COVID-19 Pandemic Lockdown : A Time To Leverage On Digital Banking platform - Iyabo Akeem-Onikoyi

Iyabo Akeem-Onikoyi is an insightful leader and a seasoned digital banking expert. As the world is confronted with a universal pandemic that has ushered in total lockdown of business activities, including banking, Iyabo Akeem-Onikoyi makes an incontestable case of leveraging on digital platforms to perform seamless banking services.

Relax as you hear from her in this revealing interview.

The Nigerian Voice: Briefly tell our readers about yourself and your background?

Iyabo Akeem-Onikoyi: My name is Iyabo Akeem-Onikoyi. I am from Osun State but was born and raised in Ibadan where I also earned my primary to Tertiary education. I am a wife, mother of 3 and a full time digital banking expert. I have about 14 years digital banking experience

The Nigerian Voice: Can you put into perspective, how you are able to juggle between the task of work and your home?

Iyabo Akeem-Onikoyi: Work can be quite demanding and then having to also balance it with motherhood and the family, and sometimes study for upskilling, can be challenging. But with the right support system and ability to delegate effectively, women can strike the right balance. We have the skills, mental capability and the tenacity to thrive in any path we have chosen. We must surround ourselves with the right people and delegate at work and home where necessary to achieve the right balance.

The Nigerian Voice: Can you explain what digital banking is to our readers?

Iyabo Akeem-Onikoyi: Digital banking means leveraging digital or automated platforms to carry out banking and financial transactions. Digital banking is a specialist unit within the banking system that serves individuals and businesses alike with various digital products. When you leveraging technology to access financial services; your mobile and internet banking platforms, Cards, ATM, POS, multi-bank collections and payment platforms which enables you to walk into any bank to pay government taxes or your payTV bills for example, and your account is automatically updated and services restored through direct integration to the platforms of the service provider.Your ability to shop online or pay for services online, the list is endless. All of these are made possible by digital banking products, department, personnel, processes and guidelines put in place for the development and deployment of the products.

The Nigerian Voice: Do you think that this nation is ready for full commencement of digital banking as bank customers still expresses reservations over security concerns.

Iyabo Akeem-Onikoyi: In terms of readiness, I think we are more than ready as a country. Considering how the country has transitioned from a predominantly cash-based economy, from days when we used to go to big retail stores or depot with bundles of cash, or have to physically go to the banking halls to carry out transactions, which are now being handled smartly and conveniently through the use of self-services digital channels. Digital payments across various channels has grown exponentially in the last ten years. We experienced the leap in the adoption of digital payment options with the introduction of the CBN cashless policy about 10 years ago, which was very instrumental to redefine both the consumer and corporate businesses behaviour to payments.

There are security concerns no doubt, there are situations where customers may have unknowingly compromised their details which would expose them unduly. There are also cases of cloned sites or ATM scams which may have led to losses to some individuals.

However, there are continuous security measures being implemented by banks, card schemes, processors and also regulators to protect the users. There are also a lot of sensitization and awareness being created to educate user on how to protect their access.

The Nigerian Voice: Do you agree with the assertion that application of technology deprive people of jobs?

Iyabo Akeem-Onikoyi: There are studies which support that thinking, however, Technology enhances jobs, gives us access to data and analytical tools. It allows us to work smarter and more efficiently and most devices will still be operated by human with the right skills. For example, with the aid of technology, I have been working from home since the beginning of lockdown early this year. I attend office meetings and clients’ calls remotely, my childrenhave been attending online classes since the begining of lockdown in March. They are studying using Teams and Zoom platform and it has been effective. You know what that does? I and the teachers could equally retain our jobs. Those are just few examples some of us can readily relate with. Essentially, for your job not to be threatened by technology, you have to make sure that you have the right skill for the job of the future.

The Nigerian Voice: What would be your message to those who have refused to subscribe to online bankingplatforms or resist the overall use of digital banking?

Iyabo Akeem-Onikoyi: Where there are concerns around security, we can not underestimate the concern of those that have had bitter experiences, their concern are valid. However, with improved enhancement of the platforms and continuous sensitization of the users, as Banks continue to educate, create awareness about security features that exist, about billions of transactions that are processed on digital platforms every day without threat. More people will gradually embrace banking and digital payment options.

Additionally, to cater for the unbanked or underbanked who do not have access to the incumbent banks, maybe due to proximity or level of literacy or their apathy to technology, there are various initiatives and products that are designed to meet their unique needs. The mobile money and agency platform for instance, allows people to carry out basic banking services at agency outlet in shops near you. There is also the USSD which allows people to carry out basic banking transactions using feature phones. You don’t need a smart phone or mobile banking app to process transactions with USSD code. These are other products that have been developed to address some of these concerns that may cause apathy to banking.

The Nigerian Voice: Can you assess the impact of COVID-19 lockdown on bank and digital banking in particular?

Iyabo Akeem-Onikoyi: COVID-19 took all of us by surprise, nobody saw it coming in its magnitude. The impact has been huge for world economies, social and family life across the world. However, the impact it has on digital banking has been relatively positive. From my experience as a digital banking expert, COVID-19 drove better adoption of the digital platforms across various customer base. It helps to drive home the point that in-fact, digital banking services and platforms are more important than the bricks and mortar model that we are used to especially in Nigeria. Lots of banks prior to now have invested heavily in digital platform, sensitization for adoption among the populace with the aim of decongesting the banking halls. With Covid-19 and the lockdown we are currently experiencing, businesses and individuals alike are adopting cards, internet banking or corporate payment platforms to continue to run their business and personal finances from the comfort of their homes. This is the best time for customers to embrace digital banking platforms as the COVID-19 lockdown won't allow operation and access to the banking hall. As the world medical experts are racing towards finding the right cure, it is not clear how long it will take. Smart business owners are proactively embracing digital platforms to manage their businesses and some are just getting to appreciate the value it offers. This is the time to explore the possibilities and flexibility it offers.

The Nigerian Voice: Did you envisage you will be where you are in your career?

Iyabo Akeem-Onikoyi: There were no pre-calculated steps. I had a humble beginning, a tough start and other challenges in life that I had to cope with while growing up. So, I could not have predicted 10 years ago I will be heretoday. I didn’t have the kind of parents that would influence my career or say go and school abroad or any other priviledge. However, what I was taught while growing up is that if I continue to work hard, show commitment and fail forward, I will be equipped and prepared to take opportunities when they present themselves. The journey ahead is still far and I hope to remain steadfast and reach my full potentials.

The Nigerian Voice: Would you say that you are fulfilled in your career?

Iyabo Akeem-Onikoyi: This is not the peak of my career, there are still a lot of growth opportunities out there. The digital banking industry is ever evolving and dynamic. I need to continue to up-skill myself, remain visible and give value to the industry. There are still so many opportunities locally and globally. I believe this is just the beginning.