By Joshua Olaleye
Access bank Chief Executive Officer (CEO), Mr. Herbert Wigwe disclosed in Lagos on Thursday that banks need to start competing based on innovation and be proactive to improve the overall customers’ experience.
He explained that if all of these things are not cultivated, banks may cease to exist in the next 20 years.
He was speaking at the 2019 Africa Fintech Foundry (AFF) disrupt 2019 conference.
Themed: ‘Digital gold rush: Building a sustainable tech economy’, the Access bank chief noted that in the fourth industrial revolution, processes that existed before are fast changing.
“People are using the internet of things (IOT), cloud technology to meet processes, the entire banking industry is shaking up and the concept of banking that we see today might not exist in the next 20 years.
“Several new concepts have come up, artificial intelligence, big data analysis, cloud technology, block chain, crytocurrency have come up, if banks do not leverage on this and create that future, the banks will become the dinosaurs of tomorrow.”
Wigwe further stated that technology has changed the banking space and stakeholders have no choice than to play in that space for a great experience.
“All the experiences that we have seen in the Nigerian banking sector happened just yesterday and only God knows what will happen in the next five years, technology has changed everything and we have to change with it. Imagine if banks still have to use the adding machine to determine customers deposits it would have been impossible therefore from the business mindset , anything that is repetitively manual cannot stand the test of time, something will happen and it will leave it behind whether in finance, law, medicine, agricultural sector it will have to give way to more efficient ways because technology has come to stay”.
Africa Fintech Foundary Disrupt was powered by Access bank with the purpose of assisting innovators harness the power of innovation and a platform to test the market space and investor partner networks .