Experts have cautioned the banking sector in Ghana to engage in digital transformation or risk losing financial revenues, indicating that it was necessary for local banks to make their services more interactive in other to enhance customer experience.

Detailing the significance of digital banking, Chief Executive Officer of IPMC, Amar Hari stated that the essence and new wave of banking is all about engagement.

He affirmed that with digital banking people are able to shop, advertise and transact businesses comfortably, making it simple and convenient for customers.

Mr Amar noted that, Ghana's banking sector needs improvement and deploring technology will transform clients' lives, even if it will ultimately come at a cost.

“Digital banking today is not just about logging on to your bank through an app on your phone, but its more about the use and experience. As we become more digital we are losing the human touch, the transformation we need to bring is how we can make the user interaction digitally more interactive. Technology needs to be disruptive, technology is not about operating manual processes, it’s about how to improve them, how to make lives better,” he explained.

Mr Amar, however applauded Telco’s in Ghana for their efforts in making data cheaper for the ordinary Ghanaian to access the internet for business, particularly in the banking industry.

He said, “Telco’s are doing a great job in the Ghanaian market. Most of the Telco’s are working on loses or cost to cost because technology is expensive. To bring the latest technology, bringing the prices down is not easy for the telco’s but we see that the competition in Ghana is driving the prices of data down. These prices will go further down as consumers start using data in their daily lives.”

Speaking at a summit Friday, April 26, 2019, Mr Akinsope Roberts of Digital Solutions, EY – West Africa also disclosed that 35 percent of financial services are at risk globally.

This, he said is as a result of the activities within the banks especially in Ghana which had about 0.4 growth in equity. He advised digitally transformed banks to protect their institution with cyber security, because “the more digital you get the more risk you expose yourself to”.

Mr Akinsope observed that though traditional banks are catching-up with the modern world, it is about time they lead the innovation that is happening across the world.

He said according to a consumer banking sector survey, “Globally, about 35 percent of financial services revenues are at risk and most of this is from banking. 26 percent only from savings, lending and payments, with 70 percent of banks in Ghana in the transformation process.

Some banking executives are quite positive about the recovery, he advised Ghana to engage in digital banking though digital transformation comes with its cost, it is more simple and easier for consumers.

The event was organised by Infosys Finnacle in collaboration with IPMC on the theme: ‘Accelerate Digital’.