Experts harp on Active Collaboration to Boost Future of Banking

497
Chief Economist, PwC Nigeria, Dr Andrew S. Nevin; GMD, TL First Group, Dr. Olu Olasode; CEO, Zambia Institutes of Banking & Financial Services, Mr. Peter J. Armond; Chairman CIBN, Dr. Segun Aina, OFR; Managing Director, EcoBank Nigeria Limited Mr. Charles Kie; Managing Partner of Olaniwun Ajayi LP., Prof Konyinsola Ajayi, SAN; Professor of Economics, Professor Oladeji Ojo at the 22nd World Conference Banking Institute held in Lagos.
Chief Economist, PwC Nigeria, Dr Andrew S. Nevin; GMD, TL First Group, Dr. Olu Olasode; CEO, Zambia Institutes of Banking & Financial Services, Mr. Peter J. Armond; Chairman CIBN, Dr. Segun Aina, OFR; Managing Director, EcoBank Nigeria Limited Mr. Charles Kie; Managing Partner of Olaniwun Ajayi LP., Prof Konyinsola Ajayi, SAN; Professor of Economics, Professor Oladeji Ojo at the 22nd World Conference Banking Institute held in Lagos.
0
(0)
(Last Updated On: 2017-05-02)

 

 

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.

 

 

 

 

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Ad 2
Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.