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The New Age Banking Summit’s train finally found a stop in Nigeria this year, holding down one of the big conference rooms at the Intercontinental Hotel, Lagos. For two days, there were serious discourses around how the Nigerian banking industry can harness the biggest trends in banking in a digital era.
The conference saw quite a number of people in attendance, from key stakeholders in the banking industry to digital solution providers and banking enthusiasts. We at Seamfix made it there as well, immersing ourselves in the many opportunities that abound in this space while showcasing our own digital offerings for the banking sector.
As an aftermath of these two days of immersion, we have decided to do a summary of some of the vital lessons for the banking industry and we thought you should know, too.
“The future of information security would be cloud-sourced.”
One of the very clear statistics, which was also cited at the event by different parties, is the increasing adoption of cloud frameworks by banks across the globe. As it is, 62% of banks in the world have already adopted cloud strategies.
This makes a lot of sense when you consider that the two most important aspects of any organization are its people and data. For data, the cloud offers one, if not the most, secure platform for storing data.
Key question/concern: Trusting cloud service providers with information, despite existing information security frameworks.
“Artificial intelligence is one of the many routes to digital transformation.”
As we have realized, this has a lot to do with the inclusion level of digital banking in the country. However, some banks are already adopting the use of artificial intelligence in the delivery of banking services.
One of the learning points here lies in the need for the development of infrastructure by relevant agencies in order to support banks with these frameworks, as artificial intelligence is important to digital transformation in the banking industry.
Key question/concern: how prepared are Nigerians for Artificial Intelligence focused bank.
“Banks who want to be future-ready need to be designed with the needs of customers in mind.
Maybe this is often said in many camps but there’s a need to reinforce the impact of data on the bottom line. It is important to analyze every step in the journey of customers and use it to create value for the bottom line.
And as we realized at the event, this is what Ericsson does as part of its many operations. To equip banks with algorithms via data that they have and use this to inform customer acquisition decisions.
“30% of revenues are expected to be made from digital channels.
Alternate channels play a great role in commercial banking. And as we continue to shift towards a generation that is completely digital, one of the major “suppliers” of bank profits would be digital kiosks. And in the current state of things, some banks have begun to revive themselves through digital kiosks.
One of the lessons at this event is the profitability that lies in doing customer acquisition through other merchant outlets, from the perspective of digital kiosks.
Meanwhile, we wrote a more detailed piece of why digital kiosks are important for every bank here. You may want to take a brief look at it.
“KYC is not a destination. It is a journey.”
The Bank Zero Gravity concept preaches the idea that banks of the future are those that make all decisions based on the intelligence of data. That banks at every point in time can actually tell who their customers are, leaving nothing to chance. And this in turn informs every strategy that the banks adopt in serving their bottom line.
A lot of things served as discourse at the New Age Banking Summit. Some of which have not been captured here even. But if we’re to summarize the high point of what everything points at, it is the fact that data is central to the achievement of absolute digital transformation that the banking industry needs.