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In Financial Institutions BANKING . COMMODITIES . INSURANCE . STOCK MARKETS . MICROFINANCE . TECHNOLOGY . REAL ESTATE FINANCIAL DECEMBER 2019 / ISSUE 008, FREE COPY SERVICES MAGAZINE DATA IN FINANCIAL INSTITUTIONS THE IMPACT OF IMPLEMENTATION OF IFRS 9 & 16 ON THE BANKING INDUSTRY FINANCE & BANKING MICROFINANCE FINANCIAL NEWS Agency Banking: Charting the Challenges of small holder Customer care as a competetive Farmers in Accessing Finance customer journey in the Digital Age Business growth strategy UGANDA KENYA RWANDA SOUTH SUDAN BURUNDI TANZANIA GET UNSECURED BID/TENDER BONDS OF UP TO UGX 250M PLUS IMPORT AND EXPORT FINANCE FROM CENTENARY BANK Get the best trade finance options from Centenary Bank to support your contract business, import and export finance with these Products: • Letters of Credit • Guarantees • Commodity Financing • Invoice discounting • Shipment Finance • LPO Financing /centenarybank centenarybank /centenarybank CONTENTS DECEMBER 2019 GET UNSECURED BID/TENDER BONDS OF 04 FOREWORD UP TO UGX 250M PLUS IMPORT AND 05 - 09 THE ROLE OF DATA- DRIVEN ANALYTICS IN Financial EXPORT FINANCE FROM CENTENARY BANK Institutions 10 - 11 THE IMPACT OF IMPLEMENTATION OF IFRS 9 & 16 on the Banking Industry 12 - 14 ISLAMIC BANKING IN UGANDA, How it will operate 16 - 18 TRAINING – THE CRITICAL COMPONENT of bancassurance 19 - 20 CHALLENGES OF SMALLHOLDER FARMERS In Accessing Finance 22 - 23 AGENCY BANKING: CHARTING THE CUSTOMER JOURNEY in the Digital Age 25 - 28 CUSTOMER CARE AS A COMPETITIVE BUSINESS GROWTH Strategy 30 INTERVIEW Success Story of Former UIBFS Student Get the best trade finance options from Centenary Bank to support your contract business, import 32 - 40 2019 UGANDA INSTITUTE OF BANKING AND and export finance with these Products: FINANCIAL SERVICES Annual Bankers’ Sports Gala and Dinner Pictorial • Letters of Credit • Guarantees • Commodity Financing • Invoice discounting • Shipment Finance • LPO Financing 41 - 48 UGANDA INSTITUTE OF BANKING AND FINANCIAL SERVICES PROFESSIONAL AND ACADEMIC PROGRAMMES /centenarybank centenarybank /centenarybank Oct. - Dec., 2019 FINANCIAL 3 Services Magazine PUBLISHER The Uganda Institute of Banking and Financial Services (UIBFS) UIBFS, Plot 10 Buganda Road, P.O.Box 4986, Kampala, Uganda Tel: +256414255847/8, Web: www.uibfs.or.ug. CHIEF EXECUTIVE OFFICER Anthony Mulindwa MEMBERSHIP & BUSINESS DEVELOPMENT MANAGER Sulaiman Semakula REGISTRAR Semakula Richard FINANCE & ADMIN. MANAGER Foreward Apollo Michael Engwau EDITORIAL COMMITTEE Dear esteemed readers, I welcome you to the Eighth Edition Sylvia Juuko, Sulaiman Semakula of The Financial Services Magazine. Benedict Buhanguzi WRITERS/CONTRIBUTORS Under the theme “A New Dawn for the Financial Services Tara Kenyon, Peter Kalangwa, Dr Tumubweine Sector’’, this edition focuses on products, technologies and Twinemanzi, Jonan Kisakye, Robert Ntalaka, approaches that are relatively new in Uganda’s financial Lambert Brian Rusoke, Augustine Mwanje, Samuel services industry. The articles cover the topical issues of the Kakuru newer Financial Reporting Standards, IFRS9 & IFRS16 from PHOTOGRAPHY the point of view of their implications for the performance Courtesy & internet of financial institutions, Small Holder Farmer Access to Credit, Islamic Banking (an especially insightful piece on LAYOUT, DESIGN & PRINTING Regulatory Perspectives), Agency Banking as seen from Semwanga Ahmed +256772 606703 the customer ‘s view point, Data Analytics, the imperative New Vision Printing & Publishing Co Ltd. for Training in Bancassurance and Customer Service as a SALES & ADVERTISING Competitive Business Growth Strategy. Trans 5 Ltd James Odeke +256704745732 I invite you to read this Edition of the Financial Services +256786080896 Magazine and share in the rewarding experience it presents. Circulation Uganda, Kenya, Tanzania, South Sudan, Rwanda. Anthony Mulindwa COPYRIGHT CHIEF EXECUTIVE OFFICER The information contained in this publication is given in good faith and has been derived from sources believed to be reliable and accurate, however, neither The Uganda institute of banking and financial services (UIBFS) nor any person involved in the preparation of this publication accepts any form of liability whatsoever for its contents including advertisements, opinions, advise or information or any consequences from its use. No part of this publication may be reproduced, stored in any retrieval system, or transmitted in any form or by any electrical, mechanical, photocopying, recording or inkjet printing without prior written permission of the publisher. 4 FINANCIAL Oct. - Dec., 2019 Services Magazine The Role of Data- Driven Analytics in Financial Tara Kenyon Institutions n Greek mythology, Sisyphus was a deceitful king who motivated to work harder. was punished for his malicious craftiness and treachery in Ithe afterlife by being made to roll a huge boulder up a hill. Here is where analytics can help financial institutions. The boulder would roll away from him before he reached the top, sentencing him to an eternity of frustration and Data-driven analytics provide meaning uselessness. For financial institutions, new regulations and changes in the way business is conducted can appear to and in doing so, they motivate employees be “Sisyphean”—seemingly pointless or endless tasks and to give their best to their institutions. And projects. But what if they are not meaningless at all? motivated employees are alert to those things that might Data-Driven Analytics otherwise go unnoticed—such as attempts to defraud organizations as well as how to spot opportunities to What if those “pointless” tasks are iterative and meaningful? better the lives of their customers. Overall, advanced data- Financial institutions are made up of people. When those driven analytics should: people feel that there is little or no meaning in their tasks, they fall into a “Sisyphean condition.” On the other hand, • Enhance decision-making and risk management, when people perceive that their work has meaning, they are • Shine light on possible opportunities for growth, and Oct. - Dec., 2019 FINANCIAL 5 Services Magazine BANKING AND FINANCE BANKING AND FINANCE • Boost organizational performance. Compliance and direction change do not have to be viewed Data can be both blessing and curse. Curse, because data as necessary evils on a never-ending journey. You can use oftentimes contribute to the Sisyphean condition—that data-driven analytics for planning, decision-making, and is, without form or reason, they can be meaningless noise. improved performance in an iterative path: Plan, Predict, Blessing, in that it can provide remarkable insight into the and Perform. business of financial services. As British economist and Nobel Laureate Ronald Coase once said: “If you torture the data long enough, it will confess.” Nine Data-Driven Analytics Best Practices Best Practice #1: Begin with the Past By following data-driven analytics best practices, financial Begin your data-driven analytics journey with the past. institutions can provide rich context for their data and Go back to the inception of the organization. Why was it minimize the effects of meaninglessness. At every stage formed? Who was it meant to serve? What was its raison in the iterative path—Plan, Predict, and Perform—ask two d’être? Did anything change along the way? Decide if those questions: reasons still stand. Be brutally honest—that is the only way • What Does This Mean? (meaning) to provide meaning with analytics. • What Must We Do? (motivation) In a recent consulting assignment with a community bank concerning its strategic and capital plans, I noted that the Plan bank’s mission statement stated that its reason for being was to provide a good return to its shareholders. After looking Have a strategic plan? Now is the time to dust it off and at marketing data, the Board of Directors asked themselves dig in. Don’t have a strategic plan? Now is a good time to the two questions (What does this mean? What must we develop one. 6 FINANCIAL Oct. - Dec., 2019 Services Magazine BANKING AND FINANCE do?) and determined that the bank’s mission remained was essential to successful business management because the same but by using data-driven product analytics, the measurement brings attention (good and bad) to the Board was able to see that the mission of the bank was project, product, branch, line of business, etc. Data-driven meaningless to everyone who was not a shareholder. analytics are key to measuring financial performance and risks and thereby help financial institutions make informed The result of the “What does this mean?” exercise led to decisions. the “What must I do?” exercise. The bank now states that it exists to provide a good return to its shareholders by Best Practice #4: Measure, Measure, offering best-in-class products and services to its customer base. They did not change why they are in business, but Predict they now understand that they need data-driven analytics Data-driven analytics are predictive analytics. A peek to meet their goals. into the future (Practice #3) requires building both Key Performance Indicators (KPIs) and Key Risk Indicators Best Practice #2:Take an Inventory of the Present (KRIs), used to measure how well you are meeting your What data do you currently collect, and does it support your goals and objectives and when to make necessary course reason for operating in the financial services industry? Does corrections. it support your mission? If not, what do you need your data to provide? All of this is based on your strategic
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