Chief executive officer (CEO) of the First Bank Group, Dr. Adesola Adeduntan, has described digital technology as a vital component in achieving economic growth and developing an effective banking and finance system.
Adeduntan, who was represented by the group executive, Technology, Digital Innovation and Services Division of First Bank Group, Mr. Calistus Obetta, at a cocktail event organised by the Council of the Institute of Banking and Finance, in commencement of it’s three-day Annual Banking and Finance Conference, holding in Abuja, stated that the future of the banking industry, which is a major key driver to economic growth of the nation, is going into digital technology.
While calling on stakeholders to embrace technology as the cornerstone that will bring transformation in the banking and financial services, he revealed that presently, technology has made transactions more effective and easy for both customers and the bankers.
The First Bank CEO stated that with technology, the productivity standpoint of his bank has immensely improved. He said transactions time are not only reduced but it has made it possible for the bank to perform business of scale.
“The future of the banking industry is going into digital technology. Digital technology has rebuilt a lot of the transmission across many industries within the financial services space, by that we can say technology within the financial sector has come to stay. It is helping in driving development by leveraging on Artificial Intelligence and other components. Presently, 9 out of 10 transactions done in the bank is done through the use of digital technology.”
“Technology has made it easy for us to do business at scale, we can perform task within a short period of time. This has made it easy for customers to make payments, withdrawal and other online services effectively within a limited time frame, giving them enough space to go out and perform their personal or individual businesses,” he said.
The Annual Banking and Finance Conference commenced on the 3rd through 5th of September , 2023 with the theme
“Nigeria’s Economic Growth and Empowerment: The role of the Financial Services industry.”