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Nigerian banks can succeed in digital age –Inlaks (Demo)

The Managing Director/Chief Executive Officer, Inlaks Computers, Mr. Femi Adeoti, has said that Nigerian banks have the potential to succeed in the digital age.

Adeoti based his assertion on the banks’ existing assets, which, he said, included a huge customer base, access to elaborate transactional data and their ability to offer integrated/multi-channels financial services.

He spoke at this year’s Temenos Community Forum in Rome, Italy, which was monitored by our correspondent via the Cable News Network.

The forum 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.

“Digitisation 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,” Adeoti said.

He added that the banking industry had undergone a massive global transformation because of the changes that Internet had brought to operations in recent times.

The Inlaks Computers boss observed that banking had now become ubiquitous with the Internet changing how banks operated in the past.

Temenos is the developer of the TEMENOS T24TM, the world’s acclaimed leading core banking application that ranks high among the world’s leading financial institutions across the United States, South America, Europe, Asia and Africa, with growing number of deployed users.

The theme for this year’s forum, ‘Succeeding through the digital revolution’, focused on how digitisation was 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 is modular so that 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.

TEMENOS T24TM allows banks to cost-effectively launch new products, serve customers in emerging markets, decrease time at the teller in branch operations, and meet regulatory compliance guidelines for multi-factor authentication.

Adeoti said that Inlaks Computers was a foremost Information Technology and infrastructure solutions provider in Nigeria and West Africa.

“As a distributor/reseller for Temenos over the years, it has deployed Temenos’ solutions, providing latest technologies on open systems that enable financial institutions to maximise the benefits of information technology in the delivery of quality customer service, and enhancing financial decision-making and profitability,” he said.

Among Inlaks’ TEMENOS T24TM clients are six of the central banks in West Africa and some commercial banks in the region.

Adeoti explained that the Temenos Microfinance Solution had also been deployed in 131 rural and community banks with over 700 branches, adding that other financial institutions across the region were currently running on the TEMENOS T24TM platform.

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