Digital Disruption In Financial Institutions Threatens Job Security

Similarly, some insurers have decided to expand through branch office operations, relying more on technology to drive sales volume.Hence, in the last one year, some financial service operators, in their millions, have lost jobs as a result of digital disruption that is taking businesses by storm.

However, those who were able to learn new technological skills were absorbed back into the system, even as the situation created new businesses in the ICT sector. “We realised that people can work remotely and still get the same result. We saw financial institutions deploying software and technology that enhance their operations. Zenith Bank, for instance, introduced the Zenith Intelligent Virtual Assistant serving as a customer representative, where you can ask any questions via WhatsApp and get an instant answer, rather than going to the bank,” Okeremi added.

Earlier in the week, the chairman/CEO, Boff & Company Insurance Brokers Limited, Chief Babajide Olatunde-Agbeja, stressed that digital disruption was already disrupting the insurance industry as some insurers are now using technology at their customer service section to address customers’ needs. It noted that the advent of digitisation in Nigeria has been a mixed blessing, especially in banking and other financial institutions because machines are now replacing human beings and performing jobs which ordinarily should be done by human beings.

Although they pointed out that rising automation of the workforce and adoption of robotic technology may be enhancing productivity and profitability in the industrial and services sectors, they said its potential effect on job losses remains a concern for stakeholders.

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