MauBank – A digital banking ecosystem
(Norwich, UK, 5/11/2018)
Mauritius is undergoing something of a banking boom right now. The island is fast becoming known as a growing, stable banking option in sub-Saharan Africa to the often volatile African markets with $38bn in banking sector assets held offshore. Cross-border banking in Africa, since the global giants vacated the area following the global financial crisis in 2008, has opened up many areas of growth and MauBank – Mauritus’ third largest bank – is one such beneficiary of this new space.
To keep its customer offerings aligned with the demands of the modern marketplace, while operating as efficiently as possible, MauBank recently underwent a total digitisation of its customer journey and operational processes. It’s been an overhaul that has seen major growth at the bank as it reaches out further afield for new clients, and areas of expansion with internal operations that have increased efficiencies and lowered costs across the company. Chief Information Officer Sudheer Prabhu is the man taking MauBank’s digital strategy even further forward. “I was hired to put a digital strategy in place in line with the management of the bank that completely supports our technology-driven processes and initiatives to enhance the customer experience as well as bringing in operational efficiency,” Prabhu explains.
One of the initial considerations behind the changes at MauBank related to the current regulatory environment of the market. “To create a strategy, you need to understand the current market situation and regulations,” he explains. “’What is the current regulatory environment in which we are operating as a bank?’ So, we did a bit of research before working on a three-pronged strategy.”
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