ABSA Strategy Chief on the road to 2025

The global banking sector is facing a wave of transformation and challenges, driving banks like APSA to reshape their strategies to adapt to the evolving landscape. ABSA's Chief Strategy and Sustainability Officer, Punki Modise, recently shared insights on the key trends impacting the sector and the bank's approach to navigating the way forward into 2025. In a discussion with CNBC Africa, Modise highlighted four key trends influencing the banking sector's strategies. The first trend revolves around digital transformation and technological innovation, which are driving significant shifts in the industry. Secondly, economic challenges and regulatory changes have also been key factors shaping banking strategies. The third trend focuses on shifting customer expectations, while the fourth trend underscores the increasing importance of sustainability in the face of climate change. Modise emphasized the need for banks to prioritize resource allocation and make strategic trade-offs to effectively execute their strategies. Prioritization and decision-making are crucial aspects in an environment marked by rapid change and uncertainty. Modise also underscored the significance of human capital in driving strategic goals. In the context of digitization, attracting and retaining talent with the necessary skills is a critical focus for APSA. Efforts to re-skill and re-educate employees, along with leveraging artificial intelligence for automation, are central to enhancing human capital capabilities. Looking ahead to 2025, Modise highlighted the importance of agility in a business environment characterized by volatility. The term 'permavolatility' encapsulates the continual state of flux, requiring organizations to be agile and flexible to seize opportunities and navigate challenges. APSA is positioning itself to embrace agility as a fundamental element of its strategy for the future. As the banking sector charts a course into 2025, APSA's focus on adaptability, innovation, and sustainability will be pivotal in driving growth and resilience in a dynamic and fast-evolving landscape.