.jpeg)
In its financial results, Stanbic Bank Botswana (SBB) constantly reiterates the importance of technology as a growth driver in Botswana's competitive banking sector. The bank has mostly put its money where its mouth is, making significant investments in its technology products.
BW TechZone caught up with Mokgethi Nyatseng, the bank's Chief Information Officer, to get insights into SBB's technology strategy, the state of technology in Botswana's banking sector and what challenges and opportunities lie ahead for the industry.
Which are the most prominent challenges impeding banking innovation in Botswana and how do you intend to address these?
While the banking sector is poised for technological transformation, several prominent challenges continue to impede the pace of innovation. These challenges include infrastructure limitations, cybersecurity concerns, and digital literacy gaps. Tackling these obstacles, along with promoting digital inclusion, is critical for driving growth and enhancing customer experiences.
However, while these challenges are notable, our proactive and customer-centric approach will enable us to overcome these obstacles. By advocating for progressive regulation, expanding our infrastructure reach, enhancing security, and promoting digital literacy, Stanbic Bank Botswana will continue to lead the charge in transforming the banking landscape for all.
Emerging technologies such as AI and cloud computing have huge potential as drivers of the future of banking. How do you see them fitting into Stanbic Bank Botswana’s quest to build customer-oriented products?
Emerging technologies such as AI and cloud computing are set to revolutionise the banking landscape, particularly in Botswana, where customer demands are evolving rapidly, and the need for more personalised, efficient, and accessible banking services is increasing. These technologies will – if used well and responsibly - play a crucial role in developing customer-oriented products that enhance convenience, security, and value for our clients in line with our broader value-creation efforts.
What is the most exciting part of your work?
Seeing how the bank harnesses the power of technology to solve challenges, drive innovation, and deliver meaningful impact is incredibly rewarding. At Stanbic Bank, it's all about achieving sustainable growth through the combined strengths of our teams and using technology as a catalyst for transformation. This approach ensures that we not only meet today’s needs but also position ourselves for future success, creating lasting value for both our people and clients.
As you assume your new position with the Bank, where do you envision its digital technology growth to be in say, the next 3 years?
In the next three years, Stanbic Bank will be recognised as a leading innovator in digital banking, delivering customer-oriented, secure, and scalable solutions that drive sustainable growth. The goal is to make technology a transformative tool that enhances customer experiences, strengthens our market position, and creates lasting value for all stakeholders. This vision will position the bank at the forefront of the financial industry, ensuring long-term success and growth.
Are there any interesting upcoming digital products that you can give our readers a sneak peek into or hint about?
There isn't much I can share just yet, but you can certainly expect to see more exciting things coming in line with our value-creation efforts and our Letsema 2025 strategy. This is all key to how we deliver on our purpose, Botswana is our home, and we drive her growth. Watch this space!
Lastly, anything you would like to share with our readers?
I would like to emphasise the importance of collaboration in driving the future of banking. Technology is a powerful tool, but it's the people behind it: the teams, customers, and partners, who truly bring innovation to life. At Stanbic Bank, we are committed to creating solutions that not only enhance the way we do business but also contribute meaningfully to the lives of our customers and communities. The journey ahead is exciting, and I'm looking forward to what we can achieve together by harnessing the collective strengths of our people and the opportunities technology provides