Technology Driven Institutions Will Disrupt Traditionally Run Banks

Herbert Wigwe, Chief Executive Officer, Access Bank at the African FinTech Foundry (AFF)Conference, informed the audience that the technology-driven institutions will disrupt the traditionally run banks by taking advantage of any inherent weaknesses on their business models and it was imperative operators leverage on artificial intelligence and data analytics to remain competitive.

The conference with the theme; “Digital Gold Rush: Building a Sustainable Tech-Economy” was held at Land Mark event centre Victoria Island. Wigwe gave insightful remarks on “the future of the intelligent bank”.He charged the financial sector to embrace technologies that are overriding the old and tedious traditional banking system. Been that these technologies are faster, cheaper and far less tedious. He said, “becoming an intelligent bank today is not an option but a necessity, as technology is redefining the way banks operate”.

He further enumerated some of the fast trending aspects of technology evolving in modern banking to include Artificial intelligence, Crypto Currency, Robotics, Cloud Computing and Virtual Reality. He said “leveraging such technology as artificial intelligence and utilizing data analytics is imperative of banks and FinTechs”

Brett King, futurist, author, and CEO Moven, United Kingdom said: “I think Nigeria will be cashless before 2025”. While Phil Spencer (Gaming), Microsoft, U. S.A shared his thoughts on the subject of the future of gaming and artificial intelligence.
Other speakers in the event among others include Leo Stan Ekeh CEO Zinox Group, Uzoma Dozie former CEO Diamond Bank, Carl Wocke CEO, Merlynn AI, South Africa. Also, GRICD an IoT startup founded by Oghenetega Iortim emerged winner of the final selected startups to be funded by AFF.