Vimal Kumar, Chief Executive for Retail and Business Banking, Digital &amp; CX, at Absa Regional Operations, on the bank’s digital transformation journey across Africa and the technology driving financial access in the continent’s communities.



&#8220;THE 30cm BETWEEN YOUR EYE AND YOUR MOBILE device…that is the small, yet powerful space we want to own,” says Vimal Kumar, setting the tone for our interview on digital banking – and the future of self-service and DX.



As Chief Executive for Retail and Business Banking, Digital &amp; CX, at Absa Regional Operations, Kumar has been part of the bank’s rebranding strategy in Africa since its separation from the British parent brand, Barclays Plc. He expands further on his “30cm” philosophy



“The young customers of today don’t have the time to look for a branch, stand in queues, and speak to banking staff. They want everything on their mobile that’s instant, fast, and agile. It’s ‘digital-first, mobile-first’,” Kumar continues.



From his upstairs study at home in Sandton, Johannesburg, he has a clear view of the African sky. The months of remote working enforced during South Africa’s Covid-19 shutdown have meant being away from these very skies. For a man relentlessly clocking air miles traveling into the rest of the continent, the pandemic has meant a period of quiet reflection and quick recalibration.



“In the last hundred days or so, I have reconciled with ‘the new normal’ but I do miss traveling into the heart of Africa. It’s a very vibrant continent, a very young continent. I learn a lot when I am with young people. This time has given me a very different perspective,” says Kumar.



Having worked for 25 years in retail banking across Southeast Asia, India, the Middle East, and now Africa, what Kumar sees as unique to the continent is its ease of adoption of new technology.



This is what charged him and his team into creating the bank’s digital transformation journey in Absa’s regional operations, “not entirely focused on being cool but solving customer needs”, providing “not just financial inclusion but financial access” to people in the remotest parts of the continent.



Doing so through partnerships with such entities as MTN (telco) and JUMO (fintech), the underbanked communities in Africa, who have never experienced banking in their lives, have been able to access financial services, says Kumar.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">&#8220;Hyper-personalizing CX through a combination of digitalization and big data, and making it a segment of one…&#8221;</blockquote>



In the process, it also meant “hyper-personalizing” CX through a combination of digitalization and big data, and making it “a segment of one” where every customer is unique. “The experience we are trying to create on the mobile app and web platform will soon mirror the experience of one transacting at the bank’s branch. This means we have to constantly improve the functionality and user experience on these alternate channels so customers never feel the need to visit a branch.”



This aspect was one of the core pillars of the radical transformation that came shortly after Barclays announced in 2016 that it would be exiting Africa. The separation journey, as well as the digital one, took three years and involved entire teams. But Kumar notes the focus of their digital transformation philosophy has remained consistent – improving self-service to the customer. “So, technology is really driving financial access to the most underprivileged in our societies… this is important, because, as I said, we needed to come much closer to the real communities in Africa.”



The proximity with colleagues and clients during Covid-19 has been challenging and “psychologically, more difficult to accept”, however, life has to go on, says Kumar, and though it is not a preferred way to operate, the digital transformation journey must continue – for Africa’s sake.



<h4 class="has-text-align-center wp-block-heading">ACCOLADES</h4>



2019: ‘Financial Innovator Of The Year’ award by Finnovex 2020: ‘Banking CEO Of The Year – Africa’ and ‘Business Transformation CEO Of The Year – Africa’ awards by Business Worldwide

Untitled-1

THE FUTURE OF SELF-SERVICE

Cheryl Buss, the UK-based CEO of Absa International, on her passion for Africa and its resilient, entrepreneurial mind-set.



Cheryl Buss lives by the mantra “smooth seas don’t make for good sailors”.



It was a quote she first heard Mercedes-Benz South Africa’s former CEO Arno van der Merwe use and one that has helped her navigate countries where populism, polarization and Brexit are rife.



It is a saying that will no doubt help the CEO of Absa International deal with one of the biggest challenges the world is facing – Covid-19, a deadly virus that is sending shivers down the spines of economies around the globe.



But for now, Buss is using her mantra to gain business in the United Kingdom and the United States.



The UK-based career banker wants to take Africa to Absa’s clients in the UK and the US and bring the bank’s clients to Africa, a continent she is very passionate about.



She is working hard to convince businesses that want to invest in Africa, to bank with Absa on the continent.



&nbsp;Her passion for both the continent and her job is driving her success in this endeavor.



“I’m passionate about the business in which we work and I am passionate about the opportunity for Absa and for Africa. I think that if you are passionate about what you do and you show up positive, that tends to hopefully spread around and is hopefully catchy,” says Buss, dressed in an elegant dark blue dress.



As she explains her passion for Africa to FORBES AFRICA, Buss’s eyes light up. The continent offers experience, diversity, opportunity in agriculture, farming and the provision of food supply, she says.



Excitedly, she adds it has the world’s biggest population of youth that if harnessed correctly will see the continent beaming with new ideas and new thoughts.



Africa’s people are another element that makes her an Afro-optimist.



Explaining, she says: “It struck me going into Zimbabwe a couple of years ago… this was probably three, four years ago, just a load of poverty, you can just see the roads are in bad shape, everywhere you look, you see people with beaming smiles. You think ‘God, what are you smiling at?’. But it is just African people, we are taught to be resilient, we are taught to come back and I think that is part of the excitement through which you see this entrepreneurial development and mind-set.”



But Buss does not just plan to take the conversation about Africa to the UK and the US, where the bank recently received regulatory approval to operate and has started engaging with clients, but also to Asia.



Confidently, she says “you would have seen Charles Russon, who is our CEO of Corporate and Investment Banking, alluding to the fact that we would be, we are considering what the China strategy would be like, that would be rather our next port of call… China is our first consideration that we are working with our strategy team to see and understand what that would look like and then there is the Middle East-Asia consideration as well, so we would look to kind of have the four corners.”



High in emotional intelligence, a trait the charismatic leader believes she picked up by being open to change, resilient to failure and open to learn, she says she wants to build the international business to be in the best place ever.



“For me, I want it to be ‘wow, that business didn’t actually have a blip it carried on’.”



How does she plan to get there?



“It is about that close personal touch, I like to have close personal relationships with my teams, with the people I deal with and the people I mentor and make sure I am offering guidance at the right level and I like to build close relationships with my clients as well…



“Banks are a commodity so the real differentiator is the people you employ in the bank and how they show up to our clients.”



-Monique Vanek

IMG_3781

The Afro-Optimist: This UK-Based CEO On Her Passion For Africa And Its Resilient, Entrepreneurial Mind-Set

Human rights icons
such as Albie Sachs and Dulla Omar shaped the early career choices of Yasmin
Masithela, the Managing Executive of Transactional Banking at Absa Corporate
and Investment Banking. These human rights lawyers inspired her to pursue a
career in law spurred by hope to have impact on the South African society.



Masithela chose Corporate Law and after graduating and went into private practice with Webber Wentzel Attorneys and later an Associate at Siemens in the Project and Export Finance Division. The lure of being able to self-determine would soon become great, and Masithela joined forces with professional friends to form their own law practice. 



She became a founding partner at Phukubje Pierce &amp; Masithela Attorneys, where among other roles, Masithela was Head of Mergers, Acquisitions and Project Finance.  The young and aspiring firm was idyllic and passionate about making a difference, but collectively they had little experience as entrepreneurs at the time. 



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The fine balance between survival and aspiration that most entrepreneurs struggle with quickly became their reality, topped off with the common start-up challenge of having to wear multiple hats and struggling to break through in a traditional professional services industry. 



“At the time we
were idealistic – all we wanted to do was support our clients to protect their
businesses and to grow,” she says, “only to find ourselves bogged down in
multiple other mundane tasks and responsibilities necessary to keep the lights
on. It was a constant roller coaster of highs and lows, feast and famine. I
learned a lot that is permanently emblazoned in my mind – small business owners
need a more supportive tax regime and help with managing cash flow and
establishing structure that allows them to be viable.”



Masithela took the
difficult decision to leave the partnership and go back into the corporate
space. Some of her partners chose to stay in the business and they have fared
very well.



Masithela’s stint
as a free agent was short lived – she subsequently entered the corporate sector
again and joined Absa in 2011. At Absa, she rose through the executive ranks,
occupying various key roles as General Counsel and Head of Compliance for the
Wealth, Investment Management and Insurance business before her appointment to
the Absa’s Group Executive Committee as the Chief Compliance Officer in 2014. 



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In 2018 she took
on an expanded role as the Chief Executive for Group Strategic Services – a
portfolio that drove the group’s strategy including digital strategy, as well
as the Human Resources and Culture agenda of the enterprise. The role allowed Masithela
to play a key role in embedding the group’s new strategy and a renewed focus on
its corporate culture under the new brand. 



In March 2019 she took
on a new challenge to run a substantial P&amp;L as the Managing Executive for
Transactional Banking within Absa’s Corporate and Investment Bank (CIB)
business.



Masithela admits the transition from a specialist lawyer to a “generalist leader” is never an easy one, but emphasizes that this is what enterprise leadership requires – specialists who turn into generalists, with the ability to translate the vision of the group and lead many colleagues and other specialists into executing and delivering the vision. That said, generalists still must know enough about all facets of their business in order to run the business. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“I think analytical skills and system thinking is a natural by-product of being trained in Law, and in a large way eased my journey. There is also a lot to be said about leaning into opportunity, owning your seat at the table and being very deliberate about it,” she says.</blockquote>



She relishes the opportunity to provide strategic input and support to the overall Absa CIB business under the leadership of Chief Executive Charles Russon. “CIB’s strategy is grounded on growing primacy, which has a large dependency on the business I am responsible for,” Masithela explains. 



“Transformation
and Innovation are also critical for the bank as both our corporate and retail
customers rapidly adopt digital technology. I am fascinated by and focused on
our digital strategy, and with keeping up with global trends in corporate
banking. We see a big transition for our industry to being customer-led and I
am excited about the role I can play in this space within the CIB footprint and
across the continent,” she says. 



Like many in the industry,
Masithela is concerned about the current tough economic environment in South
Africa which is the bank’s largest market. There are strong economic headwinds
across the African continent in the markets where Absa operates, but she sees
opportunities even in this uncertain environment, by focusing on customer
centricity using what she describes as “a clear pragmatic, service oriented
approach” to drive growth in Transactional Banking.



&nbsp;“Transactional
banking is about transforming our client’s business through products and
platforms of the bank that interact seamlessly with their business in order to
help them operate with flexibility across their value chains, and to grow. That
is Absa’s strength. Our strong presence across the continent helps facilitate
the growth ambition of many of our clients, and indeed we often even help
ignite those ambitions in some cases,” Masithela says.



Outside of work, the proud mother of three says time spent with her children grounds her and is a deep sense of comfort. Masithela enjoys other personal pursuits such as long-distance running, swimming and reading. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“When we were growing up, my parents kept the entire series of Encyclopaedia Britannica proudly displayed in the living room – that was our google back then. We were not allowed to say you didn’t know how to find the answer to anything – you go look it up! </blockquote>



This probably
explains how I ended up going to law school where before the advent of digital
research, we spent hundreds of hours scouring over journals and precedents.
Today my reading tastes vary from cook books to autobiographies and science
fiction.” 



Travel is a
passion she has grown to enjoy, and which gives her the opportunity to sample
cuisines around the world, meet new people and experience new cultures. “I
especially enjoy travel within the African continent where our history and
heritage are truly rich and vibrant,” she says. Exploring new restaurants feeds
her cooking passion and “guilty pleasure” of experimenting with new flavours. 



“Good food need not be complex or high end … it’s the little things that make for a fantastic culinary experience: quality ingredients, technique, creativity, ambiance and value… and isn’t that a euphemism for life in general?”

Yasmin

The Laws Of Impactful Banking

Lindelwe Zwane, the Managing
Executive: Compliance at Absa Corporate and Investment Banking says the role of
compliance in the financial services sector has changed significantly over the
years. Compliance has and continues to evolve to meet the ever increasing demands
and complexity of financial regulation, she says.



“Compliance has to evolve from traditional methods of managing compliance towards integrated risk management using automation to leapfrog compliance from gatekeeper to game changer. 



 “To meet the demands of a rapidly changing financial services industry, the compliance function has to shift its focus by using data insights to inform decision making and creating value for the business,” she says.



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She says there has been an increase in the use of robotics process automation and predictive analytics for risk assessment, monitoring and testing, complaints management, surveillance and regulatory reporting.&nbsp; “This creates efficiency and saves costs in the long run,” Zwane says. 



Zwane, who assumed her
position in 2017 has a big task ahead of her. 



“As the CIB Chief Compliance Officer, I am primarily responsible for overseeing the Compliance Programme for CIB globally to ensure compliance with regulatory requirements and policies of the bank. I am also responsible for safeguarding the reputation of the bank and driving culture change within the organisation,” she explains.



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A qualified lawyer with 18
years post qualification experience, Zwane has worked in various roles in the
industry including as a Legal Manager at Deloitte and as Senior Legal Counsel
for Deutsche Bank in South Africa. She joined Absa in 2015. 



She describes her rise in the
corporate world as a journey of self-discovery and reinventing herself through
learning. “This has helped me shift my mind-set and opened up new growth
opportunities and challenges,” says Zwane, who leads a team of 30 professionals
in her division. 



She agrees that finding a perfect balance between work, personal and family life is always important, and this she achieves by being 100% present. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“Wendy Tan in her book Wholeness in a Disruptive World (2017) says balancing is not a 50:50 compromise. Its 100:100 over time. We need to be, think and act whole to do our best at work. This means that work life balance does not have to be a zero sum game,” Zwane says. </blockquote>



She handles pressure by
staying focused on the goals to be accomplished and asking for help if she
needs it. 



Scanning the future, Zwane says
in the next five to 10 years, she would like to be in a role where she can
continually deepen and diversify her skills to become an enterprise leader.
What is her advice to young, upcoming women professionals?&nbsp; “Lift as you rise. We need women to invest in
women,” she says.

linidwe

The Evolution Of Compliance In The Banking Sector

Corporates must make a deliberate effort to accelerate the
development of women and appoint them to senior positions, says KG Bako, the
Managing Executive: People and Culture, at Absa Corporate and Investment Bank.
Bako says this will inspire young and up-coming women professionals to have
people to look up to. She feels it is time there are more female chief
executive officers and others in C-Suite positions. 



“I am passionate about women empowerment so I always make sure I am fully hands on when it comes to these matters. I mentor and coach a number of young women professionals, both at CIB and externally. I believe sharing personal stories of our professional journeys does open one’s eyes and empowers them with tools to choose from when faced with challenges. I believe those of us who are in the top have to create a path for the young professionals,” Bako says. “Having someone as your voice in key decision making forums is key and we need to see more and more women being sponsored.”



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She narrates her own experience rising up the corporate
ladder, where she faced challenges with gender-based stereotypes, where there
were perceptions one could not perform at a certain level simply because you
were a woman. “So most of the time, you are finding yourself having to
repeatedly proving yourself and working twice as hard as your male counterparts
in order to gain recognition,” Bako says. 



She believes your immediate supervisor can have a
significant influence on your career growth, because they are the first point
of reference when you face work challenges. But it is not always that easy,
especially if you are a woman. Being told you are not ready for growth or new
opportunity is one example, when you are denied growth opportunities
deliberately, Bako says. 



“When I engaged my boss at the time, I was very clear what I wanted; I had done a self-assessment, so I knew I was ready. When the response was no, not this year with no explanation, I had to give them the benefit of the doubt, that they don’t know or have all the information required for them to make an informed decision,” Bako continues.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“I decided to write a motivation with all the facts (no emotions) that led me to believe I was ready and that changed their perspective.”</blockquote>



Bako says one should take personal charge of their career
growth as no-one is going to do it for you.&nbsp;
She says: “Surround yourself with people who will take you forward.
Challenges are gifts that force us to search for a new centre of gravity. As
Oprah Winfrey said, don’t fight them; just find a new way to stand.” 



Bako holds a degree in Social Sciences from Wits University and also a Master of Business Administration General degree from Henley Business School. She believes her career choice was natural because from a young age, she has always been caught between the love for numbers and people.



“The more I worked with people, the more it became clear
where my passion was. When my plan of becoming a Clinical Psychologist was not
realised there was no better place to nurture the love for both worlds than
being a Head of People and Culture in an investment bank,” she says. 



Bako admits many people struggle with striking a balance between work and family, particularly as they rise up the corporate ladder. She believes it requires understanding and concerted effort from all role players; from the employer and the culture within the organisation to family members involved. 



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“Firstly, the employer has to be deliberate about an
inclusive culture they create to ensure women are able to have work life
integration. Secondly, the culture you create at home has to align to your
ambitions to excel professionally. The family set up has to support this,
understanding there will be days when you have to put in long hours and someone
has to take care of household chores,” Bako says. 



“With technology these days, you don’t have to be physically
in the office to do your work. Not only is the ease of accessing your emails,
but you can join meetings using technology, again this speaks to the culture of
the workplace. Once you have both worlds set up to enable your ambitions, the
main role player is yourself,” she says. 



Bako advises that one has to be clear about their plans and
know who forms part of your support structure, at home, work or socially. She
believes these structures become useful while you also find time to take care
of yourself, mentally and physically.



“Make time for physical activities, whether it’s the gym or
yoga class whichever works for you. We need to do a better job in putting
ourselves first on our To Do list. It can sometimes be self-inflicted; we need
to get our priorities in order and organise ourselves better,” says the mother
of three daughters. 



Her advice to young women is “If you don’t get out there and
define yourself, you will be quickly and inaccurately be defined by others as
Michelle Obama said.”

People And Culture In The Workplace

banks

The Big Bank Theory: South Africa’s Banks Of The Future

<h4>Entersekt</h4>
Entersekt is a global pioneer in transaction authentication for financial institutions. The system combines electronic certificate technology with encrypted cloud messaging and the convenience of mobile phones to give banks, and their customers, full protection from cyber criminals looking to steal users login details and passwords. Entersekts clients, who include Investec, Absa, Old Mutual, Nedbank and Capitec, have allegedly reported an elimination of online banking fraud since implementing the system. Over 12 million customers are protected by Entersekt’s security software which has authenticated more than 250 million transactions since being launched in 2010. The start-up has so far raised around $10 million and has been implemented in Swiss financial institutions with plans to expand to Nigeria, Britain, Netherlands and the United States.
<h4>iono.fm</h4>
Described as PVR for radio, iono.fm is an audio-on-demand platform that publishes content from radio stations, podcasts and audiobooks. Listeners create their unique playlists and download content for later use. The revenue model centers on short audio adverts and all the content is currently free but going forward they may charge for exclusive content and added functionality. Where traditional radio stations can only monetize their content once as it is streamed live, iono.fm can monetize the content multiple times with different advertisers as the audio is stored online for repeat use. The platform currently generates over a million page views and 800,000 downloads per month. In the second quarter this year, iono.fm saw a 400% increase in downloads. The company has been self-funded since 2008 but is now engaging with venture capital investment to expand operations to the rest of Africa, India, and South America.
&nbsp;
<h4>wiGroup</h4>
wiGroup is a specialized point-of-sale integration platform that enables retailers of any size to tap into the mobile money market. Retailers that plug-in to the wiPlatform are able to accept any kind of current or future mobile payment, loyalty, reward or couponing application that exists on the platform. MTN Mobile Money, FlickPay and M-Pesa are some of the apps that have been integrated into the system which services over 50,000 till lanes across South Africa and has processed close to $250 million in mobile transactions. wiGroup’s clients include Pick n Pay, Shoprite, Vodacom and KFC, and the revenue model is based on transaction fees and monthly licensing subscriptions for apps that run on the platform. The company has a presence in Namibia and Mauritius, with plans to expand into Nigeria, Zambia and Britain in the near future.
CapeRay
CapeRay develops and manufactures advanced breast cancer screening equipment combining X-ray and ultrasound technology to enhance a clinician’s ability to detect cancer in women &#8211; especially those with dense breast tissue where conventional methods often miss a cancerous lesion. The technology is the first of its kind globally. The start-up spun away from the University of Cape Town around four years ago and has so far raised $2.26 million in funding pre-revenue. Clinical trials have been completed and an offering memorandum is now in front of 15 major multinational companies with CapeRay looking to raise an additional $10 million to begin rolling out the product in the United States, Europe and South Africa.
&nbsp;
<h4>iKubu</h4>
iKubu specializes in developing computer vision and commercial radar systems. The small team of engineers have a deep understanding of embedded software solutions and electronic hardware with a strong focus on algorithm development. The start-up developed a 3D scanning system for automated baggage check-in that has been implemented in major airports, including Heathrow, Sydney and Singapore. The company has, up until now, been bootstrapped by the founders who are engaging with international investors to expand operations.
&nbsp;
<h4>Nomanini</h4>
Nomanini develops and manufactures rugged mobile point-of-sale terminals to sell products such as airtime and electricity in emerging markets. The technology enables vendors in the informal sector to efficiently distribute prepaid vouchers and facilitate micro cash payments with plans in the works to enable additional transactions such as mobile money and insurance premium collections. Nomanini has partnerships in Kenya, Nigeria, Zambia, Namibia, Guinea and Mozambique with active terminals processing over a million transactions in September with the company expecting to process a million payments per month by December. Nomanini has so far raised more than $2.3 million in funding and is engaging with venture capital players in foreign markets for further expansion.
&nbsp;
<h4>8bit</h4>
8bit is a content recommendation platform that connects online publishers to a larger network of content producers driving traffic to members’ websites by showcasing their most popular content on other sites in the network. 8bit’s system automatically detects a site’s top content based on time, click rate and social media engagement and shares impressions across the network of publishers. It is currently in a closed invite only beta stage with South Africa’s leading independent publishers and has begun trialling with the country’s largest media houses. 8bit will officially launch at the upcoming Web Summit conference in Dublin in November after being named as one of Africa’s top 10 start-ups. In the upcoming months the company will be launching its paid promotions platform where publishers and advertisers can promote sponsored content not only on 8bit’s network but on traditional advertising exchanges. Since being founded earlier this year 8bit has raised around $135,000 in seed funding with plans to expand into Kenya, Nigeria and Denmark. 8bit processes over 20 million recommendations per month and in many instances, directs more traffic to publishers on its network than Google, Facebook and Twitter.
<h4>OrderCloud</h4>
OrderCloud integrates all the sales channels of a business, whether telephone, web or mobile, into a single online dashboard for simple and effective order management. The system automatically locates the closest outlet to the customer and links it with the necessary delivery services to process the order. Whether customers pay with credit, cash or mobile money, all your funds are instantly aggregated into a single account which distributes the lump sum to all the relevant parties in the supply chain. OrderCloud is being integrated into large franchises in South Africa though the start-up cannot say who at this point as the information is classified. The company is busy putting together a prominent board of directors and has so far raised $226,000 with plans to raise an additional $900,000 from local and international investors.
&nbsp;
<h4>WhereIsMyTransport</h4>
This month, WhereIsMyTransport will be launching Africa’s first official multi-modal transport application for Cape Town. Commuters using the app are able to seamlessly plot their journey from point to point linking various modes of public transport such as Golden Arrow buses and Metrorail trains with minibus taxis to come online in the near future. The application generates valuable data regarding commuter traffic and congestion enabling cities to more efficiently develop their transport networks. The start-up, still in its infancy, is engaged in talks with investors in three foreign markets to develop similar applications for major metros. The long-term vision of the company will be to open up its application programming interface to allow other developers to build apps using their technology.
&nbsp;
<h4>Ekaya</h4>
Ekaya has created an online marketplace where you can list, find and rent property from your phone or on the web. Landlords can vet and rate tenants, collect rent and freely advertise their property on the platform. Tenants applying for property pay an administrative fee of less than $10 for all necessary criminal and credit record checks, whereas property agents usually charge around $100. Also, instead of paying a fat deposit upfront, Ekaya offers an insurance scheme where tenants pay a smaller monthly fee that can be used to cover damages. Ekaya makes money by taking a small commission of the rent and is looking to expand its insurance, micro-loan and deposit components with added loyalty and reward features. Ekaya recently raised $126,000 in angel funding and has over 1,000 estate listings in Cape Town since the beta version went live about two weeks ago with the platform aiming to launch in Durban and Johannesburg in the next few months.

Tag: Absa