Retail Banking: Experts Harp on Alternative Delivery Channels

Chinazor Megbolu

In order to redefine retail banking offering in the country, experts have stressed the need to promote alternative digital delivery channels.

They made this remark recently during the 2nd Africa Retail Banking Roundtable Conference organised by Jeff & O’Brien Conferences and Events in Lagos, with the theme: “Rethinking Retail Banking Architecture & Infrastructure.”

An International Retail Banking Consultant, Faculty Lead and Advisor, Jeff & O’Brien, Mr. John Berry in his keynote address said that banks needed to rethink some areas they do business and the processes they demand of their customers internally.

He noted that customers were meant to be protected and not the other way round.
“If we don’t change our regulations, we won’t have banking in the future, “he said.

Meanwhile, the special guest and Managing Director, Heritage Bank Plc, Mr. Ifie Sekibo, who was represented by the Executive Director of the bank, Mr. Ola Olabinjo, said his bank had been positioned to drive retail banking with business transformation strategy for its customers.

He pointed out there is a fundamental transition in digital and mobile technology that would reshape how product and services are purchased by customers.

Sekibo further posited that change had already taken place with the adoption of internet, mobile technology amongst other platforms to boosts retail banking services.

On his part, the Head, Financial Inclusion Services, MTN Nigeria, Mr. Usoro Usoro, noted the fast changing and disruptive world driven by technology was changing consumer behaviour leading to increased competition.
”Diverse industries are being transformed leading to grand convergence as at 2015 in the areas of banking, credit, Insurance, travel…and lot of others, “he said.

Also, the Group Country Director, Jeff & O’Brien, Mr. Pascal Odibo in his opening remarks averred that so far, there has been remarkable progress towards financial inclusion in Africa in the last decade.

“This has been driven by a combination of policy reforms, increased competition, financial and technological innovation, “he said.