Banks must grow in digital technology infrastructure to survive Fintechs—CBN
The Deputy Director, Other Financial Institutions Supervision (OFIS) Department at the Central Bank of Nigeria (CBN), Adedeji Adesemoye, has come up with a verdict that for banks to survive the intimidating incursions of Financial Technologies (Fintechs) in payment systems, they must grow in technology to remain relevant.
Before now, several technology entrepreneurs have made clear to banks that with the advent of Fintechs, any financial institution that fails to adjust to relevant technologies in driving its trade will end up closing shop.
In his keynote address at a forum on how digital technology is reshaping the banking industry in Lagos recently, he said with technology, Nigerian banks can identify fundamental approaches they can use to enhance their digital capabilities.
According to him, there is a strong need for banks to have a vision of their future technology infrastructure, and a well-defined corporate culture as major factors that determine whether a bank is successful in this age.
Adesemoye, who spoke convincingly on the theme: ‘Banking in the Digital Age’, further analysed financial inclusion and digitisation as a means that can foster innovation across products, business models and allow straight-through processing that can automate and digitise a number of repetitive, low-value, and low-risk processes.
The forum was powered by Inlaks, a leading system integrator in sub-Saharan Africa, in partnership with Temenos, global banking software company, HID, an American manufacturer of secure identity solutions, and the Central Bank of Nigeria (CBN).
