bank of uganda remarks by prof. emmanuel tumusiime - mutebile, governor, bank of uganda launch of standard chartered bank ( u ) limited ’ s client digital initiative kampala serena hotel 29 january 2019 honourable minister of information, communication technology and national guidance, hon. frank tumwebaze the board of directors, standard chartered bank uganda limited the chief executive officer, standard chartered bank uganda limited management & staff of standard chartered bank uganda limited distinguished guests in your respective capacities ladies and gentlemen, it is my distinct pleasure to be part of this great evening as standard chartered bank yet again unveils an innovative and revolutionary digital banking initiative. i take this opportunity to congratulate the board, management and staff of standard chartered bank uganda for pioneering many innovative digital banking solutions in the financial services sector in uganda, especially in the recent past. ladies and gentlemen, standard chartered bank is the oldest bank in uganda and its adoption of digitalization can be traced back to the mid - 1990s, when the bank was the first to introduce automated teller machines. the digitalization journey has since seen the roll out of various technology driven business solutions, as the bank pursued its strategic objectives. if you have been following closely, standard chartered bank over the past half a decade or more has been aggressively changing its business model fundamentally to be ‘ digital by design ’. as i recall, standard chartered committed to invest us $ 1. 5bn in technology globally. it is therefore are not surprising that today we convening to witness yet another key milestone in the standard chartered uganda digitalization agenda. the theme today, “ digital transformation in banking, future trend and how to remain buoyant ” is not only very relevant to the banking sector, but represents the future of banking and evolution of business models in this sector. it is cognizant of the increasing convergence between banking and technology, and the disruption of existing business models therein. but how will the digitalization which is taking center stage in the banking today, transform banking tomorrow? banking service delivery is increasingly reliant on technology. the type and application of technology determines how financial institutions appropriately respond to consumer expectations and needs. technology is also an essential in the toolkit supervised financial institutions ( sfis ) use to manage the competitive pressures that are increasingly defining the banking sector. by focusing efforts and resources on the digitization of core business processes, financial institutions enhance their ability to respond to the inherent dynamism associated with technology, and to the competitive

of all, no department attempted to report to the cso bottlenecks they were experiencing in carrying out some tasks. as such, some tasks were cancelled or deferred without drawing the attention of the spc or management. clearly, this is contrary to what was agreed. it was agreed that departments experiencing difficulties in implementing some tasks should report such incidences promptly without the need to follow the established reporting calendars. this was to enable management to make fast track decisions to keep planned programmes on course. second, some departments appeared to be unwilling to give these exercises the due attention they deserve regarding them as needless bother by deliberately not responding to reminders. this has resulted into late submission of pars and, therefore, a delay in the production of quarterly and annual reports. but, i should add that the problem of late submission of reports goes beyond work planning and budgeting activities. as a matter of fact, it is endemic and pervasive in the bank, and involves all other bank - wide initiatives, namely : • business continuity and contingency planning ; • staff performance appraisal exercises ; • responses to audit queries. the fact that the bank recognises the importance of these initiatives in management and that we signed up to their basic principles, means that we should devote much of our time to the processes involved to realise the benefits. this involves changing our attitudes and mindset and to recognise that we must always work as a team and deliver services promptly to derive the maximum benefits of our collective efforts. and so this coming year, i would like senior management to take much of their time and attend very seriously to bank - wide programmes. obviously, this will mean senior management devolving much of routine functions to the rank and file and concentrating on strategic functions. i also think we should introduce a system of rewards and sanctions for performing and under performing departments and functions. naming and shaming under performing departments and functions could be a useful sanctioning tool. such a system could be important because as more and more strategic functions are introduced into the bank so will the role of senior management increase to attend to those functions. very soon, the bank will be adding to the menu of bank - wide programmes, risk and performance standards management frameworks. therefore, if we do not have the right mindset to absorb these additional responsibilities, we will, definitely, not succeed. on the issue of staff performance appraisal, i am deeply concerned that senior management are persistently not app