The Managing Director of Consolidated Bank Ghana (CBG) Mr. Daniel Addo has urged banks in the financial sector to collaborate with other players in the sector to overcome the challenges posed by the COVID-19 pandemic.
Mr. Addo stated that the pandemic has created a situation that has compelled players in the financial ecosystem to redefine competitors.
He mentioned for example that the revolution that was witnessed in the payment ecosystem in 2020 emphasized the important roles fintechs play in the financial space.
“The issue of who is your competitor has changed. Is your competitor a bank or a business sitting in China? The circumstances have shown that a competitor can be a partner. If a fintecth is beneficial to me I will partner that fintech to grow my business”.
Mr. Addo was part of a panel at the fifth edition of Ghana’s Most Respected CEOs Breakfast Summit held in Accra today [28th April, 2021]
He stated that technology is one of the best ways to predict the ‘unknowns’ in the financial sector by providing solutions that will bring comfort to customers without physically engaging them.
Touching on strategy, Mr. Addo was of the view that it is imperative for businesses to be agile in designing plans for their operations to help them evolved in the event of unforeseen circumstances.
“Strategy is no longer a discrete thing that you do. You need to formulate your strategies in a lot of scenarios. You must know how to react to the unknowns,” he said citing COVID-19 as one of the major unknowns that hit the business world in 2020.
The panel was made up of Nana Dwemoh Benneh, CEO-UMB; Daniel Kwadwo Owusu, Country Managing Partner-Deloitte Ghana; Daniel Addo, MD-CBG; Leticia Brown, Co-Director-Intelligent Capital; Dominic Adu, CEO, First National Bank-Ghana; and Ethel Cofie, CEO-Edel Technologies.