ACAMB Conference: Stakeholders Harp On Innovation To Check Disruptions In Financial Services

With growing disruptions in financial operations in the domestic economy, there is need for deposit money banks to harness Innovative ways to market financial services in the country.

This is also as the Banks have been enjoined to simplify their products and services so as to impact more meaningfully on financial inclusion and other dynamics.

This amongst others, were the main focus at the 2nd edition of the national stakeholders’ conference of the Association of Corporate Affairs Managers of Bankers ACAMB.

The event brought to limelight impact of digital technologies, which it’s believed to have reshaped payments, lending, insurance and wealth management – a process that the COVID-19 pandemic accelerated.

National Wire learnt that while this is making financial services in many economies more diverse, competitive, efficient, and inclusive, it may also increase concentration in markets.

The Association of Corporate Affairs Managers of Banks (ACAMB), themed the 2nd edition of the national stakeholders’ conference on “Marketing Financial Services in Dynamic Times”.

At this year’s conference, the interactive panel sessions focus on financial literacy and how inclusion can be deepened among other key issues at a time like this.

ACAMB President, Rasheed Bolarinwa believes that in dynamic times such as this, marketing Communications plays an even greater role in the long-term viability and sustainable growth of Financial Institutions.

In his presentation, the keynote speaker, Yomi Badejo-Okunsanya, harps on why banks should tailor products to suit what their customers actually need as oppose to what they think they need. The role of research and development is also mentioned

While Okunsanya explains that there is a trust gap between deposit money banks and their customers that must be addressed, the ACAMB president believes that It is no longer enough for banks to offer innovative products and services, as these have become baseline in a highly competitive and consumer-driven market.

The interactive session seeks to provide all participants with the technical know-how to build and maintain trust with customers throughout the service journey while also factoring in the dictates of other key stakeholder groups.

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