As banks face rapidly evolving demographics, Agbaje noted that they need to develop beyond just financial services.
The Managing Director, Guaranty Trust Bank, Segun Agbaje spoke on “The Future of Banking in The Age of Social” as Social Media Week Lagos wound down on its fifth and final day.
Guaranty Trust Bank is building a reputation for innovation and engagement, traits that have helped them become a favorite among young people in Nigeria, and around Africa.
Agbaje began his presentation by outlining the GTBank story, from its beginnings as a wholesale bank through transitions into what it has become now.
He noted that, in recent times, banks have had to be innovative and proactive to keep up with technology and advancements including social media.
In the past, banks were linear companies with their businesses restricted to providing simple financial solutions. However, with the advent of mobile money and wallets, companies outside of the traditional financial circle have begun to deal with money in a way similar to banks.
According to Agbaje, fintech companies and even brands like Starbucks and Uber are now in the same competitive space as banks.
He added that to keep up with the times, GT Bank has evolved a number of initiatives to provide far-reaching solutions to its customers beyond the regular services.
Those initiatives include SME MarketHub, Ndani TV and Art365, among others.
In Agbaje’s words, they were created in the spirit of strategic flexibility in reaction to different times and the reality of new, ever-changing demographics.
The future of banking is beyond brick-and-mortar financial institutions, to a time where banks are full service institutions that cater to needs of their customers.
Agbaje says he often needs to remind himself of this fact, as Guaranty Trust Bank develops to stay ahead of the times.
The session ended with questions from the audience on issues such as the limit placed on transactions in forex and the state of customer service at GTB branches.
This year's edition of Social Media Week Lagos closes with panels on innovation in the use and distrubution of creative content and an after-party at Club Nitro.