" ITREALMS: ICT must support post-consolidation – Ibru

Thursday, August 11, 2005

ICT must support post-consolidation – Ibru

EFFECTIVE Information and Communications Technology (ICT) in the emerging banking and finance industry in the country, must be able to support the current and post-consolidation, says the chief executive of Oceanic Bank Plc, Dr. (Mrs) Cecilia Ibru.

She made this declaration in a keynote address to the two-day Financial Internet Technology exhibition and conferences (FINTEX 2005), which commenced in Lagos on Monday, while dwelling on “The ICT Platform for Effective Bank Mergers”.

Mrs. Ibru said that for an ICT platform to be effective for bank mergers, it must also be adequate to support future existence of the banks, even as accommodating the current platform.

Stressing that ICT platform for effective bank merging, it would engender transparency, which she said, translates to better business practices as well as better dividends for the shareholders.

Pointing out that for this to occur, there must also be strategic focus by relevant banks which she recognised varies.

“This involve computing and communications facilities, equipment and infrastructure,” she said

Automated work load, she said, is the ultimate in banking sector, noting that in effective integration, there must be two steps to be taken, which include identifying appropriate hardware and security features which could be in-built.

Such organisations, the Oceanic boss said, must ensure availability of skills to support the application locally, while business focus of the application adopted must be examined to the extent of its retail, investment and trade finance among others.

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