Head of Business Enablement at Stanbic Bank Ghana, Marian Amartey, emphasizes the need for banks to partner with FinTechs in order to thrive in the digital era, as technology continues to reshape our lives.
Speaking at ‘The Money Summit,' Amartey highlights the importance of collaboration between banks and FinTechs, suggesting that instead of competing, the two entities should work together to develop improved solutions that cater to customer needs.
Amartey states, “As an industry, you cannot remain stagnant while the world around you continues to evolve. We must be adaptable and embrace emerging technological trends to meet the ever-changing demands of our customers. At Stanbic Bank, we are keen on exploring all the exciting opportunities that technology offers to enhance our services.”
With technology influencing consumer behaviour and driving evolving client needs, Amartey argues that it is crucial for banks to collaborate with FinTechs, leveraging their respective strengths to deliver optimal solutions for customers.
She reveals that Stanbic Bank is actively partnering with FinTechs across the value chain, particularly those specializing in critical areas such as credit and lending, aiming to collaborate with them in providing enhanced value for customers.
Amartey states, “As a bank, we strongly believe in driving national growth by supporting small businesses and giving them the opportunity to thrive. In this regard, at the Stanbic Incubator, which supports business growth, one area we aim to enhance is providing local FinTechs with the necessary skills and fostering an environment that encourages innovation and development.”
While emphasizing the importance of partnering with FinTechs, Amartey acknowledges the need for banks to be vigilant in certain areas to ensure the partnership is fruitful.
She explains, “Meaningful partnerships require attention to unforeseen risks, such as strategy, compliance, and cybersecurity. It is essential to consider these aspects when working together to implement specific solutions, as overlooking them may result in breaches. While this partnership is necessary, we must avoid over-reliance on technology. We do not want the bank to become a mere back-end supplier. Recognizing the collective effort between both parties to deliver the right solutions to clients is crucial. It is vital to maintain an open mind and thoroughly explore all necessary areas related to partnerships and investments to achieve desired results.”
‘The Money Summit' serves as a platform for stakeholders from various sectors to convene and discuss strategies to overcome challenges and seize opportunities in the financial sector.
The event emphasizes the significance of collaborative efforts among governments, regulatory bodies, financial institutions, private sector entities, and civil society in establishing a robust financial system that drives sustainable economic growth.
