Lloyd Jonathan Busuulwa, Head of Alternative Channels, dfcu Bank By Lloyd Jonathan Busuulwa,
Digital technologies have dramatically reshaped industry after industry. Digital transformation is now universally regarded as essential for businesses to remain viable and competitive according to a digital transformation survey done my McKinsey Global. The survey also highlights that businesses are heading unequivocally towards becoming digital from top to bottom. For those that are not transforming with urgency, the negative consequences will become compounded to the point of being untenable.
dfcu Bank started its digital transformation journey in 2017 and has registered considerable progress overtime. The Bank in its latest endeavors has launched a campaign dubbed “Banking at the speed of you” that speaks to their digital transformation agenda as a Bank. We caught up with Lloyd Jonathan Busuulwa, Head of Alternative Channels, dfcu Bank to get insights into the bank’s digital transformation agenda in a two-part series. Below are the excerpts of part of the interview.
> Digital adaptation has taken a quantum leap at both the organizational and industry levels even before the pandemic, according to McKinsey, COVID-19 has only accelerated that timeline with estimates indicating we’ve moved three to four years forward in digital adoption in a matter of months. What’s the bank’s strategy to close up the digital gap among its customers?
The bank has been on a journey to transitions into a digital bank (Bank 4.0) since 2017 when we developed the first blueprint of our digital aspiration. It started with engaging our customers to get them to understand the value of and embrace the digital platforms. Since then, we’ve been focusing on enhancing customer experience at all service points and their interaction with the products.
With innovation at the heart of the strategy, the Bank set up the Change and Innovation Unit with product development and innovation at the forefront. This unit is responsible for developing digitally inclined products and solutions for our customers. Before a product is launched onto the market, it goes through a rigorous ideation process to gain approval. This department has been key in supporting the digital agenda of the Bank.
Strategic partnerships with different stakeholders such as Telecoms, Mobile Network operators and FinTech’s geared at outreach and expanding service points are also pivotal to our strategy. You will notice that today the telcos have over 40million subscribers and 99% of those are on mobile money, that’s a […]