Blockchains are one of the most important technologies to emerge in recent years, with many experts believing they will change our world in the next two decades as much as the internet has over the last two. You can read this executive guide as a PDF (free registration required). Although it is early in its development, firms pursuing blockchain technology include IBM, Microsoft, Walmart, JPMorgan Chase, Nasdaq, Foxconn, Visa, and shipping giant Maersk. Venture capitalists have so far poured $1.5 billion into the space, with storied firms such as Andreessen Horowitz, Kleiner Perkins Caufield and Byers, and Khosla Ventures making bets on startups. The applications for blockchain technology seem endless.

INTRODUCTION The Financial Technology (Fintech) industry has seen meteoric growth over the last two years in Ghana. In line with global trends, innovations democratizing traditional financial services on the back of technological advances continue to improve and automate financial service delivery, drive financial inclusion, and promote the delivery of varied new financial products and services. The scope of these innovations extends to applications and technologies which enable mobile banking, online payments, investments, insurance, and remittances among others. The high adoption/acceptance and popularity of these digital financial services and products increasing their use over traditional banking services was significantly accelerated by the outbreak of the Covid-19 pandemic. Driving these innovations are Fintech companies which are contributing significantly to the growth of the local economy, creating new jobs, and stimulating an entrepreneurial ecosystem.

A decade after the financial crisis, the near-collapse of the economic system is fading from memory. But, while the banking industry has largely recovered from a financial perspective, there are storm clouds on the horizon. While capitalization has improved significantly, revenue growth has become more challenging with the strategy of cutting costs having run its course. At the same time, banks and credit unions are playing catch up from a technology perspective at a time when consumer expectations are increasing exponentially. Making the banking business even more difficult, smaller fintech and large techfin companies are developing solutions that use insight and digital technology to improve the customer experience across product lines.

Financial services (BFSI) trends in 2023 will be shaped largely by the confluence of customer needs, technological innovation and policy decisions. Below are six pivotal areas that I believe will set the stage for and impact the now rapidly evolving sector. The pandemic--with restrictions on physical banking and insurance services--propelled the adoption of digital tools, and incumbents responded by ramping up their technology transformation efforts to revitalize digital channels. This phenomenon of digitization is now being viewed through the lens of security, stability and sustainability as it is deeply embedded in the societal context. Risk management will be at the core of every activity at banking and insurance firms--focusing on accountability and responsibility as well as a revamped risk strategy with greater investment in data, infrastructure, reporting capabilities and compliance.