A prevalent call that was reiterated by many speakers at the KPMG digital summit last week was the need for increased collaboration between technology companies, innovators, government and regulators on digital innovation.
During his talk, Dorel Blitz, Head of Fintech at KPMG in Israel remarked that, “the future of financial services will be effortless banking, contextual advice and liberated experience. In order to lead through Digital, organizations must see data as a valued asset that can be monetized for joint competitive advantage.”
The financial services industry has continued to show significant adoption of digital innovation with the entry of nimble technology solutions, emergence of digital business models, increasing adoption of Fintech services and perhaps more conspicuously, growing local and international investments in technology innovation.
On November 1, 2017, Lagos witnessed a landmark gathering of financial services industry practitioners, regulators, thought leaders, investors, fintechs and digital enthusiasts at the KPMG Digital Summit 2017. The Summit themed ‘Leading Through Digital’ was held at Eko Hotel, Lagos and was the sequel to the 2016 KPMG FinTech Summit.
Welcoming the audience, Bisi Lamikanra, Partner and Head of Advisory services, KPMG in Nigeria, explained that KPMG organized the summit to provide a platform that will facilitate the exchange of ideas, distil emerging trends and accelerate the adoption of digital within the country and region.
The discussions kicked off with a presentation on the future of financial services by Boye Ademola, Partner Technology Advisory and Digital Transformation Lead at KPMG in Nigeria. In his presentation, Boye noted that 7 of the 10 most valuable companies (by market capitalization) in the world are digital business models and that businesses that will lead going forward will have to lead through digital. Boye explained that nearly 28 million of 30 million Nigerians with bank accounts were financially underserved and an estimated 66 million Nigerians are financially unserved as they do not have bank accounts. Entities willing to approach the market through digital platforms are best positioned to seize these opportunities.
The event also featured two interesting panel discussions; the first of which examined the different ways that Open APIs drive digital innovation and collaboration in financial services. Panelists for this session included Deji Oguntonade, the Divisional Head, Fintech and Innovation, GTBank Plc; Victor Okigbo, group head, Financial technology and innovation, Access Bank Plc and program director, The Africa Fintech Foundry; Adedeji Olowe, executive director, products and services, SystemSpecs Limited; and Shola Akinlade, Co-founder and CEO of Paystack. The panel discussion was moderated by Ladi Asuni, an associate director at KPMG in Nigeria.
The second panel discussion was on ‘The role of government and regulators in the evolution of fintech’, and it featured discussants including Dipo Fatokun, Director of Banking and Payments System Department, Central Bank of Nigeria; Adebisi Shonubi, managing director of Nigeria Inter-Bank Settlement System Plc; Bunmi Akinyemiju, managing director/CEO of Venture Garden Group; and Iyinoluwa Aboyeji, Co-Founder and managing director of Flutterwave; Ngozi Chidozie, partner management consulting served as the moderator.