The Head of Digital Transformation at Prudential Bank, Terrance Addy, says the future of banking will be shaped by artificial intelligence, embedded finance and hybrid service models that combine digital convenience with human interaction.

Speaking in an interview in Accra, Mr Addy said competition in the banking sector is increasingly shifting from institutional loyalty to customer experience, with consumers placing greater value on speed, convenience and ease of access.

"In the near future, 'Where do you bank?' will be the wrong question. The right one will be, 'How do you bank?'," he said.

According to him, customers are becoming more concerned about the quality of their banking experience than the institutions providing the services.

"Customers will engage based on experiences, how seamless it is to transact and how fast it works, and not necessarily the institution behind it," he added.

Mr Addy said embedded finance is expected to play a major role in the future of banking, with financial services increasingly integrated into everyday activities such as shopping, travel and bill payments.

He noted that advances in artificial intelligence would enable banks to offer more personalised services by anticipating customer needs and providing tailored solutions.

"Your bank will know you are planning a trip and automatically offer travel insurance or foreign exchange. That is the 'how' and not the 'where'," he explained.

Despite the rapid growth of digital banking, Mr Addy said physical branches would continue to play an important role in building trust, onboarding customers and promoting financial inclusion.

"As much as services are accessible anytime and anywhere, there must still be room for physical presence," he said.

He noted that some customers, particularly older clients and small business owners, still value face-to-face interactions and the reassurance that comes with visiting a branch.

Prudential Bank currently operates 39 branches nationwide and is repositioning them as customer experience centres and community hubs where clients can learn about digital banking tools and participate in educational programmes.

"Branches are evolving into places where customers learn and engage, not just transact," he said.

Reflecting on the bank's digital transformation journey, Mr Addy acknowledged that Prudential Bank entered the digital banking space later than some competitors but adopted partnerships with fintech firms to accelerate its progress.

"Partnership was our strategy, especially with fintechs, to quickly bridge the digital gap and move faster," he said.

He said the bank has also invested in technology infrastructure and talent development, resulting in the rollout of services including USSD banking, mobile and internet banking platforms, GHQR integration and Pan-African Payment and Settlement System (PAPSS)-enabled services.

Mr Addy emphasised that the success of digital transformation depends not only on launching new products but also on ensuring customers actively use them.

"Launching a digital product is only half the battle; ensuring customers use and enjoy it is the real challenge," he said.

According to him, the bank uses analytics and customer feedback to improve its digital platforms and enhance user experience.

"We gather data on how customers interact with our platforms and respond quickly to their feedback. When customers use our platforms repeatedly, it means we have earned their trust," he added.

Mr Addy also encouraged institutions that are yet to fully embrace digital transformation to act decisively.

"Hope is not lost. You do not have to invent everything; use what works, adapt quickly and move with purpose," he said.

He maintained that success in the banking sector will increasingly be determined by the quality of service delivery rather than how early an institution entered the digital space.

"The real question is no longer where you bank, but how well your bank serves you," he said.