Group Managing Director, TL
First Group UK, Dr. Olu Olasode,
has urged the stakeholders in
the Nigerian Banking Industry
to embrace partnership and
collaboration as an approach
to align with global realities to
address the current and emerging
challenges facing the Industry.
He stated this at the recently
concluded 22nd World
Conference on Banking Institute
organised by the Chartered
Institute of Bankers of Nigeria
held in Lagos.
Dr. Olasode, opined that
collaboration with other banks
and financial technology (fintech)
companies is an effective
strategy to address the growing
and changing needs of customers.
The GMD also called on
the Regulators to develop
appropriate tools that would
allow for partnerships and
collaborations, such as common
assessment frameworks, agile
and proactive supervision
models, and dynamic protection
of customers.
According to the renowned
Economist, “collaboration will
also bring about the evolution of
standards in regulation.
“The global banking industry
today is driven by changing
technology, globalisation,
increased supervision, changing
demography, and the opening of
the banking & financial services
marketplace across the value
chain.
“Companies are rethinking
their value proposition and
reconfiguring their delivery
models for a digital age. Digital
transformation efforts are
underway in most organizations
today as digital leaders are
uncovering new opportunities
that create added-value and
better ways to engage with
customers. Businesses are in
various stages of using digital
advancements to better compete.
Some organizations are in the
beginning stages while others are
evolving into digital masters as
they implement new innovative
digital growth strategies to adapt
to emerging trends,” Dr. Olasode
stated.
He further added that these
factors are impacting the way
banks conduct their businesses
to meet increasing customer
expectations and improve
profitability, putting innovation
at the core of banking evolution,
and resulting in unbundling of
financial services.
Speaking further, Dr. Olasode
argued for a redefinition of
competition with a focus
on products and customers,
rather than organisations and
institutions.
He emphasised the importance
of protecting the customers
in the process of changing to
collaboration. So rather than
have one organisation competing
with another, we can have them
jointly collaborate the effort into
achieving more results.

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