Brett King to Nigerian Banks: Embrace Innovation or Be Disrupted

Innovation expert, Brett King has urged Nigerian banks to embrace the changes in technology or risked being disrupted

He was the keynote speaker at the 2019 Africa Fintech Foundry Disrupt Conference in Lagos, which focused on the theme “Building a Sustainable Tech-Economy”.

He advised the lenders to apply the “First Principle Design” in their financial services strategy, to achieve scale in operations and deepen financial inclusion in the country.

The Australian-born CEO of  Moven a New York-based mobile banking startup believes in the age of the digital disruption, financial institutions that refuse to embrace the changes in technology will be disrupted.

Citing the transformation that has occurred in space technology through “Space X”, the mobile telephone revolution by Apple company through the “Iphone” and the new developments in the E-Commerce space driven by the Chinese company “Alibaba”.

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King believed the First Principle Design will see banks build from scratch a system driven by innovation, that changes the landscape of banking from the traditional ‘Brick and Mortar’ model that is embedded in customer based solutions.

The keynote speaker also stressed that Artificial Intelligence (AI) will play a key role in actualizing the seamless financial services in the digital age, leveraging areas like pattern recognition of customers and information asymmetry (Collation of Data).

According to him China is using Artificial Intelligence to coordinate its identification management system.

The GMD/CEO of Access Bank  Mr Herbert O. Wigwe in his remarks said that the future of  financial services is about Intelligent  banking.

He was of the view that emerging technologies like cloud computing, virtual reality, artificial intelligence, big data, analytics amongst other things are already shaping banking services globally.

Wigwe said “Leveraging such technology, as artificial intelligence and utilizing data analytics is imperative if Banks and Fintechs are to remain competitive”.

He gave an example of how what a manual review of 12,000 documents which takes 360,000 hours, can be achieved in seconds using Artificial Intelligence.

The Access Bank boss also noted that Blockchain technology can be used to execute smart contracts,  eliminating manual costs of transactions.

Through Big Data Analytics Wigwe believed an intelligent bank  can understand its customers and serve them better.

He also emphasised collaboration between banks and fintechs, to scale financial services and boost financial inclusion.

Wigwe described  the 2019 AFF Disrupt conference as the gathering of the best technology brains across the country and the continent, ready to re-define the future of intelligent banking and fintech.

The hosts of the event, Africa Fintech Foundry, is an innovation hub sponsored by Access Bank.