Fintechs and Telcos Cannot Disrupt GTB – Agbaje

MD/CEO, Guarantee Trust Bank, Segun Agbaje

Chief Executive Officer of Guarantee Trust Bank [GTB], Segun Agbaje, on Tuesday vowed that his bank would not be disrupted by fintechs and telcos.

He said this while presenting GTB’s lifestyle app the Habari to participants at the Social Media Week, in Lagos.

Agbaje said, “GTB has more than 15 million customers and we hope that with the introduction of Habari app, it will give GTB an exponential growth. Telcos and other organizations cannot disrupt GTB because we have an app that will disrupt other.”

GTB CEO said that there was a fundamental shift in the creation and use of financial services in the country.

He noted that the shift will enhance the future relationship between banks and customers.

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While speaking on the topic “One Africa, One App, Building the Bank of the Future”, Agbaje noted that Habari app is a virtual kingdom made up of communities created by people of similar interests where every activity earn users rewards they can redeem in the real world.

The core functionalities of Habari include socializing, trading and sharing information. He also added that Habari was GTB’s latest effort to help content creators that are also their customers solve issues around distribution band and payments.

“Banks in Africa have one fundamental challenge which is how to cater for the financial well-being of millions of people on the continent.

“The competition that exists for banks in the new competitive landscape includes anyone who can leverage the power of connectivity.

“Presently, everything disrupts both telcos and other industries while creating room to enhance financial services in the banking industry,” he said.

He further stated that through the combination of powerful mobile computing devices and wireless connectivity, the digital revolution created an online world for search delivery that was formidable as the physical world most businesses had built and invested in.

He added that organizations now had to rethink their business models to ensure that they are able to take advantage of the opportunity the shift online created.

The GTB executive said that in response to new competitive landscape, there was the need to leverage on technology, have a new business model for customer engagement, acquisition and service delivery.

He said that the way Habari app was designed was that it would evolve constantly not a complete work because people’s lives keeps evolving.

“Disruption of apps has started and that would make the app do more than one thing, and the Habari app is structured for play, messaging, e-commerce and others”.

He said that the fundamental of the ecosystem was an end-to-end customer experience, embedded digital innovation and going beyond the traditional understanding of financial understanding of financial information to become critical enabler.

For startups, he said, Habari meant not having a structure, no advertising but having a platform to reach more people.

Social Media Week is one of the world’s premiere conferences and industry news platforms for marketers.

It provides brands, agencies and technology providers with the latest insights, trends and best practices, together with access to a global community of marketing decision makers.