The Executive Director of Proven Trusted Solutions, Joseph Akossey, has said prioritising the needs of customers and deployment of technological innovations within the financial services sector can help industry players gain competitive edge.
Speaking on the side-lines of a workshop in Kumasi, he opined that almost all the products offered by financial institutions have become a commodity. In view of this, he said, it is important for them to consider continuously improving customer experience and relationship management in the current times.
Doing this, he observed, will help to delight customers and ultimately distinguish such innovative institutions from others.
Additionally, he mentioned that the use of technology such as mobile banking apps has become basic and is no longer an innovation. Therefore, he said, failing to invest in some of these platforms to bring convenience for customers could be a competitive disadvantage.
Mr. Akossey, who was speaking in an interview during a strategic session organised by Pacific Savings and Loans for management and staff, added that technological innovations contribute to customer satisfaction.
The strategic session was meant for management and staff of Pacific Savings and Loans to brainstorm and come out with strategies that help them achieve the company’s strategic objectives.
During, Mr. Akossey – who was one of the consultants for the programme, stressed the need for financial institutions to improve their cost-to-income ratio. “If you want to make a lot of profit but your cost-to-income ratio is high, there will be no way to achieve it,” he argued.
Given the interest of Pacific Savings and Loans in the area of microfinance, some strategies to make their microfinance scheme more robust were extensively discussed. The session also included generating ideas to improve loan quality, particularly given the recent example of financial institutions that collapsed due to their inability to recover loans – which affected their net worth and capital adequacy ratio.
The workshop comes on the back of increasing competition within the financial services sector, as well as changing customer preferences – especially amid recent global financial challenges.
Pacific Savings and Loans operates six branches in total across the country, with two of them in Kumasi and four others in Accra.
Its Managing Director (MD), Seth Owusu-Brobbey, also speaking in an interview, noted that the platform created hal-fway through the financial year will help in ensuring effective implementation of their strategic plans.
Furthermore, he stressed that despite the prevailing economic challenges which have impacted the local financial system, Pacific Savings and Loans still has a bright outlook. “Our strategy is to continue striving to grow deposits and improve loan access to customers, while empowering our staff to deliver better and better.”
He assured customers that Pacific has strong liquidity and is positioned to meet their needs, as the company continues to create greater customer satisfaction.
The engagement’s lead consultant from EN Global Consult, Ernest Nyaaku, also urged financial institutions that want results not to focus on results but pursue strategies, best practices and behaviour, which will help them achieve the desired results.
