Over the past decade, the business development function within the banking sector has undergone a profound transformation. One which reflects not only the shifting economic landscape but also the rapid advances in technology, evolving customer expectations, and more agile regulatory frameworks. This evolution is particularly visible in emerging economies like Ghana, where innovation and inclusion are now front and centre to how banks grow, partner with, and offer value to clients.
Business development in Ghana’s banking industry was once synonymous with brick-and-mortar expansion and new client acquisition. Today, however, the scope has broadened significantly. The rise of mobile money, digital wallets, and online banking platforms has fundamentally altered how banks connect with both existing and potential clients. Data from recent years indicates that more than 80% of adults in Ghana now use mobile money services. An important signal that digital channels are no longer an optional avenue but rather the default for many.
In this context, business development professionals are no longer simply tasked with acquiring accounts. They are responsible for spearheading digital strategies, partnering with FinTechs, and harnessing mobile technologies to reach previously underserved populations. Banks are now pursuing strategic alliances to drive product bundling, affordable lending, and tailored solutions for diverse market segments.
Inclusion and Impact
Financial inclusion has moved from being a slogan to a measurable objective. Regulatory agencies, particularly the Bank of Ghana, have championed this as a national objective, encouraging banks to innovate in ways that expand access for the unbanked. Business development professionals have stepped into this space by designing more inclusive financial products and deploying agent banking models to reach rural and informal sector clients.
Moreover, there is a concerted effort to understand and segment customers beyond conventional demographics. Clients are now profiled based on industry type, business lifecycle, and financial behaviours. This research helps professionals to better understand clients and deepen the customer-bank relationship over time.
Skills for a Changing Terrain
With this expanded remit, the competencies required of business development teams have also changed. Digital fluency, which refers to the ability to use digital technologies confidently, creatively, and critically across various contexts, whether at work, in education, or in everyday life, is now fundamental. Professionals must understand emerging technologies and how they integrate into modern banking architecture. Familiarity with fintech ecosystems is particularly crucial, as banks can no longer afford to view these firms solely as competitors. Strategic thinking now extends beyond traditional boundaries, requiring fluency in ecosystem collaboration and co-creation.
Equally important is the ability to innovate around customer journeys. This includes skills in human-centred design, product development, and customer experience mapping. Empathy, cultural intelligence, and adaptability have become indispensable, especially when building solutions for clients across regions, industries, and income levels.
Leadership also plays a crucial role. As changemakers within the bank, business development professionals must champion internal digital transformation. Their insights from the market provide a real-time pulse of trends, risks, and opportunities.
Influencing Strategy
Business development has now become central to strategy formulation and execution. By collecting and analysing market intelligence, these teams help executive leadership to align corporate goals with market realities. Decisions on product design, geographical expansion, and partnership opportunities are now increasingly influenced by the field insights of business development teams.
This alignment becomes especially relevant in areas like revenue diversification and risk management. Business development insights inform which sectors or client types should be prioritised for lending, which products should be enhanced, and which regions present the best growth potential. Their role has also become vital in the implementation of regulatory frameworks such as the Bank of Ghana’s Business Model and Viability Analysis (BMVA), which assesses how banks’ strategies align with their risk appetite and sustainability goals.
Additionally, strategic partnerships with institutions like development banks, international guarantors, and foundations have made it possible for banks to serve sectors with traditionally high-risk profiles. These collaborations support financial inclusion and also reshape the bank’s long-term priorities.
Relationship Building in a Competitive Market
In a saturated banking environment, the ability to form and maintain lasting client relationships has become a competitive differentiator. Business development teams now focus heavily on value-driven engagement, where success is defined not by one-time transactions but by the depth and longevity of client relationships.
Personalisation plays a significant role here. Clients today expect customised advice and solutions, not generic financial products. Many banks now assign relationship managers to act as trusted advisors, capable of understanding the unique context of each client. This personal touch, backed by data and insight, can make the difference between client loyalty and client attrition.
Additionally, transparency and responsiveness are non-negotiable. Clients expect clear communication about fees, risks, and service limitations. Regular check-ins, milestone recognitions, and loyalty initiatives further reinforce these bonds, showing clients that their growth and satisfaction are valued.
In a dynamic market, aligning institutional goals with customer needs requires agility, empathy, and a forward-looking mindset. Business development teams must continually monitor trends, gather feedback, and engage clients directly to stay ahead of shifts in demand. Analytics tools and Customer Relationship Management (CRM) systems are now used extensively to track client behaviour and predict future needs.
Importantly, customer-centered value creation is no longer just a concept. It is embedded in how products are designed, how services are delivered, and how value is measured. Banks are shifting from purely revenue-focused goals to those that combine profitability with customer outcomes, like satisfaction, adoption, and loyalty.
Language, communication channels, and accessibility are also being tailored to match customer preferences. From breaking language barriers by offering Mandarin-speaking bankers for Chinese clients to developing tools that support local dialects, the emphasis is on making the banking experience as inclusive and personalized as possible.
Looking ahead
In today’s banking landscape, performance is no longer assessed solely by profit margins. Metrics such as customer lifetime value, satisfaction scores, and retention rates are now central to evaluating the effectiveness of business development initiatives. And business development professionals are uniquely positioned to identify untapped markets. Through field research, data analysis, and partnerships with local leaders or cooperatives, they uncover viable opportunities in areas previously overlooked.
As customer needs evolve and competition intensifies, the ability of business development professionals to adapt, influence, and co-create will remain a cornerstone of success in Ghana’s financial future.
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Benedict Kwesi Obeng is the Head, Business Development and Origination, Business and Commercial Banking with Stanbic Bank Ghana
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