By Neo Kolane
Standard Lesotho Bank yesterday kicked off a two-day Data Group conference under the theme “Data and Analytics Inspiring Transformation” on Tuesday this week.
The chief executive of Standard Lesotho Bank Anton Nicolaisen explained that the theme has been powerfully informed by the need to transform as a business, build harmony and synergy between data and technology, efficiency, client experience and business performance through data and analytics.
Nicolaisen said, importantly, this conference will also allow the bank to pause and reflect on the data journey that it has traversed thus far and what the future holds.
He said the conference makes emphasis on the journey that the bank started in 2018 when it first opened a data office at the bank.
He added that the conference is a clear signal that indicates the extent to which it values the importance of data and analytics in the banking business.
“In our book, data has become the new currency in the increasingly competitive landscape, where we continue to see mobile network operators and Fintechs encroaching into the territory of financial services, where we have seen capabilities of convergence enabling these players to have a stake in our industry.
“Our analysis of this changing business environment is that if we are not intentional about our approach and how we can leverage on big data and analytics to become more agile and adapt to the new realities, these new players will eat our breakfast and render us irrelevant in our own game,” Nicolaisen said.
