Business
How New Technologies are Transforming South Africa’s Banking Industry – Insights from Standard Bank’s Bessy Mahopo
In a recent Business Talk interview, Bessy Mahopo, Chief Information Officer for CIB Transformation Programmes at Standard Bank, delves into the transformative impact of new technologies on South Africa’s banking industry. With over 20 years in financial services and a robust portfolio of qualifications, Mahopo is a trusted voice in tech-driven banking innovation. Her insights reveal how new advancements are enhancing security, inclusivity, and operational efficiency.
Evolving with Technology to Stay Competitive
Mahopo explains that as technology advances, Standard Bank’s Corporate and Investment Banking (CIB) division has embraced digital transformation. This shift is vital to maintaining their leading position in a rapidly evolving financial landscape. Mahopo highlights technologies like artificial intelligence (AI), machine learning, and blockchain as instrumental in enabling more personalized and secure banking solutions.
“New technologies have reshaped our approach to customer engagement and operational efficiency,” Mahopo says. She adds that by implementing these tools, banks can enhance decision-making and offer tailored products to meet diverse client needs.
Navigating Non-Banking Trends and Cybersecurity Challenges
Mahopo also discusses how non-banking trends—such as remote work and the gig economy—are influencing the industry. These trends require banks to adapt, as traditional service models no longer suffice in an increasingly digital world. Alongside these shifts, however, are new cybersecurity challenges, as criminals attempt to exploit advanced systems.
Mahopo emphasizes that Standard Bank is committed to counteracting these threats with robust cybersecurity protocols. “We’re continuously investing in cybersecurity to ensure our clients’ data remains secure, adapting our systems as new threats emerge,” she explains.
Technology as a Tool for Financial Inclusivity
Another key point Mahopo touches on is how technology can bridge the gap for the unbanked population, helping to increase financial inclusivity across South Africa. Through innovations like mobile banking and fintech partnerships, Standard Bank is expanding access to financial services for underserved communities. This focus on inclusivity aligns with Standard Bank’s mission to support economic growth across Africa by empowering individuals and businesses alike.
“Technology enables us to offer banking solutions to those who were previously excluded from financial services. By leveraging mobile platforms, we are making banking accessible to more people,” Mahopo notes.
Looking Forward: The Future of Banking in South Africa
Mahopo believes that the role of technology in banking will continue to grow, driving both industry competitiveness and societal impact. As Standard Bank and other financial institutions continue to adopt new technologies, customers can expect faster, more personalized services. This evolution not only enhances customer satisfaction but also strengthens the resilience and adaptability of the banking sector.
In conclusion, Mahopo’s insights underscore that technology is not just an operational tool but a strategic asset in building a more inclusive and resilient financial system. As South Africa’s banking sector navigates the future, innovations led by experts like Mahopo will continue to shape the industry’s path forward.