8 March 2014

Kenya: Banks Told to Be More Innovative to Survive

BANKS must keep on re- inventing products and improve distribution and brands to remain profitable, participants at a banking conference in Nairobi were told.

Banking technology and financial experts attending the fourth Africa Banking and Finance Conference in Nairobi said financial services will be the driving force behind creation of wealth and sector players must meet growing customer needs to be successful. Banking expert, Chris Marathe said lenders have to retain customers by enhancing delivery of services through innovation to maintain a competitive advantage.

He said the Kenyan financial sector is undervalued glo- bally because of low uptake of sophisticated banking products and it suffers more because of consolidation of immense wealth in the informal financial sector.

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