Digital technology critical to Nigeria’s financial system- First Bank boss

Adesola Adeduntan, chief executive officer (CEO) of the First Bank Group, has described digital technology as a vital component in achieving economic growth and developing an effective banking and finance system.

Adeduntan, disclosed this at a cocktail event organized by the Council of the Institute of Banking and Finance, at the commencement of its three-day Annual Banking and Finance Conference, held in Abuja.

According to First Bank’s Boss, the future of the banking industry, which is a major driver of the nation’s economic growth, is going into digital technology.

Represented by Calistus Obetta, the Group Executive, Technology, Digital Innovation and Services Division of First Bank Group, Adeduntan called on stakeholders to embrace technology as the cornerstone that will bring transformation in the banking and financial services, he revealed that presently, technology has made transactions more effective and easy for both customers and the bankers.

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The First Bank CEO stated that with technology, the productivity standpoint of his bank has immensely improved. He said transaction time is not only reduced but it has made it possible for the bank to perform business of scale.

“The future of the banking industry is going into digital technology. Digital technology has rebuilt a lot of the transmission across many industries within the financial services space, by that we can say technology within the financial sector has come to stay. It is helping to drive development by leveraging Artificial Intelligence and other components. Presently, 9 out of 10 transactions done in the bank is done through the use of digital technology.

“Technology has made it easy for us to do business at scale, we can perform tasks within a short period of time. This has made it easy for Customers to make payments, withdrawals and other online services effectively within a limited time frame, giving them enough space to go out and perform their personal or individual businesses

“‘As we contemplate the next generation, we are committed to enhancing accessibility, convenience, and development by harnessing technology, intelligence, and data,” he said.