International Banker is a website that provides authoritative analysis on international banking, finance, and technology. It covers topics such as banking trends, monetary policy, climate change, fintech innovation, and more. The website aims to inform and educate its readers about the latest developments and challenges in the global banking industry.
How Banks Are Responding to Africa’s and the Middle East’s Evolving Financial Needs
One of the recent articles on International Banker discusses how banks in Africa and the Middle East are adapting to the changing needs and preferences of their customers. The article features an interview with Bongiwe Gangeni, Head of Consumer, Private and Business Banking, Africa & Middle East, and Europe (AME/E), Standard Chartered. She shares her insights on how Standard Chartered is leveraging its digital capabilities, customer-centric approach, and local expertise to deliver innovative solutions and services to its clients across the region.
Some of the key points from the interview are:
- Standard Chartered has invested heavily in its digital transformation, launching digital-only banks in nine markets in Africa and the Middle East. These digital banks offer a seamless and convenient banking experience to customers, with features such as instant account opening, biometric authentication, mobile payments, and chatbots.
- Standard Chartered is also focused on meeting the diverse needs of its customers, from individuals to small and medium-sized enterprises (SMEs) to corporates. The bank offers tailored products and services to different segments, such as wealth management, trade finance, Islamic banking, and sustainable finance.
- Standard Chartered is committed to supporting the economic and social development of the region, especially in the wake of the COVID-19 pandemic. The bank has launched several initiatives to help its customers and communities cope with the crisis, such as providing relief measures, donating medical supplies, and partnering with governments and NGOs.
AI in Financial Services: A Transformational Force Beyond the Hype
Another article on International Banker explores the potential and challenges of artificial intelligence (AI) in financial services. The article argues that AI is not just a buzzword or a hype, but a transformational force that can reshape the industry in various ways. The article provides examples of how AI can enhance customer experience, improve operational efficiency, reduce risks, and drive innovation.
Some of the examples are:
- AI can enable personalized and proactive customer service, by using data analytics, natural language processing (NLP), and machine learning (ML) to understand customer behavior, preferences, needs, and emotions. AI can also provide recommendations, advice, and guidance to customers through chatbots, voice assistants, robo-advisors, and other channels.
- AI can optimize business processes and workflows, by automating repetitive and manual tasks, such as data entry, verification, reconciliation, reporting, etc. AI can also augment human capabilities, by providing insights, predictions, alerts, and suggestions to support decision making.
- AI can mitigate risks and enhance compliance, by detecting anomalies, frauds, cyberattacks, money laundering, etc., using advanced algorithms and models. AI can also help comply with regulations and standards, by generating audit trails, documentation, reports, etc., using NLP and ML.
- AI can foster innovation and differentiation, by creating new products, services, business models, and value propositions. AI can also enable collaboration and co-creation among stakeholders across the ecosystem.
The Year of Protests at Home and Abroad Exposes France’s Deep Economic Vulnerabilities
A third article on International Banker analyzes the economic situation of France in 2023. The article claims that France is facing deep economic vulnerabilities due to various factors such as social unrests at home and abroad; political uncertainty ahead of the presidential election; fiscal constraints due to high public debt; structural weaknesses such as low productivity growth; competitiveness issues due to high labor costs; external shocks such as COVID-19 variants; Brexit; trade tensions; etc.
Some of the main points from the article are:
- France has witnessed a wave of protests in 2023 over various issues such as police brutality; pension reform; health pass; climate change; etc. These protests have disrupted economic activity; damaged public infrastructure; eroded public confidence; increased social polarization; etc.
- France has also faced challenges from its former colonies in Africa; such as Niger; which have accused France of exploiting their natural resources; interfering in their internal affairs; supporting authoritarian regimes; etc. These accusations have strained diplomatic relations; threatened security cooperation; reduced trade opportunities; etc.
- France has struggled to recover from the impact of the COVID-19 pandemic; which has caused a sharp contraction in GDP; a surge in unemployment; a deterioration in public finances; etc. France has also lagged behind its peers in terms of vaccination rate; digital transformation; green transition; etc.
- France has faced uncertainty over its future leadership; as President Emmanuel Macron faces a tough re-election campaign against his rivals; such as Marine Le Pen; Jean-Luc Mélenchon; Xavier Bertrand; etc. The outcome of the election will have significant implications for the country’s economic policies; reforms; and relations with the EU and other partners.
