First Bank of Nigeria Limited has said engaging data is important in the course of shaping and designing solutions for the enhancement of a better lifestyle.
The Group Head, Marketing and Corporate Communications of First Bank, Mrs Folake Ani-Mumuney made this assertion at the third edition of the leading financial service provider’s annual Fintech summit.
The highly educative Fintech 3.0 summit, themed “Banking + Tech = Solving Real Problems” was held on Wednesday, October 16, 2019, at the Grand Ballroom of the Oriental hotel, Victoria Island, Lagos.
Speaking as a panelist at the ‘Solving Lifestyle Problems’ class, one of the three panel sessions set up at the event, Ani-Mumumey emphasized that solutions concerning lifestyle is mostly dependent on data. While corroborating the event’s Keynote speaker, Mr Victor Asemota, she also stressed that the need to really focus on “what the data is telling us” is key.
She said: “I think one of the things we must always focus on is that there is power in numbers and one of the advantages that we have in this market in particular is the power in the numbers that is, the size of our market.
“Your intervention really comes from you identifying needs of your market. When this is done, there is a spark of idea and you can run with that idea and put as much energy as you can into trying to create the next best app. Those who succeed in that space are usually people who have allowed the data and the insight from the data to inform and shape the solution.
“So the solutions sometimes come from the data, but could come from you. Either ways, at some point, you must make sure that whatever the data tells you helps to shape and inform how you design that solution,” she said.
Talking on how Fintech is shaping the future, Ani-Mumuney said “Technology is here and it is here to stay. It is already disrupting our lives and by this, I mean enriching and improving our lives. I started with the word disruption because disruption could be a good thing or bad thing.
“We all just must be aware of how technology interventions change how we live, how it changes our lifestyles. Take a typical family, what are the points of intervention? How does technology for example help them with their healthcare? How does it help them with educating their children? How does it affect the other sides of their lifestyle in terms of transportation?
“Those things you actually need to be on the road to do, you can now do in the corners of your house, Thanks to technology. So you see, Fintech is here to stay. It is those disruptions and really understanding and taking charge of how it shapes your lifestyle so as to be enriched is everybody’s responsibility,” she finished.
The three panel sessions featured at the event were preceded by a general conference which identified the key opportunities within the financial services space and enabled participants get a deeper view of the future of technology in enhancing the financial and general aspect of life.
The first panel session which discussed Solving Lifestyle Problems, was moderated by Head, Customer Experience & Value Management, First Bank, Taiwo Shonekan with Group Head, Marketing & Corporate Communications, FirstBank, Folake Ani-Mumuney, Chief Technology Officer & Co-Founder, Cowrywise, Edward Popoola, Chief Technology Officer/Co-Founder Max.ng, Chinedu Azodo, Chief Operating Officer/Co-Founder, Scholarx, Damilola Emuze and Founder & CEO of Doctoora, Dr Debo Odulana as panelists. The Lifestyle panelists were all in agreement that Nigeria is still in a poor state when it comes to people accessing technological advanced amenities.
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When asked if new banking technologies or services like medical loans and insurance create impact in giving access to healthcare, Odulana expressed that there is a strong market failure in the concept of health insurance in the country due to failure in attaining a wider coverage of those the programmes are meant for. He however noted that more innovation is needed in order to take care of the needs of the people.
Azodo however, stated that in the face of the poor turnout of people in embracing new innovations in Nigeria, Max.ng’s innovation in building a technology and finance infrastructure that empowers mobility, is a laudable feat.
The second panel session which discussed Solving Business Problems, was moderated by Group Head, Energy Downstream & International Oil Trading, FirstBank, Oluwatoyin Aina with Founder, Swifta Systems & Services, Victor Asemota, CFO/Co-Founder, Farmcrowdy, Akindele Phillips, Head, Digital Innovation Lab, FirstBank, Lola Ekugo, Founder/CEO, Vconnect & Omnibiz, Deepankar Rustagi and Head of Innovation at EFInA, Dayo Ademola as panelists.
The business panelists all agreed that over 80% of start-up businesses in Nigeria failed after five years because many of the small medium enterprises and fintech entrepreneurs go into business basically to survive and not to solve problems which is a key way to expand and succeed as a business entity.
The guest speaker, Mr Asemota said though lending is one of the most profitable aspects of banking, most commercial banks frown at the idea of lending to start-ups. The moderator, Aina attested to this, stressing that the commercial banks are not looking for businesses that are just taking off but those that have already built a working systems needing funds for expansion and higher profitability.
Another panelist, Ademola, cited grants as a better alternative suitable for start-ups instead of bank loans whose interest rates will limit the growth of a business that is just taking off.
Meanwhile, Ekugo, explained how the bank has been using the digital lab platform to engage and provide workable solutions for Fintechs and small scale enterprises.
The third panel session which discussed Solving Regulatory, Legal and Security Problems, was moderated by Group Head, Corporate Transformation, FirstBank, Olayinka Situ with Director, Payment System Management Department, CBN, Samuel C. Okojere, Head, Startups (Lagos Innovates) LSETF, Tosin Faniro-Dada, Co-Founder DIYLaw & The Longe Practice, Odunoluwa Longe, CEO, Venture Garden Group, Bunmi Akinyemiju and Chief Information Security Officer, FirstBank, Harrison Nnaji as panelists.
First Bank of Nigeria Limited is the premier Bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in Nigeria. In its 125 years of existence, the leading financial service solutions provider has continued to build relationships and alliances with key sectors of the economy that have served as strategic building blocks for the wellbeing, growth and development of the country.
Yetunde Adegoke
