Business Hilights
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Innovation calls as FinTech firms now in same space with banks —Agbaje, GTB boss

Chief executive and managing director of the most innovative and digital bank in Nigeria, Guaranty Trust Bank (GTB), Segun Agbaje has revealed that banks no longer have all the time in the world to delay in innovative thinking and technological restructuring to remain lead in financial business since the advent of Financial technologies companies.

Addressing participants at the just concluded Social Media Week in Lagos on the topic; ‘The Future of Banking in The Age of Social’, he said Guaranty Trust Bank is building a reputation for innovation and engagement, traits that have helped them become a favorite among young people in Nigeria, and around Africa.

Agbaje who anchored his robust presentation on the GTBank story, stemming from its beginnings as a wholesale bank through transitions into what it has become now, made it clear that “Banks have had to be innovative and proactive to keep up with technology and advancements including social media”.

Continuing, he said “In the past, banks were linear companies with their businesses restricted to providing simple financial solutions”.

“However, with the advent of mobile money and wallets, companies outside of the traditional financial circle have begun to deal with money in a way similar to banks.

He revealed further that “fintech companies and even brands like Starbucks and Uber are now in the same competitive space as banks adding that to keep up with the times, GTBank has evolved a number of initiatives to provide far-reaching solutions to its customers beyond the regular services”.

Business Hilights recalls that GTBank has over the years remained atop its peers because of its deployment of digital technologies in services delivery including SME MarketHub, Ndani TV and Art365, among others.

Elated Agbaje explained that the future of banking is beyond brick-and-mortar financial institutions, to a time where banks are full service institutions that cater to needs of their customers.