MANAGING Director/Chief Executive Officer, Inlaks computers, Mr. Femi Adeoti, has said that Nigerian banks have the potential to succeed in the digital age based on their existing assets which include a huge customer base, access to elaborate transactional data and the ability to offer integrated/multi-channels financial services.

Speaking at this year’s Temenos Community Forum, TCF, in Rome, Adeoti said, “Digitization is fundamentally changing the dynamics of the banking industry and it is simultaneously giving more power to customers while opening up the industry to new non-traditional competitors”.

Traditional competitors

TCF is a Temenos annual global landmark; the largest, high flyer financial services conference that attracts customers, partners, investors as well as other industry shapers around the world.

Adeoti said the banking industry had undergone a massive global transformation as a result of the changes that internet had brought to banking operations in recent times. He observed that today, banking had become ubiquitous with the internet alone changing how banks operate in the past.

Temenos is the developer of TEMENOS T24TM, the world acclaimed leading Core Banking Application that ranks high amongst the world’s leading financial institutions across USA, South America, Europe, Asia, Africa and with growing number of deployed users.

This year’s theme, “Succeeding through the Digital Revolution,” focussed on how digitisation is bringing about innovation, with cloud computing thereby lowering the cost of doing business; dynamics in mobile technology and making banking far more accessible.
It also focused on the need for big data, making it possible for firms to draw major insights into customers’ lives; and social media thus providing the opportunity to inject a social context into banking services.

TEMENOS T24TM according to the International Banking Systems Sales League Table, has consistently ranked as either the first or second best-selling core banking software platform worldwide for the past 14 years. It was developed using a complete service-oriented architecture that’s modular so banks can deploy and integrate the required functionality alongside the needs of their business.
Running 24/7 and in real-time, it equips the banks with innovative technology for market challenges of today and tomorrow.