By Emma Elebeke

Sequel to the renewed drive by Nigeria to rank among the top twenty economies in the world by 2020, e-business solution experts have declared that a technology driven economy will aid the efforts of the Federal Government in achieving this goal.

A software development expert, Mr. Tolu Olusakin, who made the declaration in a chat with the media men believed that with adequate deployment of advanced e-business technology, driven primarily by business intelligence applications, financial institutions in Nigeria can deliver tailor made world class financial services.

Mr. Olusakin, who is Head, Programming and Software Development of RightClick, Nigeria Limited, an e-business solutions firm, in his submission, aligned with the Minister for Science and Technology, Prof. Ita Ewa’s call for support from the Information and Communication Technology sector to achieve Vision 20:2020.

For Olusakin, the ICT sector has a major role to play in terms of providing world class technological platforms to our financial institutions to enable them thrive as these financial institutions are the hub of any economy.

More so, the licenses given to mobile money operators by the Central Bank of Nigeria (CBN) are signs that we are on the right path to achieving a technology driven economy”.

In view of challenges that may come with the high drive towards e-business, Olusakin, advocated for business intelligence solutions that will bridge the “Bank – Customer” divide.

“Business Intelligence application is one of the key applications a bank should adopt that would enable them use customer-level data on product holdings, channel activity and profitability to improve the targeting of online campaigns and also make account applications and funding processes more seamless and effective.

It provides the timely reports, analysis and forecasts necessary for business management and is supplied to the appropriate users by means of a centralized system” Olusakin said.

Still on the benefits of the Business Intelligence application, Olusakin explained that “by using BI solutions, contained in a variety of operative systems such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM), banks and other financial institutions can efficiently analyze organizational data, thereby improving and streamlining their operational efficiencies.”