Revolution in the Nigerian banking system has over the years been effective. Industry stakeholders and financial institutions have argued that banking operations in Nigeria will be revolutionised when Artificial Intelligence (AI) and robotics emerge key players.
In a recently-held interview, Head, Business Transformation, Stanbic IBTC Bank Limited, Wole Adesiyan addresses the importance of robotics and AI in improving the overall customer experience in the country’s banking sector.
Adesiyan said banks and other traditional financial institutions have no reason to be worried, with Fintechs steadily encroaching into conventional banking using AI.
According to Adesiyan, any bank that has plans for continued relevance will invest in AI, Big Data and Machine Learning to ensure that the customers of today and the future are catered to.
While saying that fintechs should not be a source of concern to banks, Adesiyan said banks should learn from these fintechs and create avenues for a partnership where necessary.
Speaking on a survey that stated that financial institutions all over the world would save $1 trillion in projected cost savings from adoption of AI, Adesiyan said bankers and financial institution stakeholders should be prepared for the future.
Adesiyan advised that if a man can do someone’s job, it is important for the person to prepare for a better one.
“Definitely, we believe in preparing for the future without ignoring our environment and the culture of our people. Here in Nigeria, the average individual still desires human interaction when dealing with anything as sensitive as money. Maintaining a hybrid bank structure will keep us ahead of the curve. We also encourage our colleagues through learning and development to prepare for a future that includes Artificial Intelligence and Robotics Process Automation. If a machine can do your job, prepare for a better one, this is my candid advice.” Adesiyan was quoted.
The Stanbic IBTC BlueBots, as the robots are called have been deployed to manage middle and back office activities at some selected branches across Lagos.