Webinar series—Inspiration, Insights, and Learning (I2L): Digital transformation: Is the banking and microfinance industry ready?

• by MSC
• Oct 21, 2022
• 2 min

MSC (MicroSave Consulting) conducted a webinar titled “): Digital transformation: Is the banking and microfinance industry ready?” on 19th October, 2022.

We organized a discussion with a panel of experts drawn from leading microfinance institutions, banks, regulators, and philanthropic organizations worldwide. Their conversation focused on the following:

1. Digital transformation strategy and framework,
2. Data privacy and consumer protection in the digital age, and
3. The role of regulators in supporting digital transformation.

Click on the timestamps from the webinar stream to hear specific segments.

00:05 – 03:37 Welcome note and introduction by Dr. Ravi Kant (Digital Transformation Emerging Area Group Lead, MSC).

03: 38- 09:56 Presentation on the importance of digital transformation by Anup Singh (MSC Africa – Regional Head).

10:07- 56:03 – A panel discussion: Two rounds of conversations with our panelists, moderated by Juliet Ongwae (Digital Financial Specialist, MSC)

Panelists:

1. George Njuguna: Information Technology Director (CIO) Safaricom (Kenya)
2. Imran Ahmed: Deputy Executive Director, Shakti Foundation (Bangladesh)
3. Akhilesh Singh: Chief Financial Officer, Sonata Finance (India)
4. Selim R.F. Hussain: Managing Director & CEO, BRAC Bank Ltd (Bangladesh)
5. Tatiana Bet: Head of Business Support Unit, MicroInvest (Moldova)

Round 1

11:41- 15:34 George Njuguna: Safaricom, Information Technology Director (CIO) (Kenya), responds to Question 1: Safaricom and its innovations have been a huge enabler for the FinTech explosion in Kenya. This has led to an entirely new and transformed financial services landscape. What are your thoughts on how the digital infrastructure and future business models will look like?

16:13- 21:02 Imran Ahmed: Shakti Foundation, Deputy Executive Director (Bangladesh), responds to Question 2: Shakti has been on this digital transformation journey with the digitization of your microfinance and SME programs. How have digital initiatives helped Shakti Foundation offer customer-centric savings and credit products for low-income customers?

16:13- 29:36 Akhilesh Singh: Sonata Finance, Chief Financial Officer (India), responds to Question 3: As microfinance institutions digitize, what are some of the biggest roadblocks they face when doing so (in India)?

30:14 – 40: 25 Selim R.F. Hussain: BRAC Bank Ltd, Managing Director & CEO (Bangladesh) responds to Question 4: BRAC Bank has focused on transforming into a digitally-led organization, and the numbers show your tremendous success in this journey. How did you manage and execute a culture shift for digital transformation on a large scale (more than 700 agent banking outlets, almost 200 branches, and 300+ ATMs, per its 2021 annual report)?

41:00 -43: 11 Tatiana Bet: MicroInvest, Head of Business Support Unit (Moldova) responds to question 5: As an NBFI focused on lending to MSMEs, what has been your journey in transformation of credit risk management, specifically with credit scoring? What are some of the key lessons learned?

Round 2: Panelists answer the question: What is the biggest myth about digital transformation? Could you please debunk these myths for us?

44:37 – 46:11 George Njuguna: Safaricom, Information Technology Director (CIO) (Kenya), responds to this question.

46:15 – 49:37 Imran Ahmed: Shakti Foundation, Deputy Executive Director (Bangladesh), responds to this question.

49:59 -: 53:57 Selim R.F. Hussain: BRAC Bank Ltd, Managing Director & CEO (Bangladesh), responds to this question.

54:07 – 54:48 Tatiana Bet: MicroInvest, Head of Business Support Unit (Moldova), responds to this question.

56:04 – 58:43 Anup Singh (MSC Africa – Regional Head) MSC presents the concluding remarks.