Banks should explore digital banking – CIBN

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.