institutions and technologies, with neighbourhoods with poor local economies \u2013 and where there\u2019s still no fixed-line networking. <\/p>\n\n\n\n

It\u2019s why financial institutions operating in Africa have always had to have some element of innovation in their operations and service offerings. We saw this in Kenya in the 2000s, when a lack of fixed-line infrastructure meant banks simply couldn\u2019t support the more traditional branch-based banking model in many areas. Yet because the same issue had simultaneously driven high mobile phone adoption, Kenya saw the launch in 2007 of one of the world\u2019s first mobile payments solutions, M-PESA \u2013 long before the UK\u2019s first equivalent system in 2011. <\/p>\n\n\n\n

A time of great change<\/b><\/h2>\n\n\n\n

Today, as communications technology becomes even more ubiquitous, an even greater proportion of the population has access to banking and financial tools: Africa is becoming a more inclusive digital economy. The use of mobile money and e-commerce has opened up financial services to a greater proportion of Africa\u2019s inhabitants, and the demand for new services based on these strategies. The global Covid pandemic has also unearthed new needs. Consumers who previously had access to a bank branch for their financial transactions, for example, now require (and expect) to be able to perform financial activity through low-contact services, removing the need to attend a branch at all. <\/p>\n\n\n\n

It\u2019s great news for financial services firms already operating in Africa, but it has resulted in an increase in competition from new, digital fintech \u2013 startups that are often built to be digital-first, with lower cost of entry and greater flexibility to make business model changes. Another challenge is that B2B and B2C customer expectations have risen. In the business world, organisations expect banks to offer cost-effective digital services that go beyond traditional banking solutions. Meanwhile, consumers want the convenient, personalised experiences that are becoming the norm in their everyday lives. <\/p>\n\n\n

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With Financial Services Cloud, we\u2019re seeing a 147% ROI in just one year. That\u2019s substantial from any vantage point. We\u2019re really excited about what that means for our future.<\/p>\nNick Richtsmeier<\/cite><\/blockquote>\nEVP of Business Development, Trilogy Financial, and Chief Operating Officer, TrilogyCapital<\/span>\n