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World Financial Innovation Series (WFIS) 2021: Africa
Top officials from Huawei, Mastercard, Oracle, KnowBe4, ATS Network Management, Freshworks and many others combined their efforts in showcasing the latest digital innovations for the African FSI sector at the World Financial Innovation Series (WFIS) 2021: Africa
Amidst the phenomenal disruptions happening in Africa within the BFSI sector in terms of Fintech, Mobile Money and Digital Banking, top officials from Huawei, Mastercard, Oracle and Freshworks along with 1000+ technology and business heads from 200+ leading Banks, Insurance & Micro-Finance institutions across Africa, congregated under one platform that is the World Financial Innovation Series 2021: Africa, held virtually on 10-11 August, 2021.
From Financial Inclusion to Open Banking or be it the unprecedented growth of Fintech and Mobile Money, the summit covered all the most pressing BFSI topics concerning the continent.
While throwing light on the changing patterns in customer behavior, Ronald Raffensperger (Senior Transformation Expert, Financial Industry, Huawei Technologies) explained that, “The applications that people have been using on their mobile devices has really changed customers’ behavior. They are beginning to be more and more comfortable with using their mobile devices for everything and so in the financial services industry we now need to be able to embrace this mobile transformation”.
Alberto Sessa, the Senior Director for Financial Services in Oracle shared key insights regarding the challenges that banks have to face today, he mentioned, “The big challenge that the banks have today is they are not able to understand the journeys that the customer is going through the different channels”.
“The payment experience is actually the most critical element of what will drive the future of payments or how consumers will actually adopt payments”, said Raghav Prasad (Mastercard’s Division President for Sub-Saharan Africa) while talking about the future of payments.
Some of the crucial topics that were covered during the event were ‘Strategic Initiatives to Accelerate Financial Digitalization’, ‘Banking Up: Shaping the future of Financial Services using CLOUD’, ‘Open Banking Innovation – The game-changer for Africa’, ‘Exploring the Process to Ensure Compliance of New and Innovative Digital Products’ and many others.
The event through its insightful presentations and panel discussions, spoke in great detail explaining how the digital innovations in the BFSI sector is driving financial inclusion in the continent and it also shed light on the enormous VC funding that the African Fintech companies have received in the past few years.
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