BANKS are reviewing their business model in line with new technological changes that could lead to the scrapping of teller jobs in the next two to three years, The Nation has learnt.
President, Chartered Institute of Bankers of Nigeria (CIBN), Uche Olowu, who disclosed this at the 2019 Graduate Induction/ Prize Awards of the institute held in Lagos at the weekend, said the business model of today’s banks is being challenged.
Olowu, who spoke on the theme: Repositioning for Relevance in a Competitive Environment disclosed that Artificial Intelligence and Robotics are changing the game in customer relationships and front office operations. The institute used the occasion to induct 2,161 members. The figure represents 175 per cent over the figure of 2018.
Olowu said that jobs previously reserved for officers such as tellers may become obsolete adding that in the next two to three years, machines will be capable of performing approximately 30 per cent of the work currently done at banks.
He said that in recent years, banks have gone from investing in bank branches or other brick and mortar establishments to greater investments in financial technology (FinTech) and the relevant specialised human capital.
The CIBN boss said that investment in specialised human capital is particularly significant given the domination of technological solutions which are taking over human jobs.
Also speaking, Managing Director/CEO, Ecobank Nigeria, Patrick Akinwuntan, said that financial institutions are faced with growing technological changes and have had to respond through the adoption of and adaptation to potentially disruptive technologies in their business models and in their broad corporate strategies. This is all in a bid to remain relevant, increase convenience and productivity and make banking simple for individuals and businesses alike.