Outgoing CIBN president tasks banks on technology

Dr Bayo Olugbemi, the outgoing president of the Council of the Chartered Institute of Bankers of Nigeria, (CIBN), has called on stakeholders to leverage technology to meet up with the demands of their digitally savvy customers.

Olugbemi made the call, on Friday in Lagos, while delivering his valedictory address as the 21st outgoing of Council of the Institute, at the Bankers House, Victoria Island.

The theme of the event was “Entrepreneurship, Innovation and Disruption in the Nigerian Banking Industry-What Next?”

He said globalisation had made technology a vital aspect of human existence and should not be ignored.

“It is, therefore, recommended that the adoption, deployment and use of technology are essential in the banking industry and should see this as a matter of urgent importance,” Olugbemi said.

He charged all stakeholders to join forces and raise the banner of disruptive innovative practices, especially for the future of the industry in more vigorous ways than ever before.

He urged them to secure their footing even amidst what was imminent, adding that the ‘The future is now.’

He also charged them to remember the world now operated as a global village, and that the activities were also shrinking rapidly as a result of technology.

“Hence those who do not align may be left out, alienated or pushed out to a state of total irrelevance.

“This must be our collective corporate responsibility as individual organisations and as a body.

“Therefore, we must all be sensitive to this clarion call in our private domains.

“If we do this, I am assured that our individual endeavours will transmute into our collective strength, formidable enough to surmount all hurdles to our sole advantage in the long run,” Olugbemi said.

Besides, he said entrepreneurship and innovation were critical tools in the development of the economies around the world.

According to him, entrepreneurship thrives better when innovation is adopted and well utilised to enhance operations.

He said in spite of the government’s efforts at developing entrepreneurship to reduce unemployment, the adoption of innovation and digitisation created disruption in the Nigerian banking industry in the form of a reduced workforce.

However, Olugbemi noted that the banking industry, as the backbone of any economy, had a significant role to play in promoting entrepreneurship. (NAN)