Respond to disruptive techs, CIBN, Ecobank warn
Financial institutions and corporate organisations in the country must invest and acquire skillsets and knowledge-scope to meet the challenges of a fast-changing business environment and marketplace.The development, according to the Chartered Institute of Bankers of Nigeria and Ecobank Nigeria, requires urgency, with deliberate efforts, to remain relevant in the evolving world of digital disruptions.
The President of CIBN, Dr. Uche Olowu, said it is important to note the increasing competition in the digitised banking environment would no longer be between banks, but with non-banking institutions.“Fintech and big technology companies like Google, Amazon, Facebook and Apple are now capturing more of the banking value chain. Furthermore, payment service banking is set to further disrupt the banking industry.
“For example, as of July 2019, telecommunications companies like MTN and Airtel Nigeria had been granted licences by the Central Bank of Nigeria. PWC suggests that from 2025-2035, a market economy would readily exist without traditional banks.
“Therefore, operators and professionals must reposition for relevance in the changing environment,” he said.The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, while presenting a paper titled: “Repositioning for Relevance in a Competitive Environment”, said the banking sector is undergoing significant disruptions in a bid to remain relevant, increase convenience, productivity and ensuring banking is simple for individuals and businesses alike.
Akinwuntan, who was guest speaker at the 2019 graduates induction and prize award event of CIBN, in Lagos, advised that bankers must respond through repositioning, adoption of and adaptation to potentially disruptive technologies in their career models and strategies.
“The banking sector will undergo further disruption. Yesterday, we had nothing like the digital apps in use today; tomorrow, we are certain of further disruption underlined by artificial intelligence, machine learning, robotics, big data analytics, among others. We must therefore brace up for these competitive threats,” he added.
While commending CIBN for the various initiatives targeted at raising standards, promoting ethics and positioning the financial services industry to meet with the new challenges like digital banking and financial technology (Fintech), he said the institute is also contributing meaningfully towards the economic development of the country.
He urged the inductees to imbibe the core values of integrity, courage, diligence, ethics and professionalism, stressing that these must be accompanied by execution and discipline in order to make a sustained positive impact.
“Personal and professional repositioning requires vision, unflinching self-belief, courage, diligence and the willingness to dare.“You are the next wave of professionals set to redefine Nigeria and its economic landscape, you must rise to the occasion by fulfilling that promise,” he added.