Financial institutes urged to embrace technology

Written By: Regina Manyara

Banks, Insurance and Micro-Finance companies have been urged to integrate technology in their operations to increase efficiency in service delivery.

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According to banking experts, integration of new technologies in financial service delivery will enhance customer data protection and reduce incidences of cybercrime as well as reduce transaction costs making banking more affordable and accessible to many Kenyans.

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The latest report by cybersecurity firm Serianu indicates that Kenya lost 30 billion shillings to cybercrime in 2018, which could increase if organizations fail to adequately invest in cyber security infrastructure.

To this end experts are calling for more appropriate IT integration in the financial services sector to among other things ensure protection of customers’ data.

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In this regard XH Smart Tech, and CompuLynx have signed a strategic partnership that will ensure secure digital and card solutions that are expected to ultimately reduce transaction costs provide better protection of customers’ data.

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The partnership is expected to improve service delivery as banks can create an ecosystem of merchants ranging from retailers and utility companies as well as direct traffic through the QR technology and app.

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Going forward stakeholders are upbeat that ICT integration will reduce the cost of transactions for both the customer and financial intuitions and promote financial inclusion.


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