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Technology is changing the banking system – CIBN 

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The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State chapter has stated that new technology trends will reshape the banking and finance industry.

This was disclosed by the Branch Chairman, CIBN, Peter Ashade, at the institute’s yearly general meeting.

He emphasized the need for a strong financial sector in achieving growth and development, as well as the banking industry’s role in putting economic policies into action.

He stated that the smooth operation of banks was critical for the economy to grow, noting that financial institutions were fundamental aspects of every economy.

However, Ashade pointed out that, as a result of the development of digital technology, banking and financial services have seen a significant shift in their business models. “Customers find it convenient and adaptable at the same time,” he said, “therefore new trends are gaining traction at a faster rate.”

“All these trends will reshape the banking and finance industry by bringing revolutionary changes in the traditional models. This shift is not without challenges, but the customers are quite open to digital innovations and the government is also showing great support for these new norms,” he said.

He added that the CIBN has leveraged e-learning capabilities to increase students involvement, adding that the chapter has commenced action to build a five-storey new office.

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