Stanbic bank reiterates gains of digital banking

Stanbic IBTC Bank supports drive for a savings culture
United Bank for Africa

Mrs Chioma Mbanisi, Head, Digital Service Management, Stanbic IBTC Bank, has reiterated the importance of digital banking in the country.

Mbanisi said this at the on-going workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) organised by Nigeria Deposit Insurance Corporation (NDIC) on Wednesday in Benin.

According to Mbanisi, the importance of digital banking cannot be overemphasised and should be further encouraged among Nigerians.

“The digital option is indeed radically better than the physical one and should be utilised, especially in this era.

“Ideally, it allows instant access, extreme convenience, trial and tracking options, vast reach, offered to people at lower cost and automatic record keeping.’’

Our correspondent reports that digital banking is a process whereby one does not have to be physically present in a bank for transactions.

According to Mbanisi, although, the means of banking transactions are advancing from an orthodox way to a more digitised way, there are still some challenges.

The benefits of digital banking, she noted, reduces cost of transactions and makes banking convenient.

Mbanisi, however, said the use of digital banking had led to disloyalty by banks customers, cybercrimes, regulatory complaints, lack of trust, lack of technology and the challenge in the use of technology.

Besides, she said that digital banking could pose challenges to employment level in the country.

This, Mbanisi explained could cause bank staff to lose their jobs as a result of the advent of automated machines replacing human beings in the future.

She also said that banks needed to keep coming up with innovations to continue ensuring that they capture more Nigerians into the banking industry.

The official insisted that digital banking was no longer an option but a necessity in boosting financial inclusion and ensuring a cash-light society.

Mbanisi dismissed the belief that some countries were ahead of Nigeria on digital banking but stressed that each country leads in an aspect of digitisation.