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Banks must develop innovative strategies to stay up- CIB President

By Michael Duah
President of the Chartered Institute of Banking (CIB) Patricia Sappor

President of the Chartered Institute of Banking (CIB) Patricia Sappor, says banks must develop innovative strategies to transform the informal unbanked sector of the economy into mainstream banking to sustain profitability.

Ms Sappor was speaking at the institute’s maiden Continuous Professional Development (CPD) programme, in Accra, on the theme: Managing Change: A Catalyst for Competitive Advantage in a Dynamic Banking Environment.

Ms.Sappor encouraged the banks to develop customer-centric business models, simplify business and operating models and optimize distribution channels to enable banks to provide its products and services to a critical mass of customers.

“Only banks that are able to meet these business acceptance criteria will achieve competitive advantage, profitability, and sustainability in the industry. The current dynamic banking system calls for re-orientation, retooling, adaptability and continuous upgrade of skills and knowledge in order to be relevant in the industry,” she said.

Ms Sappor stated that change creates an environment where people get mad at the situation, they gripe, burn up precious energy on frustration and angry feelings. “Change is an inescapable part of both social and organizational life.  We are all subject to continual change of one form or another,” she added.

She stated that change is good for growth, development, and innovation and managing it well is key to its success.

She added that communication and friendly open discussion is key to getting them to accept the change over a period of time.

“Certain people will have personal motives these need to be discovered and dealt with in a positive manner. Give all concerned the maximum possible warning of the impending change. This will give them time to get accustomed to the idea,” she said.

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The president added that managers should explain as far as possible the reasons for the change as the provision of both adequate and accurate information scotches rumours before they can be circulated.

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