Wednesday, April 26, 2017 6.00pm/Proshare WebTV
At the 22nd World Conference of Banking Institutes (WCBI) hosted for the first time in Lagos, Nigeria by the Chartered Institute of Bankers in Nigeria (CIBN), seasoned financial experts, scholars, business leaders, prominent bankers and policy makers converged to discuss in the plenary panel session “Envisioning the Future of Banking & Finance in the Global Economy”.
Moderated by Mr Andrew Harris, Ambassador Stone and Chalk (Australia), it featured as panelists Mr Adjiedj Bakas, Founder, Trend Office Bakas, Mr Ade Ayeyemi Group CEO of Ecobank, Mr Temitope Odukoya Partner, West Africa Corporate Finance Leader, Deloitte (Nigeria), Mr Tay Kay Luan Executive Director, Australia New Zealand Institute, Mr Kevin Moore Director, Global Business Development, Chartered Institute of Securities & Investments and Dr (Mrs) Olateju Abiola Somorin,President/Chairman, Council the Chartered Institute of Taxation of Nigeria (CITN).
Giving the keynote, Mr Adjiedj Bakas noted that Artificial Intelligence and Blockchain technology were going to play a key role in transforming the financial market landscape of the future, hence the need for banks to brace up and adopt the digital revolution.
Bakas said financial institutions must strategize products and services that will be marketable to the rising population of millennials globally.
He urged the banks to take investing in the Small Medium Enterprises (SMEs) seriously as they remain the engines of economic growth.
The highly acclaimed trendwatcher and versatile financial author and speaker made a strong case for financial education and collaborations with the Non-Banking groups, from Banks to address the issue of financial inclusion.
In his intervention the Group Chief Executive Officer of Ecobank Group Mr Ade Ayeyemi called for a review of the business models of banks, to drive efficiency and strategic operations for the future.
Ayeyemi speaking further said Banks should explore collaboration to drive a robust financial services industry and also consider reducing the cost of banking services, to encourage financial activities.
For Mr Temitope Odukoya the future role of banking will witness a paradigm shift from the “Intermediation role to the financial advisory role”.
Dr (Mrs) Somorin in her remarks believed tax revenue will play a vital role in the sustainability of banks and called for a robust framework, to ensure a wider capture of tax revenues by banks.
Looking at the financial services and products, Mr Kevin Moore harped on the need for banks to provide an inclusive financial social, service that cuts across all age classes from the millennials to the baby boomers.
In essence stakeholders were of the strong view that the future of banking will be shaped by the issues around Fintech, Artificial Intelligence, Blockchain technology, Millennial culture, Scope of Regulations, Financial Inclusion strategies, Cost of bank services, Tax revenue, Transition from Intermediation to Financial Advisory and Collaborations with the Non-banking groups to improve financial services.
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