Herbert Wigwe, Chief Executive Officer, Access Bank, gave the advice on Thursday in Lagos during the Africa FinTech Foundry Disrupt 2019 conference, powered by Access Bank.The theme of the conference is ”Digital Gold Rush: Building a Sustainable Tech-Economy”.
He said that AI, Big Data, Cloud Computing, Virtual Reality, robotics, Cryptocurrency – all brought enormous opportunities for banks to significantly improve the way customers’ access and manage finances. He said that robotics technology was used to serve customers in banks, and there was so much that could be done with data, as big data analytics helped an intelligent bank understand its customers.Wigwe said that from a business perspective, and with the benefit of hindsight, traditional banking environment did not provide opportunities for scalability.
“Technology-driven financial institutions will disrupt traditionally-run banks by taking advantage of any inherent weaknesses in their business models.“Today, it is our task to brainstorm these weaknesses and uncover opportunities in our current business models that technology will help us solve.