Signal Alliance and Cisco met recently with representatives of Nigerian banks to discuss and demonstrate how bank operations and security can be improved and become more efficient without spending above their budget.
Speaking at the Signal Alliance-Cisco business engagement session, Adegbola Adesina, Signal Alliance Director of Service Delivery said that more companies are now embracing mobility, cloud, analytics, and increase in custom built application on low bandwidth, consuming applications to digitize their businesses.
“These have made IT teams to struggle in their bid to keep up with the ever-increasing complexity of the network, sophistication of security attacks and growing end user’s expectations,” he said.
This according to Adesina has led many organisations to spend huge sums of money acquiring new devices all in the name of upgrade which may not be necessary.
Bankers at the event were shown by experts how their organisations can make do with what they already have, cut down on their IT spend and grow their services in a more secure environment to gain competitive advantage through process digitisation.
Yinka Adeosun of Signal Alliance spoke on Digital Network Transformation, Tomi Amao of Cisco demonstrated the new Cisco Security Integrated Architecture, while Kaecy Udumukwu presentation was on Digital Business Transformation.
During the presentations, participants were made to know that Cisco had realised that traditional networks could not scale to meet the increasing demands of the digital business. For this reason, a new network was needed for the digital business. A network designed from the ground up to be flexible, programmable and open; while leveraging on and protecting existing investment was needed.
Multinational professional services firm, PWC, said in its report, “The new digital; tipping point” that digital will play an instrumental role in banks’ effort to build customer engagement.
“The preference for digital is now pervasive across all customer segments, globally, and especially so for generation Y,” the report said. “In fact, for this group, now at the threshold of deciding primary banking relationships, the quality of the digital offering is an important factor in their decision process.”
The report added that Banks have a real imperative to act now to attract these customers and thereby lock in future value.
According to Deloitte, foremost global consultants, digital adaptation started off as an option but has evolved into a necessity in every bank’s agenda around the globe as end-clients – consumers, businesses, and governments – are quickly adopting trends cascading from the technology sector in their IT capabilities, business operations, and business models.
“With the digitally-savvy generations coming of age, the manifestations of the rapidly evolving technological changes across all aspects of our lives pose fascinating challenges and opportunities alike in the end-clients’ digital ecosystem,” Deloitte said in its report entitled ‘Digital Transaction Banking Opportunities & Challenges’.
Nigerian lender, WEMA Bank Plc launched its full digital banking service, named ‘ALAT’ last week, a product it says will revolutionise the banking industry in the country.
Jumoke Akiyode
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