The Director of ARB Apex Bank, Alex Kwasi Awuah, has urged Rural and Community Banks (RCBs) to reap the benefits of rising tendencies corresponding to monetary expertise (Fintech) options to be resilient.
These expertise tendencies over the previous few years have introduced a lot comfort to prospects throughout most sectors, as there was a gradual shift from the normal means of rendering providers to a extra digitised one.
These applied sciences have turn out to be a significant supply of competitors and fear for RCBs, as the normal types of offering providers are giving means to new codecs by means of which prospects are ready to entry banking providers through their private computer systems and telephones whereas on the go.
This signifies that previous methods of banking during which prospects had to queue in banking halls are step by step shifting and giving means to agile banking platforms which offer convenient providers to prospects, wherever and at any time when they need.
Speaking on the twenty second Biennial General Meeting (BGM) and 4th Rural Banking Excellence Awards, Mr. Awuah, famous that prospects of RCBs are wanting for one-stop banking options which can be convenient and can fulfill their wants.
However, the present operational arrange, usually based mostly on a bodily department community, makes it difficult to guarantee most comfort for the purchasers.
“This makes it challenging to ensure maximum convenience for our customers, extend our services in a cost-effective way, and achieve the maximum potential of the rural banking sector in the country’s financial services space. This poses a clear and present danger to our operations if not resolved immediately,” he mentioned.
Therefore, as a part of efforts to set the tempo for RCBS, Mr. Awuah hinted that ARB Apex Bank with help from the Bank of Ghana (BoG), Ministry of Finance and World Bank will quickly launch the Agency Banking, Mobile Banking and Internet Banking Project.
Mr. Awuah has additional hinted that in preparation towards implementing the digital platform, ARB Apex Bank has additionally arrange a Digital Banking Unit to guarantee correct focus and success for the mission.
He additional established that ARB Apex Bank has efficiently upgraded the T-24 Banking Software, from the earlier Release 16 (R16) to the much-awaited Release 20 (R20). He assured RCBs that R20 utilization will likely be clean and simple.
Mr. Awuah gave CEOs an assurance that they won’t witness the size of bitter experiences they went by means of after implementation of R16.
“We have a strong support team from all the implementing partners – ARB Apex Bank, Inlaks and Temenos – to respond adequately to all post implementation issues and enable our banks to experience the new features of the R20,” he mentioned.
Mr Awuah suggested RCBs to refine their governance programs by strengthening their danger administration, compliance, and inside audit buildings.
He urged CEOs to settle for the brand new Corporate Governance Directive issued by the Bank of Ghana (BoG), because it has come to keep.
There has been a lot dedication to important elements of RCB programmes by means of the collaboration of ARB Apex Bank, Bank of Ghana and Association of Rural Banks to governance schooling, and it’s believed that it will lead to a major enchancment within the governance programs and total performances of RCBs.
The Managing Director of ARB APEX Bank PLC checked out one other crucial problem to the resilience of rural and group banks, which is the entangled difficulty of locked-up funds and distressed banks.
According to him, stringent provisioning necessities have led to technical erosion of some RCBs’ capital.
Mr. Awuah has as soon as once more known as on authorities to intervene within the decision of this matter, as a result of it’s believed that cost of the locked-up funds would unleash the agricultural banking sector’s full potential to help nationwide financial growth.
Mr. Awuah known as for a excessive sense of professionalism and self-discipline on the a part of RCB Chief Executive Officers (CEOs), who’re the primary line of contact at their varied banks.
He reminded RCB CEOs to take heed to the enormity of obligations conferred on them by the novel nomenclature of the title CEO, and see to it that their banks function with most efficiency in addition to residing up to the expectations of stakeholders – and additionally exhibit tact, professionalism and grace which include the excessive workplace.
The CEO is a workforce chief who should direct the workforce by charting knowledgeable path to encourage and draw out the perfect from workers of rural and group banks.
He lastly gave assurance that ARB Apex Bank will work with the Bank of Ghana and Association of Rural Banks to present the wanted refresher programmes in order to assist sharpen the data of RCBs’ workers and bridge the knowledge-gaps, which is the surest means to guarantee productiveness in all rural and group banks.