Bank Chief Seeks Increased Collaboration on Technology

Temitope Fasorant

Funmi Ogundare

The Executive Director(ED), Zenith Bank Plc, Dr. Temitope Fasoranti, thursday decried the way technological innovation had greatly changed the way the banking sector carry out its financial services, saying it may lead to a possible loss of jobs.

The ED, however, called for collaboration between public and private sectors as well as tertiary institutions to adapt and leverage available technologies.

He said this in a paper titled, “Technological Disruption and Tertiary Education: Redefining Learning for the Future,” he presented as a guest lecturer at the 13th convocation lecture of the Covenant University, Ota, held in Ogun State.

This, according to him, would to enhance capacity and provide services that will have great impact on enhanced productivity.

He said one of the challenges of technological innovation was the concomitant disruptions in the activities of the sector which will lead to people being sent to the labour market through its substitute for human labour.

“As advances in artificial intelligence and machine learning rev up, there is high possibility that the need for human interface in the learning process, including testing and grading will reduce,” he explained.

He affirmed that a number of technologies had been deployed to make delivery of banking services possible with or without access to a physical bank branch.

Fasoranti said: “The story of human progress was possible because of technological innovation, adding that the concept of technological innovation embraces products, services and solutions that seek to address challenges of everyday life in new, hitherto unimaginable ways.

“It does not really matter whether technological innovation occurs in complex products and processes or in simple solutions; what matters is that technological innovation adds value to an economy and improves overall quality of life.”