Rob Downes, Head of Salesforce Platform and Digital Assets, CIB Africa at Absa Group

Welcome to SettleMint’s newsletter, Chief Digital Heroes.?

Every week, we interview an expert leading the charge on all things digital transformation at the world’s most innovative banks and financial institutions, then write up a summary of the top actionable lessons you can learn from them.?

In our latest edition, we dive into our interview with Rob Downes , Head of Salesforce Platform and Digital Assets, CIB Africa at Absa Corporate and Investment Banking within Absa Group . Here are the top takeaways from the interview.?

1. Blockchain adoption starts by understanding what it can do.

"There was probably two catalysts. In South Africa, the South African Reserve Bank set up a working group a few years ago, and Absa were invited to be part of that. So we started really looking at experimenting with the technology, and that working group was really based around understanding what the technology can do, how it works, how it operates.

“Then, about 18 months ago, we were understanding more and more about the ecosystem and the opportunities. And obviously, with the regulations starting to come more to the fore, it started to become a technology use that we thought was a really interesting opportunity: driving efficiencies in businesses, also potentially new technology models, new banking products, new banking services."

Actionable Takeaway:?

Adopting blockchain and using it to transform your bank starts by understanding the technology first. Learn how it works and how it can drive efficiency, look at potential use cases for your bank, compile a team, and get started.

2. The regulatory environment around blockchain is growing more favorable.

"I think the environment is conducive. South Africa made some good strides towards the end of last year of declaring crypto assets a financial product, of mandating the registration of crypto asset service providers. So that process is being run and the application process just closed at the end of November, but the licenses are being issued. There's a lot of positive movement.

“There's always more that I would certainly like to see in terms of specific clarity on some of the use cases and how we can explore some of those with the regulator. But my experience is that our regulators are open to the conversation. They're willing to work with us and participate. And that's really positive. We definitely have a positive regulatory framework from that point."

Actionable Takeaway:?

Many organizations are hesitant to experiment with blockchain because of regulatory concerns or questions. However, the regulatory landscape is changing for the positive, so continue moving forward with your digital transformation.

3. The biggest challenge to blockchain adoption is a fear of change.

"The biggest challenge that we have in terms of digital transformation is not with technology, it's with people. A huge generalism, of course, but people don't like change and people don't often like things that could really transform what they do every day and how they do it.

“So trying to keep that mindset of, ‘How does the solutions we're building — how does it help clients? How does it help colleagues? How does it make people's lives better?’ And keep reinforcing that.

“Because what we find — and this isn't native to the blockchain world — is any big technology shift, people often will default back to old behavior. And so how do we keep trying to reinforce and keep making sure that the benefits of what is being delivered are seen?"

Actionable Takeaway:

The people in your organization may be afraid of change. That's why it's key to continue to talk about a new technology's benefits, like how it helps clients, and show its positive impacts along the way.

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