Friday, May 17, 2019 / 04:00PM / Ottoabasi Abasiekong for Proshare WebTV
Innovation expert Brett King has tasked Nigerian banks to align the
“First Principle Design” in their financial services strategy, to achieve scale
in operations and deepen financial inclusion in the country.
He was the keynote speaker at the 2019 Africa Fintech Foundry Disrupt
Conference in Lagos, which focused on the theme “Building a Sustainable
Tech-Economy”.
The Australian-born CEO of Moven a New York-based mobile banking
startup believes in the age of the digital disruption, financial institutions
that refuse to embrace the changes in technology will be disrupted.
Citing the transformation that has occurred in space technology through
“Space X”, the mobile telephone revolution by Apple company through the
“Iphone” and the new developments in the E-Commerce space driven by the Chinese
company “Alibaba”.
King believed the First Principle Design will see banks build from
scratch a system driven by innovation, that changes the landscape of banking
from the traditional ‘Brick and Mortar’ model that is embedded in customer
based solutions.
The keynote speaker also stressed that Artificial Intelligence will play
a key role in actualizing the seamless financial services in the digital age,
leveraging areas like pattern recognition of customers and information
asymmetry (Collation of Data).
According to him China is using Artificial Intelligence to coordinate
its identification management system.
The GMD/CEO of Access Bank Mr Herbert O. Wigwe in his remarks said
that the future of financial services is about Intelligent banking.
He was of the view that emerging technologies like cloud computing,
virtual reality, artificial intelligence, big data, analytics amongst other
things are already shaping banking services globally.
Wigwe said “Leveraging such technology, as artificial
intelligence and utilizing data analytics is imperative if Banks and Fintechs
are to remain competitive”.
He gave an example of how what a
manual review of 12,000 documents which takes 360,000 hours, can be achieved in
seconds using Artificial Intelligence.
The Access Bank boss also noted
that Blockchain technology can
be used to execute smart contracts, eliminating manual costs of
transactions.
Through
Big Data Analytics Wigwe believed an intelligent bank can understand its
customers and serve them better.
He
also emphasised collaboration between banks and fintechs, to scale financial
services and boost financial inclusion.
Wigwe
described the 2019 AFF Disrupt conference as the gathering of the best
technology brains across the country and the continent, ready to re-define the
future of intelligent banking and fintech.
The
hosts of the event, Africa Fintech Foundry, is an innovation hub sponsored by
Access Bank.
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