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By Olakunle Olafioye
Chief Executive Officer of the First Bank Group, Dr. Adesola Adeduntan, has described digital technology as a vital component in achieving economic growth and developing an effective banking and finance system.
Adeduntan, who was represented by the Group Executive, Technology, Digital Innovation and Services Division of First Bank Group, Mr. Calistus O. Obetta, at a cocktail event organized by the Council of the Institute of Banking and Finance, at the commencement of its three-day Annual Banking and Finance Conference, in Abuja, stated that the future of the banking industry, which is a major key driver to economic growth of the nation, is going into digital technology.
While calling on stakeholders to embrace technology as the cornerstone that will bring transformation in the banking and financial services, he revealed that presently, technology has made transactions more effective and easy for both customers and the bankers.
The First Bank CEO stated that with technology, the productivity standpoint of his bank has immensely improved. He said transaction time is not only reduced but it has made it possible for the bank to perform business of scale.
His words: “The future of the banking industry is going into digital technology. Digital technology has rebuilt a lot of the transmission across many industries within the financial services space, by that we can say technology within the financial sector has come to stay.
It is helping in driving development by leveraging Artificial Intelligence and other components. Presently, nine out of 10 transactions done in the bank are done through the use of digital technology.
