‘Banks in the future will need to embrace emerging technology’

Lloyd Jonathan Busuulwa is the head Alternative Channels at dfcu Bank. He spoke to The Independent’s Isaac Khisa about the Bank’s digital strategy and the future of banking going forward.

dfcu Bank embarked on a digital transformation journey in 2017. What progress have you registered?

dfcu Bank’s digital transformation journey started in 2017. We set out to become a digitally led Bank with the ability to bank everyone, everywhere and at any time.

The Bank’s digital Strategy has been born from this aspiration, ultimately calling for increased investment in technology, infrastructure, software, applications and human capital. Our objectives were clear; becoming a Digital Bank of Choice, migrating majority of our customer transactions from the branch to alternative channels and ppromoting financial inclusion.

So far, we’ve rolled out massive enhancements across dfcu Quick Banking which is our omni-channel mobile and internet banking platform, our Agent Banking network has grown to over 1,700 Agents countrywide and we boast 72 onsite and offsite ATMs.

Recently, we replaced our ATM Fleet of Cash Dispensers with ATM Recyclers which support instant cash deposits (Carded and Non-Carded) and re-use of the same deposited cash for withdrawal. Because of this, we are starting to see a reduction in downtime in our ATMs especially regarding cash running out. Last year, we added the dfcu Visa Contactless Vids Credit Card to our line of products; a step in the direction of achieving one of our business aspirations.

For our customers who still need to physical visit the banks for one reason or another, we have set up Wi-Fi spots and Digital Hubs in a number of branches to support the execution of these transactions using our applications. We believe that the future is bright for both us and our customers.

What opportunities does digitalization bring to the banking and generally the financial sector?

Currently, there is a rapid adoption of digital operating models such as artificial intelligence that include chat bots and robotics which drive predictive decision making. These innovations dig deeper into the customer behavior and help banks grow and retain their customer bases.

The organizations that have invested in big data governance and analytics are lightyears ahead of their competitors and as a result, more banks have become more solution oriented because data enables informed decision-making.

dfcu Bank has several teams focused on data analytics, innovations and IT developments to support this transformation both internally and externally. To make the most of the ongoing global digital revolution, organizations have to ensure that their entire ecosystem are on one page. These opportunities are endless; it’s now up to players in the financial industry to navigate, understand and make the most of them.

Which initiative is the banking industry and specifically dfcu Bank putting in place to deal with cyber security?

dfcu Bank has introduced a second level authentication for transactions off the internet and Mobile Banking Platform for all our customers. Known as Trust Factor, it replaces One-TimePasswords.

We’ve also added an additional layer of authentication for online transactions which we call 3D Secure and it works by sending an OTP to either a customers’ mobile number or email address for authentication.

We are committed to empowering our customers and we do this through dissemination of educational messaging meant to keep them aware of how to avoid and manage suspected fraud on their accounts. We can only make the most of this digital evolution if our customers are understood, supported and equipped with the skills and information to be part of the same journey.

dfcu Bank recently unveiled a new campaign dubbed “Banking at the speed of you.” What is the purpose of this initiative and how does it rhyme with the bank’s long terms strategic goals?

‘Banking at the Speed of U’ – is the Bank empowering her customers to Bank at their own pace! We have set the foundation (Technology infrastructure, Human Capital) – so the customer has the option to bank; whether it be a quick cash deposit at an ATM Recycler or a top up for a data bundle at their convenience. We’re taking away limitations brought on by time, limited channels and the need to physically visit the bank. Our mission is ti provide innovative financial solutions and that is what ‘Banking at the Speed of U’ does.

How do you envisage Uganda’s banking in the near future?

Banks in the future will need to embrace emerging technology, remain flexible to adopt evolving business models, and put customers at the center of every strategy. For many retail banks, online and mobile channels will become as important—if not more important—than agents, branches and ATMs. Investing in digital banking capabilities now ensures that the bank of the future is relevant, connected to its clients and profitable as a business.

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