Digital Technology, Major Disruptor of Businesses, Says CIBN Boss
The emergence of digital technology has been a major disruptor of businesses and long-term strategic planning, the President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Mr. Uche Olowu has said.
Olowu, made this remark in his welcome address at the 2018 induction and prize award day organised by the institute in Lagos at the weekend.
He noted that digital revolution had brought about a new set of challenges and opportunities.
According to him, the disruption, popularly coined the Fourth Industrial Revolution, was characterised by a fusion of technologies dominated by robotics, artificial intelligence, virtual reality, machine learning etc.
He cited a survey conducted recently by PwC that revealed that CEOs anticipated significant changes in the type of people they need and how they attract, engage, deploy and develop them.
Also, a 2016 World Economic Forum report had stated that the 4th Industrial revolution would cause widespread disruption not only to business models, but also to labour markets over the next five years, with enormous changes predicted in the skill sets needed to thrive in the new era.
“The disruption is so deep-seated that even jobs which were once considered vocational, such as welding, petroleum production, and even factory work, are now high tech and require specialized knowledge as well as critical thinking and collaborative skills.
“The effect of this reality is captured in an article published by Forbes in 2017. The article asserts that 21st century job growth is outpacing the ability to develop a prepared workforce.
“The reality is that while technology is taking jobs away, technology is creating new jobs. The question then should be, as individuals, do you have the skills for the new jobs created by technology? How will you not be disaggregated in the new hi-tech economy?” he added.
This, he said was the reason the theme of the event, “21st Century Professional: Vital Skill Sets for Success,” was chosen.
Therefore, he re-affirmed the institute’s commitment to capacity building, certification, developing skills and competences of professionals and would be professionals in the banking industry in line with its statutory mandate, “to determine the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession.”
A total of 784 graduates of the institute were inducted by the institute. A breakdown of this showed that 67 of them were associates (Chartered Banker MBA route); 240 associates (ACIBs); 413 Microfinance Certified Bankers (MCIB) and 64 Diploma graduates
The event also featured the presentation of prizes and awards to students that distinguished themselves in various subjects and levels of the examinations.
In addition, for the very first time, the event also witnessed the presentation of prizes and awards to the winners of the Otunba ‘Debola Osibogun, National Essay Competition for undergraduates of Banking and Finance in Nigeria Tertiary Institutions as well as award of excellence and outstanding performance to deserving examiners of the institute.
The CIBN recently transited from paper-based examinations to Computer Based Testing (CBT) in April 2018, this makes CIBN the first professional body in Nigeria to so do.