" ITREALMS: Banks must absorb fintech innovations – Okere


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Tuesday, October 17, 2017

Banks must absorb fintech innovations – Okere

The founder of Computer Warehouse Group (CWG) and Entrepreneur in Resident at Columbia Business School, New York, Mr. Austin Okere has said that banks must absorb financial technology innovations to remain relevant, reports ITRealms.

Speaking at the third quarterly forum of the Nigeria Information Technology Reporters Association (NITRA) in Lagos, at the weekend, Mr. Okere said banks must wear a new look in much the same way that retail did with the advent of electronic commerce (e-commerce).

This, he said, would afford banks to absorb fintech innovations currently blossoming globally and also improve the value chain by way of enhancing customer experience.

Okere, who also is a member of the World Economic Forum Global Agenda Council on Innovation and Intrapreneurship, emphatically said that banks and financial technology (FinTech) must collaborate for mutual benefit.

“Fintech companies in emerging markets have shown that with the right technology, it is possible to leapfrog to new forms of banking. Truth be told, Banks are best placed to continue to influence the future of Financial Services because of their huge branch network, solid reputations, and risk controls, as well as years of customer cultivation and loyalty,” he said.

Further, Okere pointed out that banks however, have to radically change the ‘we win when you lose’ mind-set, considering that credit card customers who default on payments have their interest rates hiked to the extent of repaying £2.50 for every £1 borrowed as revealed in a report by the Financial Services Authority in the U.K.

“This hardly fosters an endearing partnership,” he warned.

Earlier, NITRA chairman, Emma Okonji, welcomed participants to the third edition, noting that the forum was set up to avail stakeholders opportunity to interact with IT reporters in the country in the last four years, since its inception and solicited for more industry collaborations.

The forum was attended by the chairman, Conferences at Nigeria Computer Society (NCS), Jide Awe; Executive Secretary, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbolahan Awonuga; Managing Director, Global Accelerex, Tunde Ogungbade and  Divisional Head, Electronic Banking, Fidelity Bank, Ifeoma Onibuje.

Also in attendance included the President, Institute of Software Professionals of Nigeria (ISPON), Olorogun James Emadoye, and his counterpart at the Nigeria Internet Registration Association (NIRA) Mr. Sunday Afolayan, among others.

Uju N. Dominic/GEE

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L-R: Jide Awe, Chairman, Conferences, NCS; Gbolahan Awonuga, Executive Secretary, ALTON; Tunde Ogungbade, Managing Director, Global Accelerex;  Ifeoma Onibuje, Divisional Head, Electronic Banking, Fidelity Bank; Emma Okonji, Chairman, NITRA; Austin Okere, Vice Chairman, CWG Plc; James Emadoye, President, ISPON and Sunday Afolayan, President, NiRA at the 3rd Quarterly Forum organised by Nigeria Information Technology Reporters’ Association held in Ikeja, Lagos.

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