8th Economy and Finance Forum: What is changing in the bank

Digital disruption in the banking sector was the theme of the 8th Economy and Finance Forum, promoted in Luanda by ABANC - the Angolan Banking Association. The event was attended by the CEO of Asseco PST, Daniel Araújo, and by the head of Data & Analytics, João Gonçalves.

As part of ABANC's 21st anniversary celebration in December, the conference gathered representatives of Angolan financial institutions, supervisory entities, consultants and technological companies. Pedro Castro e Silva, director of the National Bank of Angola was entrusted with the opening of the event, and vice-chairman of ABANC, Francisco Santos Silva with the closing.

Future banking will become even more technological, with cybersecurity being a central theme within the challenges of a more digital world, highlighted the CEO of Asseco PST. Daniel Araújo's speech focused on the role of new financial players, the opportunities that will become available to the Angolan banking market, and the importance of improving customer experience.

According to the director, one of the main consequences of digital transformation will be the radical change in duties within each bank, with full task automation being carried out by many employees nowadays. In 10 years’ time, this will result in half of the duties performed by current human resources disappearing completely. In contrast, technological advances will be significantly beneficial for efficiency, speed and safety of operations.

In turn, João Gonçalves emphasised the importance of data as a valuable asset for monitoring banks' activities, essential in the decision-making process and in offering the best customer service. With Advanced Analytics, it is possible to segment customers based on their behaviour or specific characteristics, create personalised marketing offers, detect suspicious transactions or even preview the amount that the bank will withdraw from the relationship throughout the customer's life.

As well as Asseco PST, Boston Consulting Group, Standard Bank Angola, Finastra, Microsoft, Millennium Atlântico, BAI, Bodiva and BNA also attended the conference and gave speeches.