Since the 2008 financial depression, there has been an increase in regulatory fees related to earnings and credit losses. Banks, SACCOs, money lenders, insurance, and other financial companies need to be compliant with various guidelines and policies that often strain resources and make data management too hard.

Banks and other financial institutions need to embrace the fast-paced digital transformation to avoid the threat of becoming obsolete. They need to replace existing systems, develop new platforms that foster innovation and facilitate work, as well as adopting to new up-to-date technologies in this dynamic market.

Today’s smarter and savvier customers expect more personalized and convenient banking experiences. They demand a lot more meaningful interactions and tangible results through simple and intuitive interfaces on any device, anywhere, and at any time.

High-profile security breaches, financial frauds, and identity thefts have been many over the past few years. It’s crucial for financial institutions to invest in technology-driven measures (fintech) that facilitate stringent authentication, firm encryption, and verification of payments, contracts, and transactions.