The need to deliver efficient financial transactions and reduce the vulnerability of banking systems is driving investment of financial institutions in digital solutions. IFE OGUNFUWA examines the growth of investment in software by Nigerian banks
This, according to them, necessitated an increased level of preparedness of financial institutions to handle the huge volume of transactions on digital platforms such as the USSD, banking apps, Point of Sales terminals and Automated Teller Machines. Analysis of Ecobank’s financial statement showed an investment of N3.74bn in software in the first three months of this year, which increased by 190 per cent compared to N1.29bn in the same period of 2019.
The FCMB’s spending on computer software increased by 77 per cent from N292.02m in the first quarter of 2019 to N517.33m in the three months ended March 31, 2020. According to him, financial institutions need to invest more in digital solutions that do not require human knowledge but utilise data and artificial intelligence.
He stated that a lot of disruptions had happened in the financial industry due to technology and predicted that there would be more disruptions in the manner in which financial services were rendered to customers. “Within few minutes, you have the credit in your account. Who is making those decisions? They are taken by machines and data. That is the power of big data.
Software developers in Nigeria will not benefit from this money I know India and China will get the lion share
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