Banks seek to cut cost by adopting technology

By Ronald Owili

Adoption of technology by firms in the financial sector is expected to increase tremendously going forward as banks seek to cut operational costs, increase efficiency as well as enhance communication with their consumers.

Equity Group chief executive Dr. James Mwangi says this will ensure companies aptly adjust to the changing dynamics in the sector that would otherwise make them uncompetitive.

That if you do not adjust to emerging trends as a result of technology you are at higher risk of collapsing is factor most companies are now well familiar with especially in this age where technology is advancing rapidly.

For instance, firms are continuously making their presence felt online through the use of social media as a way of responding to consumer demands.

CIO East Africa CEO Harry Hare says the total value of investment in the ICT infrastructure in the corporate sector now stands at 40 billion shillings, a figure expected to head upwards.

Similarly Equity Group chief executive Dr. James Mwangi remains hopeful local markets will remain firm even as global markets report mixed reaction after the win by Donald Trump as the 45th US President.

A keen eye is on Forex stability.

They were peaking during the Chief Information Officers annual meeting in Naivasha.



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