Through the last decade, FirstBank has played a pivotal role in strengthening its digital banking capabilities which have been made possible through its investment in its most prized assets, human resources, as well as research and development initiatives that have been critical to making the bank digitally driven to the delight of its customers.
With these investments, the bank has been at an advantage in staying relevant to support individuals, organisations and the government across all tiers in its host communities in Nigeria and Sub-saharan Africa.
In an interview with Arise TV International correspondent, Adefemi Akinsanya at the UN Global Compact Leaders’ Summit held on the sidelines at the 79th UN General Assembly (UNGA), Alebiosu said investment in human resources is amongst the list of concerns that should keep international leaders up at night.”
Citing the market value of big 10 tech companies in the US and Europe and the correlative impact on the value of their economies, the FirstBank CEO stated that a major impact of these is pioneered by the investment in resource funds of these companies as some have $20 billion invested in research and development in a single year, a value that is more than the budget of some countries put together.
FirstBank is not left out of such productive investments, as the bank has taken giant steps in building its human resources, strengthening the capacity building of its workforce through continuous investment in research and development on its digital banking architecture which have been central in ensuring that the bank reinvents itself to provide innovative products and services to its host communities.
In July 2018, FirstBank launched its fintech and Innovation lab in Yaba, Lagos. The Digital Lab is designed to serve as a platform for FirstBank to collaborate and advance with the rapidly evolving financial technology (fintech).
With the Digital Lab, FirstBank stimulates innovative solutions to real-life challenges enabling the Bank to provide faster and more efficient banking products to its customers.
The Digital Lab empowers FirstBank to champion innovation, create new digital products, and enhance existing products and processes, whilst strengthening its capabilities and competitiveness within the industry.
Three years later, in November 2021, the bank unveiled its fully automated branch, called the FirstBank Digital Xperience Centre (DXC). The bank currently has four DXCs across Nigeria.
The FirstBank Digital Xperience Centre was launched to put customers at an advantage in carrying out various activities on their own without interacting with anyone. The fully automated branch, currently at four locations – two in Lagos, one apiece in FCT Abuja and Ibadan – is a reinvention that sets the tone for the future of banking in Nigeria as customers are exposed to a seamless world-class banking experience without interacting with any staff.
The self-service branch is built with a wide range of phased modern banking facilities which include humanoid robots equipped with video banking and Artificial Intelligence (AI), taking on the role of friendly branch staff; Teller Cash Recyclers (TCRs); self-service kiosks for non-financial transactions such as account update; Fast Track (contactless) ATMs; interactive smart screen to ensure effective and comprehensive consultation with bank sales staff via remote video connection.
Others are an ATM vending machine for the instant issuance of ATM cards to customers, paperless/electronic forms designed to promote timely resolution of complaints, dispensing of account statements and account enquiry/management, and funds transfer amongst many others.
Also, Alebiosu explained that investment in technology is a real differentiator in today’s world.
Using India as an example, he explained that undoubtedly investment in technology has boosted the economy of the South Asian country.
The FirstBank CEO said: “Apart from India has been able to fight back, the entire global South has not been able to rise to it and that income inequality gap is wide.”
This, he advised has created the need for the right human resources to fill technologically inclined roles, creating an opportunity for continuous capacity development of technology-based roles in Africa.
He reiterated that such exposes the reality of the inequality gap in many countries which necessitates the urgent need for the right investment in Human Resources, as without this investment, many countries will continue to lag.
The words of Alebiosu undoubtedly creates a vibrant opportunity for the underdeveloped world to leave no stone unturned in promoting technological advancement as it is high time organisations and governments stood up to their responsibilities of implementing conscious activities to impact lives which will leave no one behind in making the world a better place.
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