Dr. Ken Opara, President/Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), has urged banks and other businesses to adopt technology more quickly in order to achieve a competitive edge in the corporate world.
Opara made the statement while delivering a speech at the inaugural Banking and Technology Forum, which was held last week virtually in Lagos.
He asserted that in order to withstand the burgeoning competition, every corporate organization must strive to become “a tech corporation.”
“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 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.
Those who would gain an advantage in the sectors were early adopters of the most recent breakthroughs and cutting-edge applications technology churned out daily, according to him. New technologies, he claimed, are redefining speed to market, quality, and purpose-built solutions. Whether in banking, payment systems, or social services, he claimed, the successful adoption of third-party technologies will greatly decide efficiency.
“The financial services industry is going through a significant transformation, as the COVID-19 pandemic triggers a move away from the mindset that physical channels are of prime importance to customers. 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.
According to a PwC report, which Opara cited, 74% of Fortune 1000 company executives are involved in a cloud strategy and 56% consider the cloud as a key driver of innovation and growth. He emphasized that effective customer service is based on constantly developing technology.
The forum that the CIBN Centre for Financial Studies is hosting fulfills Opara’s promise made at his investiture a few months ago. As part of his cardinal agenda to recruit Generation Z to the financial services industry, he pledged to strive for a banking sector with more advanced technology.