First Bank of Nigeria, a multinational bank and financial services company headquartered in Lagos, stated its desire to partner with financial technology companies (fintechs) to improve its technology banking.
Mrs. Ibunkun Awosika, the Chairman, First Bank of Nigeria disclosed the pledge while speaking at the 2018 First Bank of Nigeria, 3-day Fintech Summit with the theme: ‘The future of banking – the role of AI and big data”.
The Managing Director of the First Bank of Nigeria, Dr. Adeshola Adeduntan, who was represented by the Deputy Managing Director of the bank, Gbenga Shobo noted that the FirstBank Fintech Summit commenced with a two-day hackathon on Artificial Intelligence (AI) and Big data at the FirstBank Digital Lab. He revealed that the aim of the initiative was to discover new ways to apply artificial intelligence to banking operations and practices.
Adeduntan said that to remain competitive, it was imperative for banks to make the most of the disruptive change. He acknowledge that some players in the industry are still channelling too much investments in old systems. The Managing Director however noted that “technologies like artificial intelligence and big data technology need to become part and parcel of our business models across the board”.
In a bid to create a future that would be sustainable, Awosika said “our digital lab is setup to be the bridge between the people and the knowledge that is emanating daily. The digital lab is the place we explore the things we know; with the things you are making up”.
She added that “statistics globally show that the youthful population is the population right now. We should be concerned about how they live, what they do and how they think. We should foresee the future, before they see it”.