… stop celebrating serial debtors – bankers tell public
Deposit money banks and other financial institutions have been urged to take advantage of the emerging technologies such as blockchains, robot, among others seen to drive banking business in the future.
Analysts believe that if banks fully adopt these technologies, it will enable them process payments more quickly and more accurately while reducing transaction costs.
The financial institutions are also challenged on the need to invest in digital, engage in humanitarian business as well as make banking services cheaper in order to remain sustainable in the future.
Experts and chief executive officers of banks who spoke Tuesday at the World Conference of Banking Institutes (WCBI) organised by Chartered Institute Bankers of Nigeria (CIBN) acknowledged that the cost of acquiring technology was high, but believe that with collaboration the cost banking service would be reduced.
“If you will come together much more efficiently, economy can grow by 20 percent,” Adjiedj Bakas, founder, Trend Office, Bakas, Netherlands/keynote speaker told participants.
Other speakers who spoke at the business session at the conference include Ade Adeymi, group CEO, Ecobank Transanational Inc, Lome; Temitope Odukoya, partner, West Africa Corporate Finance Leader, Deloitte (Nigeria); Tay Luan, executive director, Australia New Zealand Institute; Kevin Moore, director, global business development, Chartered Institute for Securities and Investment, UK, and Lateju Abiola Somorin, president/chairman of Council, Chartered Institute of Taxation of Nigeria.
Segun Ajibola, president/chairman, CIBN, said technology was disrupting the nature of work at an unprecedented rate; there was the need for a new and inclusive approach to learning on the job.
He stressed the importance of stakeholders in the banking and finance sector coming together to develop new strategies that would not only meet the present demands for financial products and services but would also look into the future and prepare for the technological and demographic disruptions that were bound to redefine banking and the skills required of bankers within the next few years.
Vice President Yemi Osinbajo said the banking and finance sector had a key role to play in supporting the ERGP.
Represented by Adeyemi Dipolu, special adviser to the President on economic matters, he said the banking industry had supported national economic development in many ways.
He added that the private sector was expected to play a major part in plan execution, especially through public-private partnerships, as the banking and financial sector would be a major source of the private capital expected to complement government investment.
