10x Banking CEO: Cloud-based banking to change finance landscape

In a recent interview with Antony Jenkins, CEO of 10x Banking, significant insights were shared on the evolving landscape of the banking sector in South Africa and Africa as a whole. With a background in the board of Absa Barclays and a keen interest in digital transformation, Jenkins highlighted the transformative power of cloud-based banking and its potential to drive financial inclusion and economic growth across the continent. Jenkins emphasized the critical role of digital technology in revolutionizing banking services, enabling easier access to financial products and services for unbanked and underbanked populations. He pointed out the exponential growth of mobile internet access in Africa, with over half a billion people projected to have access by 2025, providing a significant platform for financial innovation. The convergence of fintechs, big techs, and telecoms entering the banking sector is driving increased competition and pushing traditional banks to enhance user experiences, competitiveness, and data utilization. Jenkins underscored the importance of leveraging data and digital distribution channels to broaden the scope of banking services, emphasizing the impact of generative AI on statistical modeling in banking. Additionally, he shed light on consumer behavior amidst economic challenges, such as inflation and rising interest rates, stressing the need for cautious spending and credit advancement in the current cycle. Furthermore, Jenkins discussed the growing significance of sustainable and ethical banking, calling for institutions to mitigate negative externalities and promote positive impacts through their operations. Despite the challenges, Jenkins expressed optimism about the vast potential of the South African market, citing abundant natural resources, a thriving tourism sector, and untapped talent as key drivers of economic growth. He highlighted the need for upskilling and training programs to harness the IT skills demand and maximize opportunities for growth and development in the region. Overall, Jenkins' insights shed light on the dynamic landscape of the banking sector in South Africa and Africa, emphasizing the pivotal role of digital innovation, competition, ethical banking practices, and talent development in shaping the future of finance on the continent.