The Association of Corporate Affairs Managers of Banks (ACAMB) has advised traditional financial institutions to embrace innovation and adapt in a changing environment to remain relevant.
Mr Rasheed Bolarinwa, President of ACAMB, gave the advice at the association’s second National Stakeholder Conference 2023 edition in Lagos.
According to the News Agency of Nigeria (NAN), the theme of the conference was: “Marketing Financial Services in Dynamic Times’’.
“As good news as this seems to be, for us as financial services providers, the rate at which fintechs and neo-banks have, and continue to transform the finance industry, is a wake-up call for the traditional financial institutions to keep up with latest innovations in order to succeed and thrive.
“Part of the imperative of these dynamic times is the demand on us in the industry to embrace innovation, adaptation, and agility if we must remain relevant in today’s marketplace,’’ he asserted.
The Lead Partner, CMC Connect LLP, Mr Yomi Badejo-Okunsanya, advised financial institutions to rebuild customer trust by finding new ways to meet their needs.
According to him, a study by PricewaterhouseCoopers Ltd. reveals that only 39 per cent of Nigerians trust their banks in contrast to the global average of 56 per cent.
He said, “this lack of trust impedes financial inclusion and digital service adaptation.
“When you are promoting your product, you make it look easy in the promotion but when I get there you make it very difficult.’’
Additionally, Okunsanya urged the banks to know their customers and market, noting that the era of mass marketing was gone.
He said, “in those days when you wanted to sell financial products, you just put a couple of pretty girls in a sweet looking car and sometimes, the higher their skirt line, the better; but you cannot do that anymore.
“A customer has become so aware; the issues of corporate governance does not allow that anymore and also how many banks were there in those days compared to how many they are now? So, competition is key.’’
