Global News, Analysis & Awards

Banking apps are set to have the biggest impact on commercial banking within the next five years according to more than two thirds (68%) of commercial bankers, a study by Fintech provider Fraedom has revealed.

Banking apps are also predicted to become one of the most disruptive technologies during the same time period. Only cryptocurrencies (56%) and virtual assistants (48%) are expected to be greater disrupters, according to a study that polled 1000 decision-makers in commercial banks including senior managers, middle managers and shareholders.

The research also found that just under half (45%) of respondents listed digital wallets to have a substantial impact on the industry while nearly one third (32%) noted machine learning as having a future influence.

Kyle Ferguson, CEO, Fraedom, said: “The research highlights that the commercial banking world is beginning to shift towards a more consumer focused approach. Business executives are increasingly wanting a real-time view for their payments, just like they can in their personal lives. This trend is also mirrored by commercial banks who are planning to invest in the key technology areas to make consumerisation possible.”

The study revealed that data analytics (55%) and enhanced mobility (41%) are two of the most likely areas of a commercial bank to receive investment within the next five years. Unsurprisingly updating security systems was most likely area to receive an investment boost, as cited by 65% of respondents.

The research also uncovered that almost half (45%) of financial services organisations believe that increased…

An interview with John Kamara, Director for Global Gaming Africa, on how Africa has embraced Blockchain technology, by Katy Micallef: 

What kind of solutions can blockchain technology offer the continent? Is Africa on the road to becoming a blockchain hub?

Africa is rising and technology is at the forefront of our growth as a continent. We have seen the explosion of the mobile space in the continent and how it has allowed a number of services and solutions to become easier. Blockchain is about to help solve a number of issues we are currently facing in the public and private sector. Pockets of blockchain innovation are fast springing up in innovation hubs across Africa, as the public and private sector alike seek effective new systems of record with trust embedded.

With Kenya, Nigeria, Uganda and South Africa among the countries taking the lead in blockchain experimentation, the financial sector looks set to be the continent’s earliest big adopter. However, development and trials are also underway to apply blockchain technology to virtually every industry sector – from health and social development to retail and agriculture. Governments are exploring ways of using blockchain to aid corruption across multiple verticals and also to push value to service sectors.

One company planning to maximize blockchain’s potential in Africa is Ecobank, a pan-African banking conglomerate with operations in 36 African countries. Ecobank’s Fintech Challenge actively seeks out fintech innovations harnessing Blockchain, artificial intelligence, machine learning and other…