The Head of Digital Transformation at Prudential Bank, Terrance Addy, believes the future of banking will be driven by artificial intelligence, embedded finance and hybrid service models that seamlessly blend digital convenience with human interaction.
Speaking in an interview in Accra, Mr Addy said the banking industry is undergoing a major shift, with customer experience increasingly becoming the key differentiator among financial institutions.
According to him, consumers today are less concerned about where they bank and more interested in how easily, quickly and efficiently they can access financial services.
“In the near future, ‘Where do you bank?’ will be the wrong question. The right question will be, ‘How do you bank?’” he stated.
Mr Addy explained that modern banking customers are prioritising convenience, speed and seamless transactions over traditional brand loyalty.
“Customers will choose services based on the experience they receive—how simple it is to transact and how quickly their needs are met—not necessarily the institution behind the service,” he said.
He noted that embedded finance is expected to transform the banking landscape by integrating financial services into everyday activities such as shopping, travel, transportation and bill payments.
He further highlighted the growing role of artificial intelligence, saying advances in AI will allow banks to better understand customer behaviour, anticipate needs and deliver personalised solutions.
“Your bank could recognise that you are planning a trip and automatically offer travel insurance or foreign exchange services. That is the future of banking—the ‘how’ rather than the ‘where’,” he explained.
Despite the rapid adoption of digital banking, Mr Addy stressed that physical branches will continue to play an important role in fostering trust, supporting customer onboarding and promoting financial inclusion.
“As much as banking services are becoming available anytime and anywhere, there must still be room for physical interaction,” he said.
He observed that many customers, particularly older clients and small business owners, continue to value face-to-face engagement and the confidence that comes with visiting a bank branch.
Prudential Bank currently operates 39 branches across the country and is repositioning them as customer experience centres and community hubs where clients can learn about digital banking solutions and participate in financial education programmes.
“Branches are evolving into spaces where customers engage, learn and receive support—not just places for transactions,” he noted.
Reflecting on Prudential Bank’s digital transformation journey, Mr Addy acknowledged that the bank entered the digital banking space later than some of its competitors. However, strategic partnerships with fintech companies helped accelerate its progress.
“Partnerships, especially with fintechs, became a key part of our strategy. They enabled us to bridge the digital gap quickly and move faster in delivering innovative services,” he said.
He revealed that the bank has made significant investments in technology infrastructure and talent development, leading to the rollout of services such as USSD banking, mobile and internet banking platforms, GHQR integration and solutions enabled by the Pan-African Payment and Settlement System (PAPSS).
Mr Addy emphasised that successful digital transformation goes beyond launching new products and services. The real measure of success, he said, is customer adoption and satisfaction.
“Launching a digital product is only half the journey. The real challenge is ensuring customers use it, enjoy it and keep coming back,” he stated.
To achieve this, he said Prudential Bank relies on customer feedback and data analytics to continuously improve its digital platforms and enhance the user experience.
“We closely monitor how customers interact with our platforms and respond quickly to their feedback. When customers consistently use our services, it is a sign that we have earned their trust,” he added.
Mr Addy also encouraged organisations that have yet to fully embrace digital transformation not to be discouraged, urging them to adopt proven solutions and move decisively.
“Hope is not lost. You do not have to reinvent the wheel. Learn from what works, adapt quickly and move forward with purpose,” he advised.
He maintained that in the years ahead, success in banking will depend less on who entered the digital space first and more on who delivers the best customer experience.
“The real question is no longer where you bank, but how well your bank serves you,” he concluded.