FinTech

Traditional Banking is Unscalable- Herbert Wigwe

Access Bank
Chief Executive Officer, Herbert Wigwe

The Chief Executive Officer of Access Bank Plc, Herbert Wigwe, has stated that the traditional banking environment do not provide opportunities for scalability.  This is because its manual nature was slow and costly, thereby limited growth. However, technology has made it a lot easier to scale.

Wigwe stated this while speaking during the Africa FinTech Foundry (AFF) Disrupt 2019 conference. According to him, artificial intelligence, big data, cloud computing, virtual reality, robotics, and cryptocurrency, etc, have all brought immense opportunities for banks by helping to improve the way customers access and manage finances.

According to Wigwe, with automation technology, banks and Fintechs are able to grant credit in seconds. To explain his point, Wigwe stated that the review of 12,000 documents used to take 360,000 hours. Today, this could be done in seconds using AI.

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The Access Bank boss also maintained that robotics technology is used to serve customers in banks, even as there are so much that could be done with data. For instance, big data analytics helps intelligent banks to understand their customers.

“Technology has changed everything. not only is this continuing, the rate of development and evolution is speeding up exponentially. technology-driven financial institutions will disrupt traditionally-run banks by taking advantage of any inherent weaknesses in their business models. they will do this by offering better value propositions to their customers.

“today, it is our task to brainstorm these weaknesses and uncover opportunities in our current business models that technology will help us solve. today is a gathering of the best technology brains ready to re-define the future of intelligent banks and fintechs and create new disruptions for our industry.”