By Silvia Nyambura
Uganda’s banking community has been urged to embrace customers’ needs in a bid to remain relevant and increase financial inclusion. According to Bank of Uganda (BOU) director in charge of supervision Justine Bagyenda, financial institutions trade in trust. They must therefore learn to network, share perspectives and continually innovate by leveraging technology and evolving platforms to meet the changing customer needs.
“Financial institutions must now know that customers who could have opted for face to face banking services in the past, generally, no longer have time to stand in queues for transactions. They want less time to bank when and where it is convenient. Consequently, all financial institutions must re-examine what their customers want. Customers are the lifeline of the financial system and so institutions must redefine banking operations and align banking practices to their evolving needs or face the risk of extinction,
