Destin Africa 32 Fintech
By Michael Armstrong
Banks can Stay Relevant Despite Growth of FinTech
Whatever way you look at it, traditional banks with a major presence across Kenya and beyond have faced more than their fair share of challenges lately.
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ccountancy professionals working alongside CFOs, FDs and management accountants working across the entire finance function have been tasked with the key objective of recovering momentum after major issues including reputational challenges; accounting, tax and regulatory change; not to mention business restructures driven by both external and internal factors. Now they are being confronted with a different challenge. Almost daily, a new FinTech seems to be emerging, offering innovative solutions to age old problems in a compelling, and - importantly - digital way.
The new entrants are appearing across the financial services landscape, jostling to secure a slice of the pie in capital markets and lending, retail banking and payments, asset management and insurance.
Many of these FinTechs are supported by an already impressive posse of financial backers and capital. The marketing is sleek, the brands eye-catching and - for many potential customers - the image associated with these new players highly desirable. Millennials and Generation Z, demographics of change-makers and entrepreneurs, who are generally as liberal as they are educated, want to put their money where their values are. www.destinafrica.co.ke
