Fintech to Redefine Banking Operations in Nigeria

Seye Joseph

The Managing Director and CEO of Suntrust Bank, Muhammadu Jubril has reiterated that financial technology will redefine banking operations in a way that will deliver efficient services to customers.

In an exclusive interview, Jubril said what the customers are experiencing in the fintech space is a complete revolution of how financial service has been redesigned to deliver financial services to consumers.

“Today customers are not happy about what is happening in the bank, hardly would you find customers going to the banking hall. They would rather use alternative channels of making payment and savings. That is what fintech has done.”

He added that the future of banking is changing, “the bankers of tomorrow are not the set of banking you are seeing today”

“Because of the regulations happening in fintech, more than 30% of bankers will lose their jobs but the good things is that services will improve, the way and manner we delivere financial service will completely change”

Jubril said that the set of bankers needed in the future would be programmers, design thinkers, and coders who would be able to run the financial sector.

On how SunTrust Bank has repositioned itself for the fintech revolution, Jubril said that the bank recognizes the importance of fintech and its power to disrupt the space; hence, the bank has leveraged on innovations to respond to customers’ needs.

“We strive to create the best outcomes for our clients and customers with financial ingenuity that leads to solutions that are simple, creative and responsible, and focuses its lending activities on SME finance, retail and consumer banking”, he said.

He informed that the bank also focuses on lending to medium to large corporate finance and explore other specialized development and infrastructure financing activities.