Olusoji Oluwole, president, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSIBIFI) said that the body will actively engage stakeholders to safeguard workers’ welfare as banks recapitalisation exercise progresses.
He emphasised the significance of the recapitalisation on the members due to the wave of mergers and acquisitions sweeping the industry.
Oluwole, who spoke on the sideline of a capacity building for business editors in Lagos, also advocated fair compensation package for the sector’s workforce.
The theme of the conference was “The Intersection of Finance, Technology, and Innovation: Decoding Financial Reports, Blockchain Technology, and Artificial Intelligence”.
The guest speaker, Doyin Owolabi, a former President of the Institute of Chartered Accountants of Nigeria (ICAN), noted that the advantages of AI in financial analysis cannot be overvalued.
Oluwole described as inevitable, consolidation of the banking landscape which would make some players as dominant actors.
“While this may lead to increased demand for specialised skills in certain areas, it also raises concerns about potential job displacement for employees in overlapping roles.
“The focus for ASSIBIFI is to ensure a smooth and equitable transition for all employees affected by mergers and acquisitions,” he added.
Oluwole said this at a one-day capacity-building training programme organised by the Association of Business Editors of Nigeria (ABEN) in Lagos.
Owolabi, the guest speaker further urged business editors to leverage the workshop’s insights to deliver accurate, unbiased, and digestible information to the public.
Contributing to the theme, he stated that AI accelerates data analysis, forecasting, and customer service while reducing human errors.
On his part, Oluwole stressed the importance of communication and proactive engagement with all stakeholders, especially in matters involving workers union.
Recognising the potentials of role duplication in merged entities, Oluwole stressed the need to prioritise the placement of affected employees within the new organisational structure.
This, according to him, includes advocate for appropriate compensation packages that reflect the increased capital base of the merged entity and the relevant regulatory frameworks governing such transitions.
He noted, “Our primary objective, is to navigate these organisational changes effectively, address potential redundancy and ensure equitable treatment for all employees impacted by the recapitalisation process.”
On casualisation in the banking sector, Oluwole noted progress in compliance by financial institutions and advocated stricter monitoring and enforcement to protect workers’ rights.
Meanwhile, Oluwole emphasised the critical intersection of finance, technology, and innovation, particularly the impact of artificial intelligence (AI) on financial reporting, banking, and broader economic activities.
He acknowledged AI’s transformative power, noting its ability to perform spontaneous tasks that would previously take weeks.
Oluwole, however, warned of the consequences of AI restrains, which he said has potential challenges, including manipulation.
“AI systems are developed by humans and, therefore, prone to flaws.
“This training aims to equip journalists with the skills to critically analyse AI-generated reports and raise pertinent questions before dissemination to the public,” he said.
He also addressed AI’s dual impact on banking, citing its benefits in efficiency and automation while noting its role in enabling fraudulent activities like unauthorised withdrawals.
Oluwole stressed the importance of robust IT security measures, such as two-factor authentication, to safeguard financial systems.
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