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First Bank’s process digitisation won’t ignite job losses, but grow service delivery

First Bank of Nigeria Limited has contested trending speculation that its huge investments in new technologies and mainly the digitisation of its processes will not cause job loss, but grow ease of service delivery.

The bank argued that the process will lead to what it described as, “massive redeployment across job functions and realignment,” that will affect about 70 per cent of its workforce.

Explaining the reasons behind the digitization scheme, Managing Director/Chief Executive Officer of First Bank, Dr. Adesola Adeduntan, noted that about 75 per cent of its staff are younger than 40, and as such, are being groomed to take over the bank’s operations.

He argued that “We recognise the criticality of IT and People, and we are achieving our transformational objectives across these areas,” adding that, “FirstBank remains Digital First in our thinking. We are embedding this mindset across the entire operating model – from customer processes through enterprise middle office and back office.

“We have also now realigned our execution framework along business and functional work streams. Digital product drive for Retail is critical to achieving lower cost-to-serve, and improving customer experience; “Retailisation” of Wholesale Banking value; and Digitisation of IGR is invaluable to support Public Sector customers.”

To douse the rising fears, Adeduntan revealed that “the bank had even recruited more, including engaging someone from JP Morgan to strengthen its risks management and corporate governance”.

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