Experts at the recently concluded 22nd World Conference on Banking Institute organised by the Chartered Institute of Bankers of Nigeria have called for the need to embrace active partnership and collaboration in order to guarantee future of the banking sector.
Dr. Olu Olasode, Group Managing Director of TL First Group UK, who spoke alongside Dr Andrew Nevin (PWC), Mr. Charles Kie (Ecobank), Prof Konyinsola Ajayi, SAN, and Professor Oladeji Ojo, in a session chaired by Mr. Peter Armond, FCIB, Dr. Olasode, opined that collaboration with other banks and financial technology (fin-tech) companies is an effective strategy to address the growing and changing needs of customers.
Olasode said that Regulators need to develop appropriate tools that allow for partnerships and collaborations, such as common assessment frameworks, agile and proactive supervision models, and dynamic protection of customers.
According him, the collaborative efforts would align the sector with global realities and address current and emerging challenges facing the Nigerian Banking Industry.
He said collaboration is also bringing about the evolution of standards in regulation as the global banking industry today is driven by changing technology, globalisation, increased supervision, changing demography, and the opening of the banking & financial services marketplace across the value chain.
“Companies are rethinking their value proposition and reconfiguring their delivery models for a digital age. Digital transformation efforts are underway in most organizations today as digital leaders are uncovering new opportunities that create added-value and better ways to engage with customers. Businesses are in various stages of using digital advancements to better compete. Some organizations are in the beginning stages while others are evolving into digital masters as they implement new innovative digital growth strategies to adapt to emerging trends, Dr. Olasode stated.
He further added that these factors are impacting the way banks conduct their businesses to meet increasing customer expectations and improve profitability, putting innovation at the core of banking evolution, and resulting in unbundling of financial services.
Olasode argued for a redefinition of competition with a focus on products and customers, rather than organisations and institutions.
He emphasised the importance of protecting the customers in the process of changing to collaboration. So rather than have one organisation competing with another, we can have them jointly collaborate the effort into achieving more results.
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