Business experts have advised bank customers and entrepreneurs to embrace digital platforms during and after the COVID-19 pandemic since the disease has changed the way business is operated.
This was disclosed Thursday during an online webinar to discuss a topic ‘how to address emerging risks during COVID-19’. It was organized by Housing Finance Bank in partnership with The Institute of Internal Auditors as part of the Internal Audit month celebrations.
The auditors said that the traditional way of doing business has been replaced with technological innovations to enable business to continue.
Housing Finance Bank Managing Director, Michael Mugabi (pictured) said that the COVID-19 pandemic has called for engagement of stakeholders to reshape the future of business which he said is instrumental and pivotal in the continuity of business.
“As a bank, COVID-19 has brought some challenges but we have put up reasonably strong risk management measures. We call upon leaders to look at business continuity and what to do differently to overcome challenges,” Mugabi said.
The President of the Institute of Internal Auditors of Uganda, Josepha Tibendarana Ndamira said in order for banks to continue running smoothly, they should embark on promoting digital channels to their customers and increase monitoring among others.
“We had to look at the operational, strategic measures to continue with business. After facing a disruption in operations, the banks had to sensitize customers and promote digital channels. After improving the system, there was more traffic on digital platforms,” she said.
Geoffrey Okidi, the Head of Portfolio Development at aBi Development Ltd told participants that the disruption in Agriculture sector during the pandemic sparked off a review on projects and budgets aimed at resetting agricultural value again especially in the supply chain.
He added that aBi is increasing investment in promoting of good agricultural practices to stabilize the supply chain.
The Acting Commissioner, Forensic and Advisory at Ministry of Finance, Planning and Economic Development said that because there is limited physical contact while delivering service, there is need to deliver social services using the available technology away from the traditional way of doing work which he said has been affected by the pandemic.
By Drake Nyamugabwa