Nigerian banks and other businesses have been charged with increasing technology adoption in their operations to boost their competitiveness in the corporate world.
Dr Ken Opara, President/Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), made the call while speaking during the maiden edition of the yearly Banking and Technology Forum held in Lagos.
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At the hybrid event, Opara said every business organization has no other alternative than to transcend to becoming “a tech company” if it is keen on surviving the emerging competition.
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According to him, “You will agree with me that technology is helping to reframe the business landscape.” It is no longer a case of being an esoteric phenomenon that stands apart from specific companies and industries. Rather, every company should now be working actively to become a tech company.
“Smart adoption of the right products and services does not just give you a competitive advantage; it can provide opportunities to increase productivity and efficiency, reduce business costs, and grow the bottom line.”
The bank executive referenced the telecommunications sector, highlighting the continuous innovation happening in the industry with the regular inclusion of new features to improve the user experience.
Opara said: “The next generation of mobile technology, for example, is providing increased data at quicker speeds while adding new features that empower employees to deliver enhanced service to customers and get more done on the go.”
“With the onset of the internet of things (IoT) and big data gathering powered by cloud technology, early adopters will gain an advantage that could be developed into a sustainable edge over the competition,” the CIBN boss said.
He said new technologies are reshaping speed to market, quality, and purpose-built solutions, noting that those who would have an edge in the areas were first movers in the latest innovations and cutting-edge applications technology released on a daily basis.
He went on to say that, regardless of the operations, such as banking, payment systems, or social services, the successful incorporation of third-party technology would be crucial.
“The financial services industry is going through a big change because the COVID-19 pandemic is making people stop thinking that customers care most about physical channels. Digital channels have seen a surge in use across the world. “Perhaps the most ubiquitous example is the rapid growth in digital payments and online transactions for banking, asset management, and other financial activities,” he said.
Quoting a PwC survey, Opara noted that 74 per cent of Fortune 1000 companies’ executives are engaged in a cloud strategy, while 56 per cent see the cloud as a key component of growth and innovation. He emphasised that advancing technologically is at the core of efficient customer service.
The forum organised by the CIBN Centre for Financial Studies is a fulfilment of Opara’s at his investiture some months ago. He promised to push for a more technologically advanced banking sector as part of his cardinal program to make the financial service sector more attractive to Generation Z.