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Heritage Bank Plc, Nigeria's Most Innovative Banking Provider, has once again demonstrated its commitment to the growth and advancement of the banking profession by partnering with the Lagos Branch of the Chartered Institute of Bankers (CIBN) Stakeholders & # 39; Nite.
Managing Director and Chief Compliance Officer of Heritage Bank, Mr. Wumi Adeniyi, who revealed in a statement yesterday that the bank decided to support the Lagos Bankers initiative & # 39; Nite because the event will promote a sector professionals as well as bank customers.
"We are very aware of the fact that we are a bank that must interact with our colleagues and clients at a time like this.It is an important event in the Nigerian banking community's calendar and Heritage Bank, being a member of this community, must participate and we have supported the initiative over the years. "
The guest speaker, Mr. Austin Okere, founder and vice-president of CWG Plc, said in his article titled "Big Data, Fintech and the Future of the Bank" that evolving technology that goes beyond the financial application should disrupt the global supply chain. He said that technology uses blockchain technology that has created the backbone of a new type of Internet that was originally designed for digital currency, noting that it is this technology that Fintechs use.
He noted that the most disruptive application of blockchain technology would be in the financial sector as consistent complaints. About banks have reached a crescendo lately.
According to him, after centuries of receiving deposits and making loans, two groups of clients have emerged, and both are calling for a change. The first group includes underbanked adults while the latter includes elite members who believe that the relationship is absolutely biased in favor of the banks.
He said the biggest threat to the banks is the perception that they can still make
Okere argued that this has led many banks to believe that they are invincible, which is now characterized by a loss of contact with customers.
He said that the way forward for the banking sector is to collaborate with Fintech companies to provide financial services because Fintechs has taken over financial services up to a third of the population in volume and in value in countries like Kenya and China. , the president of the occasion, Ms. Foluke Abdul-Rasaq, a director of the United Bank for Africa (UBA), observed that a strong banking system is imperative for the economic growth of n & rsquo; Any country. She stressed that the strength of the sector will depend on the confidence of its practitioners.
Earlier in his welcome speech, Mr. Kola Abdul, President of the State Section of CIBN Lagos, reminded the audience that Bill Gates, the richest man in the world. once said in the mid-1990s that the bank is needed, but banks are not.
Abdul said that this feeling has deepened within the population over the past decade with public opinion against the banks. According to him, technology has begun to open a range of options in financial management after the 2008 financial crisis.
He said that Apple Pay Stripe is one of the companies revolutionizing the way in which people pay for the services in the world. peer-to-peer lenders are opening new avenues of financing for start-ups and SMEs.
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