Head of Business Enablement, Stanbic Bank Ghana, Marian Amartey has emphasized the need for financial institutions to invest in data analysis to understand new trends in customer behaviours to provide the right solutions to satisfy the needs of customers.

Speaking on the sidelines of ‘The Money Summit’, Marian Amartey shared that as technology rapidly continues to affect all facets of our lives, it has now become important for banks to invest more in data collection and analysis to meet the evolving needs of clients.

She mentioned, “It is very clear that the future is digital, that is not a fact that we can dispute. One thing that we have come to realize is that data analysis is becoming a critical part of any business to truly understand your customers and provide them with the right solutions to meet their specific needs. Data is one of the things that will drive how we will execute things in the future, so we must invest in how we analyse data. Technology has had an impact on consumer taste and behaviour, and to remain relevant to them it is important that as a business we remain abreast with the new trends to provide effective and efficient solutions.”

“Nowadays, AI personalisation is riding on data to understand the new trends of customers and the likes in terms of what solutions and platforms will help enhance business. It is not enough to only collect the data but with the increasing amount of data being generated and collected by companies, it is becoming increasingly important to have the right tools and skills to extract valuable insights and make informed decisions. Therefore, banks and FinTechs must invest heavily in data analysis capabilities to ensure they can stay competitive in a rapidly evolving marketplace.”

Marian Amartey explained that banks had to adopt new technological solutions to keep up with trends and ensure customer satisfaction.

She said, “At Stanbic, we are a customer-centric bank, which simply means we put our customers first. That is why we are always exploring new ways to leverage on technology to provide better services. Some areas we are currently looking at include Application Programming Interfaces (APIs) which allow for increased third-party participation, ensuring consumers can access all the required products and services from the same pot.

“We are also leveraging technology such as robotics to ensure that we enable a self-learning tool within the business as well as automating repetitive tasks that will assist us to provide better customer relations management when it comes to using our digital platform. That is why we believe that working together with Fintech is quite important at this time so that we can collaborate effectively to come up with the best solutions.”

The Money Summit is a platform for stakeholders from various sectors to come together and discuss strategies to overcome challenges and capitalize on opportunities in the financial sector.

The event witnessed lively discussions and presentations on topics such as capital mobilization, financial inclusion, trade and investment, innovation, and sustainable finance. Participants engaged in interactive sessions, sharing insights, experiences, and best practices to shape the financial landscape’s future.