Category Archives: INNOVATION

Scale up data analytics to improve products offering, banks urged

As global investment in Fintech hits $ 2 b daily
With over 98 per cent of data analytics yet to be explored globally , banks have been urged to scale up the use of analytics to make banking operations simpler and more efficient for customers .
Following the evolution in the banking industry, especially as it is immersed in the digital agenda , leveraging technology to improve on products and services , employees also have been encouraged to ideate and develop their entrepreneurial skills, as current efforts from banks to figure out how to deal with big data will soon get started , while technology toolkits will continue to improve.
The advice was given by the Chairman , Chartered Institute of Bankers of Nigeria ( CIBN ) , Lagos State Branch , Kola Abdul , in his opening speech at the 2018 Lagos Bankers and Stakeholders Nite, with the theme : “ Big Data , Fintech and the Future of Banking. ”
Abdul said in order to stay relevant while working alongside Financial Technology ( FinTech ) startups , there was the need to work hard to harness the digital revolution , and completely re – imagine their role and that of the customers ’ experience .
“ Today , banks are building foundational platforms in areas such as Data Warehouses based on strategic reviews of what banks want to do using the Big Data . Once the establishment of organisational models is done , which is what many companies are currently going through , I don’ t see banks having to spend too much time on organisational models to deal with Big Data – it will becomes a customary ability to handle data because it will become routine . ”
The guest speaker , Founder & Executive Vice Chairman , Computer Warehouse Group ( CWG ) , Austin Okere , said with about 47 per cent of the population unbanked , and 94 per cent mobile phone penetration , these provide a perfect setup for fintech to exploit its mobile – dominated financial services hub in Nigeria.
Okere , who noted that banks have paid lip service to inclusiveness with few included in formal financial services , also said digitisation of retail payment and financial services can become an important development economic priority to reach more people at lower cost of financial services .
The CWG boss , who also disclosed that investment in fintech globally has increased significantly to $ 2 billion daily , warned that $ 4 . 7 trillion of financial services revenue was at risk of displacement by traditional banks. However , he said regulators are helping fintechs to manage the problems .
“ The biggest threat to banks has precisely been their seeming success, with cumulative high returns during economic downturn that adversely affected the real sector .
“ Fintech has emerged as a powerful force of challenge of fintech companies with its great promises , as it is shaking off the banking system and helping to build more efficient ones , especially for consumers and small businesses . ”
The President and Chairman in Council , CIBN , Uche Messiah Olowu , noted that as fintech is revolutionising the retail space , there was the need to upscale members with opportunities.
He said despite disruptions from fintech , banks have survived and stayed stronger because they were able to stay abreast of information, delivering on time and harnessed the strength of Fintech companies through cooperation and strategy approach .
Olowu said : “ The evolution of financial technology is ample opportunity for the future of banking , prerequisite knowledge, competencies and capacity development ; the future of banking will continue to wear the strong look despite the advent of disrupting technology .

DSO: Lai Mohammed challenges stakeholders on content development

The Minister of Information and Culture, Alhaji Lai Mohammed, has tasked stakeholders in the Digital Switch Over (DSO) to carry out a detailed research on understanding consumers’ preferred content and means of delivery, in view of the growing influence of the internet in sharing videos.
Lai Mohammed
The Minister threw the challenge on Monday at the opening of the Creative Nigeria Summit 2018 in Lagos with the theme “Content: The Future of Nigerian Film and Television in A Digital Era”.
“With respect to content consumers in Nigeria, a well-researched survey of what the customers want, where they are, what they watch, want to watch, when and how they want it delivered, does not exist.
The stakeholders within the ecosystem of the DSO project are unfortunately focused on their immediate economic returns and convenient modules of implementation.
”But technological growth does not flow along those lines and, in the near future, smart media entities will outstrip all plans, institutions and government power and reach the customer, leaving non-informed players with empty castles,” he said.
Alhaji Mohammed said a research carried out on the 24 million TV households in Nigeria revealed that the Digitisation of Television required a much deeper understanding of Customers, Content and the quality of delivery of ‘Video’, however they are delivered, including but not limited to Television.
He said everywhere in the world, video has exploded via on Demand and Live streaming, and that Online TV or subscription services are now the norm – YouTube, Netflix, Iroko etc.
”Video is now delivered via social feeds like Facebook, Wechat, LINE etc. Indeed, video is the future of media on the web and is competing with scheduled linear TV content for consumer attention. I implore the key players in the DSO project to focus on any of the above,” the Minister said.
He disclosed that a recent survey done in over 42 countries revealed that expected video consumption on devices over the next 3 years will grow 45% on Mobile, 45% on Internet-enabled TV, 40% on Tablet and 36% on Laptop computers.
Alhaji Mohammed, however, said Traditional TV grew by 0% – a development that lead the researchers to come to the conclusion that video is not only increasingly consumed from the internet, it is clearly going mobile.
He said with the changing landscape, media and entertainment companies that want to stay in the game may need to embark upon a holistic, coordinated and integrated programme of digital innovation to focus their resources, investments and capabilities on the things that truly matter.
While noting the role of Nigeria as a leader in raw content in Africa through Nollywood, Hip Hop, Afrobeat and Comedy, the Minister observed that such contents are hardly monetized through production, distribution or royalty collection due to lack of investment in the production of compelling video content.
To buttress his point, he said of the N20 billion so far spent on the DSO, less than N500 million went into the production of content because Nigeria is yet to appreciate that Video, not Television, is about content.
The Minister assured that the present Administration remains dogged in its determination to grow the Creative Industry and turn it into a Creative Economy.
The two-day summit, organised by Think Tank Media and Advertising Limited, in conjunction with The Federal Ministry of Information and Culture, was born and executed out of a desire to urgently transform the Film, Television and Music sectors into a well-structured industry in the country

NPower reveals what applicants must do before Friday

N-Power, Federal Government’s youth empowerment scheme has revealed what its 2017 applicants must urgently do.

The scheme said applicants who have not “come-on board” should do so immediately.

A tweet on his handle reads, “PLEASE SHARE URGENTLY

“If you are a 2017 applicant and you have NOT come on-boarded yourself. Log on to the NPVN portal and do so NOW.

“If you know anyone who has not on-boarded themselves, tell them to do so NOW. The cut-off time is 6pm.