Technology is changing the banking system – CIBN – Nairametrics

The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State Chapter, said new technological trends will reshape the banking and financial sector.

This was revealed by branch president, CIBN, Peter Ashade, at the institute’s annual general meeting.

He stressed the need for a strong financial sector to achieve growth and development, as well as the role of the banking sector in the implementation of economic policies.

He said that well-functioning banks were essential for the growth of the economy, noting that financial institutions were fundamental aspects of every economy.

However, Ashade pointed out that as a result of the development of digital technology, banking and financial services have seen a significant change in their business models. “Customers find it practical and adaptable at the same time” he said, “As a result, new trends are gaining ground at a faster rate. “

“All of these trends will reshape the banking and financial industry by making revolutionary changes to traditional models. This change is not without challenges, but customers are quite open to digital innovations and the government is also showing great support for these new standards ”, he said.

He added that CIBN has taken advantage of e-learning capabilities to increase student participation, adding that the chapter has started to build a new five-story office.

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