First Bank of Nigeria Limited, on Thursday reiterated its commitment to taking its innovative services to a higher level for customers by leveraging Financial Technology (Fintech) value addition offerings.
The bank’s Managing Director, Dr. Adesola Adeduntan, gave this in his address at the Fintech Summit hosted by the company in Lagos.
Taggged, ‘FirstBank Fintech Summit 2.0’, yesterday’s event was the second edition of the summit which the bank commenced two years ago.
Adeduntan, who was represented at the event by the Deputy Managing Director of the bank, Mr. Gbenga Shobo, explained that the summit was conceived to enable financial sector players deliver products and services with greater speed, accountability and efficiency.
He pointed out that the event commenced last week with a two-day hackathon on Artificial Intelligence (AI) and Big data at the FirstBank Digital Lab with the aim of finding new ways to apply artificial intelligence to banking operations and practices.
He explained: “To remain competitive, banks must make the most of this disruptive change. At the moment, some actors are using this new technology so enthusiastically that it’s hard to keep up whilst others are still channeling too much investment in old systems.”
Previously, fintech was used mainly for back-office functions by leveraging software to help bank employees handle accounts, execute transactions and manage customer databases amongst other real time functions
However, in recent times fintech has become increasingly important in financial services industry as it can provide a range of innovative services to ensure that all financial procedures are as simple and convenient as possible.