Technological Advancements Ease Banking Processes – Expert

Technological Advancements Ease Banking Processes – Expert

Technological Advancements Ease Banking Processes – Expert

Members of EIE Department with Guest Speaker at the Departments' Town and Gown Seminar, Engineer Sunny Usidame, Managing Director and Chief Executive Officer, Sumarus Limited

The dimension of technological innovation, especially telecommunications, in commercial banking, portrays the internal structure of banks as being determined by a combination of changes in banks’ external environment and advances in information technology.

That was the summary of the presentation titled, ‘Telecommunications and Its Effect On the Banking Sector in Nigeria,’ made by Engr. Sunny Usidame, who was Guest Speaker at the recent Town and Gown seminar organised by the Electrical and Information Engineering (EIE) Department of Covenant University.

Engr. Usidame, who is the Managing Director and Chief Executive Officer, Sumarus Limited, said in his presentation, that the advent of telephony heralded the little beginning of electronic links between banks, by using the two-wire communications systems. This, he stated, successfully solved some of the problems, but as the population increased, it became pertinent that better solutions are adopted to avoid the endless delays in banking processes, particularly the authentication and verification of clients in various branches.

“Prior to this time,” he explained, “you could only withdraw money from your initial bank branch, where your account is domiciled. For instance, if you opened an account in UBA Canaan Land branch, you would not be able to withdraw money at any other branch other than the Canaan Land branch; this is because there was no communication between the branches.”

He said that the use of the microwave communication links became a major worldwide solution, and banks could link head office with branches in different locations, allowing more centralization and the balancing of supply and demand of loan-able funds across their network.

The internet boom has provided better communications links between banks with clients, nowadays, sitting at home and making transactions on their bed, be it money transfer or account balance checks among others, he added.

Engr. Usidame further explained that, generally, innovations in telecommunication have increased the leverage of superior processing, relative to capital and other physical resources.

While making his remarks at the event, the Head of Department, EIE, Dr. Victor Mathews, said that the platform creates an interactive platform for both the University and the industry, thereby building partnerships with such industries and even creating employment opportunities for students after graduation.

He admonished the students on the importance of attending the Town and Gown seminars of the department, “because the information that would change your life and carrier might come through any of the guests on the platform”.

A faculty in the department, Dr. Oboyerulu Agboje, also advised the students to retain and value the information they get from the seminar, as no knowledge is useless when they start their working career. He encouraged them to strive to keep the core values of Covenant University in and out of the school.

Also present at the event were other members of the Department of Electrical and Information Engineering and some members of the College of Engineering.