The Executive Director, Operations and
Information, Fidelity Bank Plc, Gbolahan Joshua has advised data validation
agencies and organisations to adopt appropriate policies that provide financial
institutions with the required flexibility to utilise available customer data.
Joshua who gave the counsel during a panel session at the 10th anniversary
celebration of Verve in Lagos recently, explained that this would assist banks
in the country drive new levels of customer engagements across digital channels
and systems. He harped on the need for data generating institutions in Nigeria
to explore fresh ways to collaborate with one another. Alluding to the
importance of data validation as a major driver in enhancing the Know Your
Customer (KYC) policy, Joshua noted that harmonization of disparate databases
will accelerate lending processes by Banks.
“Digital identity is very critical in digital banking operations. Industry
collaboration must be embraced by both financial institutions and database
generating institutions to simplify digital banking operations” he said.
Whilst stating that the bank was not averse to data sharing, Joshua said that
the lender had signed a Memorandum of Understanding with Open Technology
Foundation (OTF) for the adoption of a standard Application Programming
Interface (API) for its operations as a financial institution.
Open Banking is a system that provides a user with a network of financial institutions’
data through the use of application programming interfaces (APIs). The Open
Banking Nigeria Standard defines how financial data and services should be
created, shared and accessed.
By relying on networks instead of centralisation, open banking helps customers
to securely share their financial data with other financial institutions.
The panel discussion was moderated by Chief Executive Officer, Verve
International, Mike Ogbalu III. Deputy Chief Executive Officer, Payment
Processing, Interswitch, Akeem Lawal, Head, Consumer Distribution, Ecobank
Nigeria, Stanley Jacob and Executive Director, Retail Bank, FCMB, Olu Akanmu
also featured as panelist at the event.
Mike Ogbalu expressed gratitude to Fidelity Bank and all partners of verve that
were present at the event whilst assuring them that endless possibilities
awaits the digital space in Banking.
The event which offered a unique opportunity for all participants to network
with the industry’s brightest, had in attendance, a number business leaders and
industry experts who gave valuable insights into the latest tech trends and
shared experiences.
