Stanbic Uganda collaborates with IBM to build cutting-edge banking-as-a-platform services, to ensure enhanced customer experiences and seamless integration in the digital era.
In response to the pandemic, Uganda has placed significant emphasis on implementing intelligent policies to address societal challenges and stimulate economic growth, guided by the national development plan known as Uganda Vision 2040. According to the United Nations Development Programme (UNDP), Uganda has made remarkable strides in its digital transformation journey by bolstering its mobile network coverage to cater to the needs of its expanding digital-first population. As a result, it is projected that an estimated 4 million new mobile subscribers will be actively using these services by 2025.
By adopting IBM’s CP4I, Stanbic Bank Uganda can integrate its payment systems to support the functionalities of core banking apps and mobile baking operations. Additionally, the secure platform will allow the bank to onboard and manage new APIs internally and externally with faster speed-to-market time for innovative solutions such as FlexiPay, enhancing the banking experiences for customers at every touch point.
This will also allow the bank to meet the growing digital customer expectations by strengthening its ecosystem with fintechs, neobanks, and telecom partners. “Through working with IBM, Stanbic Bank Uganda can offer integrated and seamless banking experiences that enhance the user experience for our customers.
In this process, agility, security, and quality of integration were prioritized,” says Emmanuel Serunjogi, Head of Partnerships and Ecosystems at Stanbic Bank Uganda. “Digital services are key to our growing e-customers who prefer transacting from the palm of their hands. By integrating secure APIs with our ecosystem partners, we can meet our customers’ needs and expectations,” concluded Serunjogi.
This hybrid cloud approach will further improve the bank’s competitive edge by being more flexible in response to evolving customer and business demands while remaining compliant with strict industry regulations.
Commenting on the selection, Julia Carvalho, General Manager for IBM Africa Growth Markets, said, “We are pleased to be on a journey with Stanbic Bank Uganda to expedite their digital footprint and elevate the overall customer experience. By leveraging our expertise, we aim to empower the bank to expand its reach, cater to wider audiences, and provide cutting-edge digital solutions that meet the evolving needs of customers. Our joint efforts will enable the bank to offer an unparalleled customer experience and drive the growth of the financial digital ecosystem in Uganda.”
The move by Stanbic Bank Uganda is in line with global trends, as embracing end-to-end digitization to reshape operations and drive innovation was one of several top banking industry imperatives outlined in the IBM Institute for Business Value’s 2022 Global Outlook for Banking and Financial Markets.
//Staff Writer
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