L-R: Second Vice-Chairman, Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, Felix Igbinoba, Deputy Managing Director, Fidelity Bank Plc, Chairman, ACAEBIN, Yinka Tiaminu at the body’s 42nd Quarterly General Meeting in Lagos on Thursday
By John Okoh
By 2021, Fidelity Bank Plc would be 90 per cent digital compliant in its banking operations, Mr Nnamdi Okonkwo, the Managing Director, has said.
Speaking at the 42nd Quarterly General Meeting of the Association of Chief Audit Executives of Banks In Nigeria, ACAEBIN, hosted by the bank on Thursday in Lagos, Okonkwo stated that the digital age was here and urged members to embrace the technology with a sense of urgency,
He was represented by Mr Mohammed Balarabe, Deputy Managing Director of the bank, at the event.
Speaking on the theme, “Internal Audit in the New Digital Frontier,” Okonkwo, who was represented at the event by Mr Mohammed, Deputy Managing Director of the bank, said that banks should embrace the digital age through development of digital products and as well be prepared for their challenges.
He said; “In Fidelity today for instance, what they have done is to embrace this digital age and have been working towards ensuring that not only do we use it as an enabler, but it is also a thing that we use to have control of the system.”
“There is need for us to really be prepared to embrace it, but most importantly, walk through it.
“What you find is that, advancement in technology has enabled the automation of several processes and procedures in the banking industry.
“And what that means is that some services that used to appear very complex and difficult for the public to access have now become so simplified.
“All you need to do now is just touch a button on your computer, laptop or phone and the service is available to you.
“That is a very good development, but it comes with it’s own challenges and I think sessions like this should take time to look at what those challenges are, and how can we overcome them,” he said.
L-R: Chairman ACAEBIN, Yinka Tiamiyu; Deputy Managing Director, Fidelity Bank Plc, Mohammed Balarabe at its 42nd Quarterly General Meeting in Lagos.
Second Pix L-R: Tiamiyu; Balarabe; and Ag. Chief Audit Executive, Fidelity Bank Plc, Onyinyechi Ekweronu at the General Meeting in Lagos, on Thursday
He noted that the banking landscape is changing completely with innovations such as robots and artificial intelligence, and banks must change along with the tide and address the challenges posed by automation.
“What you find also is that this automation comes with a lot of challenges,” he said, adding, “Challenges in the sense that it opens up paths to fraudsters and people of bad characters to attack institutions and customers alike.”
“New digitial frontier has increased the potential of business risk of running banks, but we should also look at it from a perspective that we might use technology to enhance the controls that we have in our systems.
“So, technology is expanding the possibilities, as far as I am concerned, of how we go about our control structures.
“What is clear in my mind is that the control function cannot continue in its traditional way.
“Yes the role will continue to be the same, but the way we do it has to change,” Okonkwo said.
In his address, Mr Yinka Tiamiyu, ACAEBIN Chairman, stressed the need for training of auditors in cyber defense, in line with the evolving technology.
Tiamiyu urged auditors to seize the initiative and act fast to be relevant in their business in the new digital frontier.
Meanwhile, the bank officials participated in a programme to mark 2019 United Nations MSME Day on Thursday. Themed, “MSME’s Strategy for Growth”, the event targeted Micro, Small and Medium enterprise owners who make up 90 percent of businesses in Nigeria.
L-R: MD/CEO Plus TV, Kayode Akintemi; Divisional Head, Managed SMEs, Fidelity Bank Plc, Osaigbovo Omorogbe; Managing Director, Leapworld group, Funke Susan Medun; Government worker, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Jide Majiyagbe at a panel discussion to mark the 2019 MSME’s Day themed: “MSME’s Strategies for Growth” in Lagos..… Thursday.
