Finance
A Blueprint for Enhanced Customer Experience in Financial Institutions.
From the left: Dr. John Olukuru, Head of Data Science and Analytics at @iLabAfrica; Satyajit Turumella, IT Advisory Director at Grant Thornton Advisory East Africa; Ezekiel Macharia, CEO at Kenbright Holdings; and Hartnell Ndungi, Chief Data Officer at Absa Bank Kenya, during the GDSAI summit at Strathmore University, Nairobi.
How can financial institutions ensure inclusivity, digital transformation, and analytics in their operations for an enhanced customer experience?
This was the first topic of the first panel discussion at the 2nd annual Global Data Science and Artificial Intelligence (GDSAI) summit hosted by @iLabAfrica-Strathmore University last year
The panel, featured Hartnell Ndungi, Chief Data Officer at Absa Bank Kenya; Ezekiel Macharia, CEO at Kenbright Holdings; and Satyajit Turumella, IT Advisory Director at Grant Thornton Advisory East Africa, explored the transformative impact of digital technologies on financial services.
Digital transformation is revolutionizing the landscape of financial services, reshaping customer acquisition, improving client satisfaction, and simplifying banking procedures.
In the pre-revolution era, customers heavily depended on face-to-face interactions with bank staff, making processes such as opening accounts, conducting transactions, and accessing financial services time-consuming and paperwork-intensive.
The ongoing change is evident in more efficient banking procedures, achieved through the simplification of traditional processes through automation and digital interfaces. The significant move towards online and mobile platforms is an important factor in boosting accessibility, consequently contributing to an enhanced overall customer experience.
Mr. Macharia highlighted the importance of effective data storage and aggregation to ensure inclusivity in financial institutions, stating, “We ensure inclusivity, digital transformation, and analytics by looking for effective ways to store your data and finding ways we can aggregate data in a way that communicates to everyone.” This shows the significance of accessible and comprehensible data.
Digital transformation is not just a choice but a necessity for the financial sector, driven by escalating customer demands, complex regulatory environments, and intense competition within the sector.
In a 2022 report by McKinsey and Company, it was revealed that digital transformation in Africa constituted only 25 to 30 percent, a figure notably lower than the global average of 50 percent observed in markets such as America and Asia.
Within Kenya, the Equity Group has emerged as a pioneer in digital transformation, offering a comprehensive array of digital products that leverage technology to address the increasing need for convenient, accessible, and affordable banking services.
Mr. Ndungi elaborated on the practical applications of Artificial Intelligence (AI), emphasizing its role in enhancing customer interactions by collecting and analyzing feedback, predicting customer behavior through scorecards, enabling organizations to cater to their needs effectively, suggesting suitable products to customers, and offering personalized experiences. The integration of AI is positioned as a strategic move to cater effectively to customer needs.
Although a lot of the financial sectors are trying to incorporate digital transformation, it comes with a concern, and that is how customer data needs to be protected. The protection of data is an important concern for organizations and businesses. With the increasing reliance on technology for storing and transmitting sensitive information, the threat of data breaches has become a major issue.
Satyajit Turumella addressed these concerns by presenting key considerations when managing and protecting data:
- Do you understand what your personal data is?
- Do you trust AI with your data?
- Do you trust the governance of the organization to which you consented to manage your data?
The insights from the panel discussion shed light on a path forward for financial institutions. The commitment to inclusivity and digital transformation emerges as a cornerstone in delivering an exceptional customer experience, shaping the trajectory of the financial industry in the years to come.
By Wachira Kevin.
Unlocking the Future: Upcoming 2nd Global Data Science and Artificial Intelligence Summit
In today’s world, where data and artificial intelligence (AI) is a big part of our everyday lives, the transformative potential of these technologies cannot be underrated.
@iLabAfrica-Strathmore University, is preparing for the 2nd Global Data Science and Artificial Intelligence (GDSAI) summit at Strathmore University on the 9th-10th November.
This year’s theme is ‘Unlock the Power of Big Data and Artificial Intelligence, a Gateway to Understanding and Harnessing the Incredible Possibilities of Data Science and AI.
What to expect
The summit will cover a variety of sectors, such as Agritech, AI, Business, Finance, Climate Change, Data Protection and many more.
The summit is designed to provide individuals and organizations with valuable insights into the fields of data science and AI. Speakers will delve into a variety of compelling topics on Data Protection and Governance in the AI Era, which will shed light on the ethical implications of data and AI usage in Kenya’s diverse sectors.
Participants will be equipped with invaluable tools to navigate the intricate ethical terrain of this AI-driven age.
Participants will get to explore more about the ongoing technological transformation in the agricultural sector, such as precision farming and AI-driven analytics, which will not only optimize their crop yields but also secure global food sustainability for future generations.
Additionally, participants will have the opportunity to see and learn how AI and big data are reshaping the healthcare sector, from the predictive capabilities of analytics to the life-saving potential of preventive care.
The summit has lined up professional speakers such as Hartnell Ndungi, Chief Data Officer at Absa Bank Kenya; Ezekiel Macharia, Managing Director and Chief actuary at Kenbright; Mariam Ibrahim, senior manager at development initiatives; Odanga Madung, senior researcher for elections and platform integrity at the Mozilla Foundation; and Coach Timothy Oriedo, founder and CEO of Predictive Analytics Lab.
By attending the GDSAI summit, participants will:
- Have the opportunity to network and gain insights from industry experts.
- Develop a practical understanding of how data science and AI can be applied across industries.
- Discover and create career opportunities in the dynamic fields of data science and AI.
- Expand their knowledge base of AI and data science.
- Enhance their skill set.
Seize this opportunity by registering now at the GDSAI Summit 2023 to secure your spot at the 2nd GDSAI Summit.
Together, let’s unlock the boundless potential of data science and artificial intelligence.
For more information, contact:
Michelle Kiprono
@iLabAfrica- Strathmore University
Mobile:
Email: michelle.kiprono@strathmore.edu
By Wachira Kevin
Kenya Launches 2050 Calculator to Advance Climate Change Mitigation in East Africa
Kenya’s Ministry of Energy, the British High Commission Nairobi, and Strathmore University have jointly launched the Kenya Carbon Emission Reduction Tool (KCERT 2050), a bespoke energy and emissions model to assist Kenya in achieving its climate goals.
The interactive energy model – the first in East Africa – was delivered under the UK Government’s international 2050 Calculator programme, which is funded by the UK’s International Climate Finance, and led by global engineering, management and development consultancy, Mott MacDonald, and a consortium which includes Imperial College London, Climact and Ricardo.
KCERT 2050 allows users to trial options for reducing climate change-inducing carbon emissions at a faster rate and to build a pathway that meets long-term emission targets to 2050 and beyond. It can be used to support policy-making to allow governments to increase national action on climate change and strengthen ambition in line with the 2015 Paris Agreement.
KCERT 2050 will play a key role in helping policy-makers, energy producers and consumers, including the public, in Kenya to understand the energy and emissions related choices they are making. It also provides a platform for engaging in dialogues on the challenges and opportunities of the future energy system and the responses to climate change. The project gives Kenya the opportunity to pioneer climate mitigation approaches across the East African region.
H.E Jane Marriott British High Commissioner to Kenya said: “As part of strengthening our UK-Kenya Strategic Partnership on climate action, the British High Commission welcomes the launch of the Kenya Carbon Emissions Reduction Tool 2050. This tool, which is a first in East Africa, will support government departments in Kenya to design and deliver evidence based, inclusive policies on emissions reductions, energy access, and matching energy supply and demand. I look forward to Kenya acting as a pioneer in championing the use of this innovative tool that will provide options for implementing Kenya’s emission reduction strategies and achieving net-zero development pathways by 2050.”
In his remarks, the Principal Secretary Ministry of Energy, Maj. Gen (Rtd). Dr. Gordon Kihalangwa noted that, “Energy is about security, about development, but if we use it badly, it will affect us negatively. Kenya has complied with the Paris Agreement by submitting a revised Nationally Determined Contribution (NDC). A country like this is privileged to use renewables, and the tool will help us work out how we will get to net-zero by 2050. This KCERT 2050 will be used to support the reduction of emissions and create resilience to climate change in the energy sector in Kenya.”
Dr John Olukuru, Head of Data Science and Analytics at Strathmore University and Lead KCERT Modeller added: “The KCERT 2050 is an important data driven policy making tool in climate change. It will help every Kenyan, expert or non-expert, to engage in a well-informed climate change debate. The calculator considers all sectors, stakeholders’ input and various scenarios that provide enormous volume of data and hence sets a foundation to applying AI and machine learning to monitor and decrease carbon emissions, streamline operations to empower every policy maker to recognize that climate action provides an opportunity to create value by tapping into new markets and meeting growing demand for low-carbon plus greener services.
David Orr, Emerging Markets Trade and Investment Lead for Mott MacDonald and Programme Country Manager for Kenya, noted: “It has been such a pleasure working with the team to build the KCERT 2050 tool. Over the coming years, the tool will play a core role in advancing Kenya’s net zero transition, inspiring policy-makers across East Africa.”
Dr Onesmus Mwabonje, a Research Fellow at Imperial College London’s Centre for Environmental Policy and core member of the Consortium team for Kenya, added: “KCERT will support and stimulate the decarbonisation debate in Kenya, helping to break down silos and generate the consensus across government departments needed to effectively combat, mitigate and adapt to climate change. The decision support capacity that the International 2050 Calculator programme has developed on the modelling of complex transitions and technological options will have a lasting impact in the country and beyond.”
The KCERT is available at http://kcert.ilabafrica.ac.ke/
Israeli Centre to work with Strathmore on Agriculture, Finance innovations
The Milken Innovation Center in Israel has entered into an agreement with Strathmore University’s Research and Innovation Centre, @iLabAfrica to develop, monitor, review and implement a Kenyan Development Lab that will offer training, student fellowships and jointly secure fundable projects that address existing gaps in agriculture and finance sectors.
Milken center is based at the Jerusalem Institute and focuses on developing market-based solutions to Israel’s greatest challenges as it transitions from a startup nation to a global nation. It seeks to accelerate economic growth, build human capital while addressing global challenges in water, food, education, health, and energy with solutions that others can replicate.
The partnership between the two Innovation Centers is expected to benefit students & scholars from both institutions through capacity building and knowledge exchange. Students from Strathmore University will be enrolled into Milken Innovation Center’s 3-credit graduate course on Financial Innovations for Economic Development taught at the Hebrew University’s School of Business, the course will nurture the learners with relevant knowledge and prepare them for development projects in the country. The students will also have an opportunity to enroll for the Global Development Practice Fellowship Program which will impart them with relevant skills to steer development activities beyond their home countries.
Speaking during the event, the Director and Senior Fellow/Founder at Milken Innovation Center- Professor Glenn Yego said that the center remains committed to working with leading institutions across the world for mutual benefits in addressing societal problems.
“I am delighted to sign a partnership agreement between Milken Innovation Center and @iLabAfrica Research Centre, partnerships between research centers are fundamental, and that is why our institution strives to work in cooperation with leading organizations around the world. We look forward to a productive relationship with the @iLabAfrica Research Centre, and with the Strathmore University Network,” said Prof. Glenn.
Milken Innovation Center will further support Strathmore University in the Co-designing and implementation of project development labs in Kenya on pressing issues such as agricultural innovations, water solutions among other challenges as identified by local country stakeholders.
@iLabAfrica Director Dr. Joseph Sevilla said that the agreement was good for staff and students at both institutions and that it was instrumental in promoting research and innovation.
“It is important to identify that the agreement we are signing today is built on the confidence springing from the efforts of colleagues at both our centers. These early steps have focused on the development of interdisciplinary research, student commitment and association with Industry” said Dr. Sevilla.
The deal is aimed at accelerating economic growth, growing skills and cementing Israel’s role as a pioneer in addressing global challenges in water, food, education, health, and energy with solutions that other countries can adopt and implement.
This new agreement builds on @iLabAfrica’s decade-old commitment to Information Communication Technology for Development (ICT4D) of ecosystems towards the attainment of the United Nations Sustainable Development Goals with the deal set to stimulate growth in the areas of agriculture and finance.
About Jerusalem Institute Milken Innovation Center
The Jerusalem Institute for Policy Research, Milken Innovation Center focuses on developing market-based solutions to Israel’s greatest challenges as it transitions from a startup nation to a global nation. Our work leads to innovative policies and programs and financial technology transfer that democratize capital, finance ideas, create jobs, and accelerate economic growth.
The Blum Lab for Developing Economies is part of the global network of Blum Centers for Developing Economies based at the University of California (UC-Berkeley) enabling interdisciplinary problem-solving in key areas of energy, health, technology, food, water, health, and other challenges to sustainable development.
@ilabAfrica-Strathmore University partners with Ukraine company to train students on block chain solutions.
THE DAWN OF A NEW PARTNERSHIP
@ilabAfrica-Strathmore University has partnered with 482.solutions, Odessa, Ukraine with the aim of providing trainings on blockchain solutions development to students at Strathmore University and other interested professionals. This training is set to equip Kenyan students with skills that will set them apart from others and provide the Kenyan market with highly skilled professionals in blockchain.
The establishment of partnerships between Strathmore University and 482.solutions became possible thanks to the assistance of the Embassy of Ukraine in the Republic of Kenya.
Blockchain technology has proven to be a catalyst across a wide variety of industries and the demand for people with Blockchain skills is very high. Many companies are looking to hire those who have the skills set to navigate this new technology. Its features of immutability, distributed nature and provenance guarantee data safety and integrity. Because of the nature of blockchain technology, hackers will have a tough time reaching all the networked nodes to tamper with any records. Blockchain technology is perfect for securing information, storage and sharing.
During the virtual MOU signing ceremony Ms. Eunice Maingi- Project coordinator in the IT Security Department and lead of the Blockchain research team, @ilabAfrica-Strathmore University said, “We are looking forward to have our first workshop in April. It will be a virtual workshop and we will have an option of making it a hybrid course for students who want to attend the course physically @iLabAfrica Strathmore University.”
Mr. Richard Otolo- Manager of the IT security research, @iLabAfrica-Strathmore University said, “After this training we can see our students engaging in projects that are focused on the industry. There are several challenges that blockchain can address like fraudulent certificates, title deeds among other key records that face major threats of fraud and tampering. The training will be a forum to upscale existing techies and to increase the number of professionals who can use this technology to combat the mentioned challenges.”
Over the years counterfeiting has become a global issue that affects a wide range of industries. Proving or disproving the authenticity and quality of an asset can quite difficult because traditional supply is complex and lacks transparency. However, if a producer or manufacturer’s goods are placed on blockchain, their origin and trail throughout the entire supply chain can be easily tracked and verified, making it difficult to pass off counterfeit products for genuine ones.
Mr. Leonid Khatskevych – Strategic Partnership Manager at 482.solutions said, “The training will offer theory and practise. Theory will be about blockchain systems in general, cryptography and about bitcoin protocol while practise will be about smart contract. Students will have an option to choose between creating of Ethereum ERC-721 token or “Voting smart contract”. He further added, “There will be our demo solution “Woden”, based on Hyperledger Fabric, where students can realize the electronic document workflow and digital voting”
Dr. Joseph Sevilla- Director @ilabAfrica, Strathmore University mentioned, “I am happy about this collaboration and I look forward to the outcomes of these trainings which will provide the Kenyan market with highly skilled professionals in blockchain. We are also looking at partnerships with government institutions to help them solve local problems by implementing blockchain solutions.”
To register for the training, Click here
Others in attendance during the signing of the MoU included; Mr. Ivan Balashov- co-founder & CFO at @482.solutions; Roman Kravchenko co-founder & CEO at 482.solutions; Alexander Kryvoruchko – co-founder & COO at 482.solutions and Ms Diana Mutua – PR and Marketing Manager @ilabAfrica- Strathmore University
@ilabAfrica-Strathmore University
@ilabAfrica is a Centre of Excellence in ICT Innovation and Development at Strathmore University. The Centre spearheads Research and Innovation in Information Communication Technology for the Development (ICT4D) of ecosystems towards the attainment of the United Nations Sustainable Development Goals (SDGs) and to contribute toward Kenya’s Vision 2030. The research Centre is involved in interdisciplinary research, students’ engagement and has partnered with over 800 institutions (Universities, NGOs, foundations, and government) worldwide and other funding agencies.
About 482.solutions
482.solutions is an international software engineering provider specializing in innovative solutions using decentralized technologies. 482.solutions has offices in Ukraine and Singapore.
The key competency of 482.solutions is creating solutions for “Industry 4.0” issues; Blockchain, Future of Energy, Digital Identity, Decentralized Asset Management, Financial Products, and Services.
482.solutions mission is “We harness decentralized technology solutions that empower business and society evolution to reach a global impact.”
Women in tech – Last call
WIN KSH 1,000,000 FOR YOUR BUSINESS!
Standard Chartered in partnership with @iLabAfrica has launched a search for the third cohort of women-led technology startups which will see five entrepreneurs win Sh1 million each.
The program combines world class startup support with local and international experience to provide Africa’s most competitive and attractive startup incubation program focusing on immersive learning, mentorship, building and growing Africa’s next iconic startups taking on the continent’s most relevant challenges and opportunities
- be a woman
- be the CEO with equal or majority ownership in the company
- 18 and above
- of Kenyan nationality
- Agribusiness
- Education
- ICT
- E-Commerce
- E-Health
- Fintech
- Three months incubation at Strathmore University’s leading business and innovation incubator- @iBizAfrica
- Mentorship from world class mentors
- Coaching by top business, technology and legal professionals
- Immersive, world-class entrepreneurship curriculum
- Networking and exposure to expand your business networks
- USD 10,000 or KES 1,000,000 equity-free grant seed funding for the top 5 winners
- 9 months ongoing support from Standard Chartered and @iBizAfrica to assist with go-to market and scale.
- Participants must be physically available to attend the program over the three months incubation
- Participant accommodation costs are not catered for
| Application deadline | 4th November 2019 |
For more information Click here
To Apply click here
Valuraha Open Day – Second Edition
Recently, Valuraha in collaboration with Strathmore University School of Finance and Applied Economics (SFAE) held a Valuraha Open Day with different schools coming together to meet the faces behind the companies they spent weeks researching on. Words of encouragement were echoed from all the speakers.
Valuraha Approach
Valuraha high school program engages students in secondary school with investor education and financial literacy across different high schools in Kenya. Their mission:To Create a Generation of Market Movers, Starting Now! Part of the programs’ activities include; analyzing some of the listed companies on the Nairobi Securities Exchange, and competing in managing a virtual portfolio. The first edition of the program ran in Alliance High School, Kenya High School and Precious Blood Secondary School with each school analyzing companies such as Britam, Centum, Safaricom, Equity Bank and Home Afrika in 2014.
The Open day
Mr. Paul Ochieng – Dean of Students Strathmore University, challenged the students to take grasp of opportunities at all times. Speaking of his experiences, guest speaker Mr. Ivan Mbowa, and spoke of his education experience. Mr. Mbowa went to some of the best schools in Kenya and he also studied at Tufts University one of the finest universities in the world. He was fortunate enough to work as an investment banker in Citi Bank for 8 years in different branches accross the world, before he chose to resign and start his own company back home in Kenya- Umati Capital. His journey and the lessons that he shared were nothing short of inspirational.
The analysis of the different companies took place with students identifying different characteristics from each company, as the company’s representatives spoke of what they stand for. Centum was discovered as a company that is unafraid to dream big and one that is driven by passion and a highly competent team. They embody the very definition of BHAGs (Big Hairy Audacious Goals) that set apart the good companies from the great companies.
Britam’s team was deeply passionate about their work. They mentioned the newly launched Linda Jamii product that shows their commitment in serving low-income earners, a move in achieving their number one goal – to become a one stop financial services shop. Their ability to execute is certainly unquestionable.
As for Equity Bank, they took a customer point of focus and a market led approach, which sought to improve the social and economic welfare of people. In James Mwangi’s words: “Giving people their own dignity”. They are also interested in maximizing the opportunity they have at hand with their wide customer base to introduce new products to the market.
The event ended with the mention of the Value Investment Challenge – Schools Edition for 2015, welcoming Lenana High School to the program as well as incorporating 10 more schools.
@iLabAfrica 