People build things. Tech. Aircraft. Garden. Business. Gazebo. Football. People are in the belly of tech. Tech defers to commands. People design the commands. Tech cannot build anything unless people designed it to do so. Noah built the ark, not the ark Noah. Tech does not exist on its own. People own technology. Tech does not own the people. However, tech can become addictive: you cannot live without it.
On The One Hand
A bank, formerly known as Heritage, has lost its heritage. It has ceased to exist. Depositors have an assurance. They will get their deposits. Those who owe will also be made to pay. How did Heritage lose its heritage? I do not know. I am not a banker. I am a writer. But varying reports have it that the bank formerly known as Heritage was mismanaged.
On The Other Hand
Even with its sexy banking tech, it had poor business practices. NDIC, that is Nigeria Deposit Insurance Corporation, said the bank had too many bad loans. It was earning low interest. From every N100 loan, N81.2 was bad. The loans are irrecoverable. Is that why it had insufficient assets? Is that why it failed to comply with specific obligations imposed by the Banks and Other Financial Institutions Act (BOFIA) 2020? And the Central Bank of Nigeria (CBN) Act?
Is that why it was undercapitalised? Is that why it had a capital adequacy ratio below the prudential minimum for its license category? Is that why its financial performance and condition posed a threat to financial stability? Is that how we got to the present?
In The Long Term
Anyway, remove the people from the business. Outsource the rest to technology: Human resources, customer service, accounting, etc. Like a driverless car, run the business on automation. Leave out human involvement. And let us check the result in a few years. Disaster.
In How Companies Can Win, Mckinsey.com wrote that few executives would debate the importance of talent. Or the difficulty that many have in attracting and keeping top people. However, companies are not treating talent with the urgency it demands.
My former bank account officer lives in Canada. She migrated with her family. But we are still good friends. After she left the bank, we have built a good relationship. The bank has not found a replacement for her. Yet. Her role was so significant that all of the accounts she managed in Nigeria still carry her tag name. The bank has not filled her role.
According to McKinsey, amidst this reality is the increasing complexity of IT systems. And the emergence of a broad range of new technologies: from cloud to artificial intelligence and machine learning. The challenges have increased. To succeed, companies need to use a set of well-considered strategies: hiring, reskilling, upskilling, reallocating, and sourcing.
However, with his wealth and shrewdness, Elon Musk still needed people to run X. His money could not buy him the sexiest tech that would run X on autopilot. He needs people. Musk knows that sexy tech does not grow tech firms, fintech, or a bank. People do.
That is why some local firms still use a ledger for their accounting. And these companies have transcended generations. Do not mix it up. Tech has its place. Talent has its use. Bad people will misuse a sexy tech. Tech cannot remake bad talent. But smart, bad talented people can pull down an empire. ‘The first step in closing the skills gap is rigorous discipline in identifying specific talent needs’. McKinsey counselled.
In The Short Term
The price tag of your tech does not grow your fintech or bank. It is the heart of your people. Your zany suits, your hot higher heels, and your sleek saloon auto do not dazzle customers. It is the heart of your people.
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