An exciting new perspective on innovation

Efma has been nurturing innovation in retail financial services for over 40 years, by fostering debate and discussion between banking and insurance executives. One particularly important area is emerging markets and local banks - which are often extremely dynamic. They face different challenges and have a different perspective on the issues facing the industry. Their fresh and innovative views can provide new insights to their peers in developed markets. Similarly, the innovations developed by banks in the more mature European markets can help banks in emerging markets as they prepare to meet the challenges that lie ahead.

This is Efma’s first African summit, organised with and hosted by Novabase. It is likely to become an annual event for financial services executives from both emerging markets and from Europe. It has been. It provides a forum in which delegates can network and discuss innovative ideas with their peers. Efma’s research shows that innovation is increasingly important - both for delivering a superior customer experience and for enhancing the effectiveness of different channels.

Key questions
The main issues discussed at the summit will include:

• Banking the unbanked. The best way to bring new clients onboard. The latest credit solutions, payment systems, mobile phone financial services? Educating customers in the basics of managing their finances.
• Distribution networks. The pros and cons of different models, including branch networks, ATMs, and remote access via mobile. Combining different channels and finding the best options for a high growth environment. Partnerships with retail groups to provide basic services in small cities or villages. 
• Cultivating innovation. Developing a customer-centric approach to innovation. Nurturing an innovation culture through recruitment, training, incentives and challenges.

Hot topics
Other important topics will include:

• Islamic banking models: the African vision 
• How new entrants or existing players could change the rules of the game
• How a bank can communicate its innovation and win market share 
• The potential impact of innovation on pricing and profit margins 
• Measuring the return on investment