Financial inclusion means that individuals and businesses have access to useful and affordable information about financial products or services that meet their needs in term of transactions, payments, savings, credit and insurance that delivered in a responsible and sustainable way
If Central Bank of Nigeria (CBN)’s financial inclusion vision is aiming at enabling the Nigerian population of about180million know, understand and develop the ability to evaluate financial products/services so as to lower the number of financially-excluded persons within the population, from 46.3 per cent to 20 per cent by the year 2020.
On daily basis, many banks are introducing digital or technological services as a new innovation to boost their bottom lines. Any technological services strategy is model that move toward ease and simplify process with less workforces. For both customers and workers to fully understand this new model is a huge costs and time taken. The workforces in other hand will hinder the rise of new technologies; rather than propping up incumbent bank’s innovation to take its course while customers will be operating with half knowledge.
If my idea makes you uneasy, it is probably because the banking industry’s current work policies do nothing to protect the most vulnerable workers and the users from the costs of all this destruction arise from the new digital transformation process.
For banks or any services company to achievements it target goals must based on robust electronic banking platforms that ensure secure, convenient and seamless solutions, which have been deployed in driving its retail, corporate and commercial banking businesses or always upgrades its information technology infrastructure to the new generation that would enable its outperform it objectives, but what about workers and customers in the circle of the process?
Everybody are aware that the Nigeria banks have continuously reinvented their wheel through cutting-edge, impactful and bespoke products and services for their customers at all touch points, thereby enhancing their experience at detriment of their workers and half knowledge of customers.
Therefore, the financial services providers and stakeholders must learn from the economist Joseph Schumpeter’s prescient analysis of entrepreneurs. He noted that for new innovations to spread and improve our lives, there will always be creative destruction. For new firms, services and sectors to arise, some of the old ones must die.
On that note that the write is urging the CBN and other regulators that they cannot expect to create a vibrant and flexible overall economy growth through banking unless they make these shifts as painless as possible. Therefore, bank workers need a fresh round of policy innovation focused on creating a safety net that gives workers the peace of mind — and the money as a result of any digital transformation that can impact negatively on their income.
A lifetime of work will be a lifetime of change, moving between bank jobs, careers and cities which have financial and personal costs including family.
For instance, many writers do said that the financial services delivery in Nigeria has continued to dictate the pace and expand service channels in the provision of world-class electronic banking offerings and solutions that align with their lifestyles of its existing and potential customers without considering their workers.
Imagine a country where all refineries or some government enterprises are not performing up to half of expectation but draw up huge salary for the workers. Yet, the Workers in that place resist letting factories close or sale off for new ones come up because they worry about what will become of the people who work there.
Therefore, CBN and other major stakeholders should design how banks should start building a Digital-Savvy Workforce to Stay Competitive because over the next few years we will have to do even more to adapt to a digitally-focused workplace as businesses move towards using the Internet of Things (IoT)
This statement excerpts from Huffington Post article referenced a Gartner study which predicted that three-quarters (75%) of businesses will be digital by 2020; yet just 30% of these will be successful.
That’s because businesses of all shapes and sizes are going to struggle with a shortage of skilled talent – the McKinsey Global Institute estimates that by 2020 there could be a global shortage of 38-40 million qualified workers.
Of all the factors contributing to this crisis, a key concern is that existing workforces aren’t equipped with the necessary skills to cope with wide-scale transformation to a connected workplace