Innovate Or Die: ACAMB President Urges Traditional Banks To Keep Up With Latest Innovation
The president of the Association of Corporate Affairs Managers of Banks (ACAMB), Rasheed Bolarinwa has urged traditional financial institutions to keep abreast with the latest innovations or lose out on being relevant in the marketplace-changing environment.
The ACAMB president made the call at the association’s second National Stakeholder Conference themed “Marketing Financial Services in Dynamic Times,’’ held at the CIBN (Bankers’ House) in Lagos. Noting that the theme for the conference underscores the dynamism of the times and the impact on the financial service industry, he added, “As good as this seems to be, for us as financial services providers, the rate at which fintech and neo-banks have, and continue to transform the finance industry, is a wake-up call for the traditional financial institutions to keep up with latest innovations in order to succeed and thrive.
“Part of the imperative of these dynamic times is the demand on us in the industry to embrace innovation, adaptation, and agility if we must remain relevant in today’s marketplace,’’ he said.
Bolarinwa further explained that among the key indicators of these dynamic times were macroeconomic headwinds that redefine the financial market as well as other markets across the board.
He stated that rising inflationary trends, purchasing power parity, and supply shocks occasioned by foreign exchange scarcity had a significant impact on production and the ability of people to save money and invest.
Speaking on other disruptive factors he said that, digitalisation was also a major trend that was rapidly disrupting the general ecosystem including the financial services sector.
The ACAMB Boss added that consumer behaviour was being altered as the mode of buying and selling shifted from the brick-and-mortar traditional mode to online purchases while fostering the increasing adoption of digital payment systems.
According to him, it is not just that demand for safer, faster, and cost-efficient services is also getting higher as consumers become more sophisticated while competition also gets fiercer by the day.
“It is not just that; demand for safer, faster, and cost-efficient services is also getting higher as consumers become more sophisticated while competition also gets fiercer by the day,” he added.
While delivering his keynote address, the Lead partner, CMC Connect LLP, Mr. Yomi Badejo Okunjansanya said that innovation and the digital revolution were one of the most significant effects of the digital revolution in finance urging banks to democratise financial services.
Also speaking at the conference, one of the panelists, the CEO/Chief Creative Officer, X3M Ideas and President, Association of Advertising Agency of Nigeria (AAAN) Steve Babaeko said “We talk about the unbanked; the deep root about people not being banked is because they do not trust the banking system”
He urged financial instructions to rebuild customer trust by exploring new ways to meet their needs.
The other panelists include high-profile c-suite executives Helen Ogboh, Group Head Manufacturing, Corporate Banking Directorate of First Bank of Nigeria Plc.
Tolulope Ogundipe, Group Head, Banking Services, Premium Trust Bank, Tosin Adebayo-Yusuf, Executive Director/COO, Heirs Life Assurance, Dr. Sunnie Omeiza-Michael, Director, Lagos Chamber of Commerce and Industry (LCCI) and James Agada, Director, CWG Plc.