The banking sector faces significant challenges in adopting emerging technologies such as Artificial Intelligence (AI), Machine Learning and Big Data, sector experts argued on Friday 21 February during the ‘Banking Forum: Transformation, Growth and Control’, held in Maputo. The event brought together professionals to discuss the modernisation of financial services and the quality of the data used by the country’s banking institutions.
During the panel on ‘Modernising Data Aggregation Capacity as a Strategic and Governance Imperative for Banks’, moderated by Deloitte specialist Inácio Neves, Rogério Lam, representing Banco Comercial e de Investimentos (BCI), pointed out that national institutions have yet to fully exploit the digital tools available. According to him, the lack of standardisation in data collection and processing makes it difficult to use this information effectively to improve services and personalise customer offers.
‘Each bank captures data in its own way, without a standardised framework. Often, the systems used are guided by the parent companies (the banks‘ official headquarters), which may not be aligned with the needs of the local market,’ said Lam, explaining that despite advances in digitalisation, the implementation of AI-based solutions faces obstacles such as the shortage of specialised professionals and the lack of adequate regulations for the use of these technologies in the financial sector.
The BCI representative also addressed the issue of infrastructure and the internal capacity of banks to ensure data quality. ‘Technology has evolved and banks have kept pace with this development, but we still use many traditional models for decision-making,’ he said, also highlighting the need for greater interoperability between banking institutions, with a view to standardisation and security in the management of customer information.
José Pacheco, representing Standard Bank, emphasised the importance of data governance and the need to make the use of information more strategic. ‘The regulatory agenda has been a driving factor in improving data quality, but we still need to move forward to use this information more efficiently, benefiting both financial institutions and customers,’ he pointed out.
The panel concluded that, in order to overcome these challenges, it is essential that national banks invest in professional training, establish partnerships with universities to train data specialists and collaborate in creating a more flexible regulatory environment, facilitating technological innovation in the sector.
It should be noted that the event brought together leaders from the banking sector who, among other topics, debated strategic and current issues with the aim of promoting innovative solutions to the challenges faced by the banking sector. In a context characterised by macroeconomic changes, technological advances and the growing need to foster inclusive economic development, the platform allowed perspectives and experiences to be shared, driving collective progress.
Text: Nário Sixpene
