The president of the Association of Corporate Affairs Managers of Banks, Rasheed Bolarinwa, has advised conventional institutions to improve their technological capabilities in order to compete in the digital sphere.
According to The Punch, ‘Marketing financial services in dynamic times’ was the focus of his speech at the association’s second National Stakeholder Conference in Lagos.
Digitalization, according to Bolarinwa, is a significant trend that is quickly upending the entire ecosystem, including the financial services industry.
He claimed that consumer behavior was changing as more people made purchases online instead of in traditional brick-and-mortar stores, and he encouraged the development of digital payment systems.
The president of the ACAMB stated, “It’s not just that; demand for safer, quicker, and more affordable services is also rising as consumers become more sophisticated while competition also gets fiercer by the day.
“As encouraging as this may seem for us as financial service providers, the rate at which fintechs and neo-banks have transformed and are continuing to do so is a wake-up call for established financial institutions to stay on top of new developments in order to survive and prosper.
“We in the industry must embrace innovation, adaptation, and agility if we want to be relevant in today’s market, which is one of the imperatives of these dynamic times.”
He expressed the hope that candid talks, points of view, and significant recommendations that would result from the conference would be recorded and serve as foundational information that important decision-makers and influencers could use.
He claimed that the event’s theme was pertinent in light of the dynamism of the current times and the impact on the financial services industry.
He stated, “Macroeconomic headwinds that are redefining the financial sector as well as other markets globally are one of the fundamental signs of these dynamic times.
“Rising inflationary trend, purchasing power parity, and supply shocks occasioned by forex scarcity have had a significant impact on production and the ability of people to save money and invest.”
According to Bolarinwa, the conference provided an opportunity for participants from many facets of the financial services sector to exchange ideas and information regarding marketing tactics in the current competitive global financial market.
