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PwC Encourage Banks On Digital Evolution

40 Secs Read

Many Nigerians are seeking a digital evolution on the manner traditional businesses are operated in the country.

However, PricewaterhouseCoopers ( PwC ) believes that this will only happen if people and institutions (especially banks) have a change of mind - set and begin to adopt smart solutions.

In a report which they tagged: ‘ The Productivity Agenda – Moving Beyond Cost Reduction in Financial Services, ” the firm tasked the management to try sorting out stuffs affecting productivity to enable them boost profitability and support sustainable growth.

They encouraged banks to look beyond the scope of cost- reduction and restructuring measures for profitability and long- term survival.

According to PwC, cutting corners come with inherent limitations.

They also said that in the face of concern over the disruption of Artificial Intelligence in the industry , stakeholders should clearly highlight tasks that could be performed by AI and those human capital is required to implement .

The global advisory company spelt out six scopes where financial institutions can focus their productivity works to increase sustainable profitability.

They made mention of better understanding of the workforce , rethinking change functions, embracing the platform economy, improving workforce digital IQ, bringing an agile mind- set to the mainstream and mastering digital labour .

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