The
Chartered Institute of Bankers of Nigeria has called on banks in the
country to explore opportunities in the digital banking space especially
in e-commerce.
This, the body said, would enable banks to successfully meet customers’ demand
.
Officials of the institute stated this in Lagos during the CIBN 2014 graduates’ induction and prize award event in Lagos
Similarly, an expert in the financial
services industry, Mrs. Toluwaleke Adenmosun, who was at the event, also
submitted that traditional banking system could not achieve the growing
needs of customers.
Adenmosun, who is also the Managing
Director of Accenture Financial Services, spoke on ways banks could grow
and gain competitive advantage.
She stressed the need for banks to leverage on technology to meet the needs of their customers.
She said, “Advancement of the digital
ecosystem has brought significant impact on people’s financial life in
areas that are traditionally dominated by banks. The question is how
fast can banks respond to the challenge”
“With 63 million Internet users, it is
no longer business as usual- digitalisation has disrupted the financial
services landscape. There is clear evidence that consumer behaviour and
expectations of services and experience are changing.”
The Accenture boss further noted that a
recent survey by her firm had confirmed the possibility of banks losing
customers to digitally-inclined competitors.
“An Accenture survey of banking
customers recently published in the American Banker concluded that while
many banks had been able to retain their customers through traditional
channels and digital service offerings, recent shifts were threatening
the customer base,” she explained.
She added, “Even long-term banking
relationships at traditional banks are susceptible to disruption. New
technologies are changing the way customers and financial service
providers interact and introducing a new demand for how banking services
are delivered. In particular, under-30 years of age have distinct
preferences regarding financial services and digital technology.”
Adenmosun advised banks to create
effective interaction or feedback platform to know the financial life
and yearnings of their customers, adding that this remained the only
blueprint for digital experience which is imperative for
competitiveness.
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