Advances in financial technology may have disrupted traditional metrics that categorize banks as Tier 1 or Tier 2, and introduced other important criteria.
Banks are often classified based on asset and capital strength. But Olufemi Awoyemi, founder of ProShare Nigeria, said the new era of banking has added new benchmarks that industry players must ignore at their peril.
The analyst said that banks, not the banking industry, are dying, adding that metrics based on assets and capitalization may not be sufficient to “align banks to class” and that the new era will require agility. said it is driven by gender.
He expressed his views as a guest speaker at the Association of Bank Managers (ACAMB) media parley held in Lagos over the weekend. He said new banking structures can only survive the disruption by combining financial technology and regulatory liquidity.
Mr Awoyemi called on the moderators to reconsider their role in the emerging banking sector, saying corporate operations as a name has little or no dependence on the operations of the industry. Only those who have transitioned to real-time reputational risk to her manager will be able to survive the new onslaught.
He argued that reputational risk management is not an option, but a must for all banks. He noted that in addition to its importance in proactively mitigating potential crises, functional reputation management operations are a governance mandate of the Central Bank of Nigeria (CBN).
Mr. Awoyemi highlighted the difference between corporate operations and reputation management practices, with the latter commissioning independent evidence-based market analysis, whereas the former excludes competitor marketing and prevents negative reporting. He said he was using the threat to intimidate people.
He also engaged media experts in how the financial system should develop, saying that rather than foreshadowing bad news, journalists should “use available data as the basis for reports and articles, calmly and clearly document developments as they develop.” and are trained to report constructively.”
He said journalists should follow the stories that lead them, not the direction they prefer, and stressed the importance of unbiased thinking in financial reporting.
“Journalists may be naturally skeptical, but that doesn’t mean they should be biased towards negative outcomes, if the balance of facts suggests that the outcome of a policy or event is positive. , that’s fine. Journalists are observers and writers, not hangmen,” he said in his presentation.
Source: guardian.ng