By Ronald K Ssekajja
The banking world like other sectors, has been tried and tested in the global war against a pandemic. Amazingly, the financial world has withstood the shock, using this period to showcase hard-won resilience to preserve support customers and consequently, national economies.
dfcu Bank’s recent financial report exhibits a sound liquidity and profitability. As the new fiscal year commences with a mixture of projection, the Bank’s customers can rest on our 50+ years of stability, transparency and expertise in banking made for Uganda, by Uganda and in the unquestionable stability aware that their banking needs will be met.
Our processes, systems and guiding principles have helped us ride the tough tide of a global pandemic. As the world approaches the next phase, its critical for us all to understand the non-negotiables if success is what you’re looking to attain.
Are you technologically prepared?
dfcu bank is leveraging its technology and digital platforms to act as a primary source of stability; supporting customers in making informed decisions on investments, restructuring credit facilities, delivering safe and secure payments and transaction services, and offering dependable advice in the face of uncertainty.
Locally and globally, the next phase of life will test the financial resilience of individuals, companies and nations! In addition to redefining their business models, Financial institutions will have to review and adjust their operational, organizational and reputational structures if they’re to realize their immediate and future objectives.
The new work culture that includes remote-working, online meetings and physical social distancing challenges traditional operational models while associated risks such as cyber-attacks puts the digital readiness and prowess of all businesses under scrutiny.
One of dfcu Bank’s strategic aspirations is to achieve Bank 4.0 status – to be fully rooted in the lives of customers that they can perform all manner of transactions without physically visiting the bank. Consequently, Bank 4.0 starts within the bank – ensuring that systems and staff are equipped to meet consumer demands and needs.
Is your organization up to speed with the latest, most vital and relevant technology advancements or has the pandemic exposed the cavities in your ship? How are you proactively levelling your tech abilities?
The ‘Human’ in Resources.
In the widely watched television show “Designated Survivor,” the main character, a lower-level cabinet member, Tom Kirkman finds himself in the ultimate seat of power after an attack claims the lives of the country’s Head of State. As the show progresses, Kirkman must govern a nation, manage teams from opposing political sides, maintain a stable home relationship and obviously, stay alive. We learn a lot about being prepared from this fictitious show.
The presence of succession planning processes and business continuity structures has been another indicator of the preparedness of companies for the future; certain or not. At dfcu Bank, the Human Capital Unit is responsible for all functions of Human Resources Management. Built consistently and over the years, our structural processes ensured that staff were able to continue working with minimal or no interruptions even during a national lockdown.
In the past three months the banks’ interactions with customers has become almost entirely remote, driving customers to utilize online and alternative banking channels and requiring that staff continue to deliver at optimal levels. The Bank is using our learnings from team collaborations, big data and analytics to improve customer experience and develop seasonally relevant products.
It has become increasingly clear that intentional flexibility to address new realities is prerequisite for immediate and future success. A changing world demands flexible innovators who can reimagine both customer interactions and internal to ensure productivity, customer retention, growth and profitability.
The writer is the Programme Manager, Organizational Change, Change & Innovation Domain dfcu Bank