The Future of Banking is Fintech Support and Solutions” – Kayode Ayo

A leading Fintech Solutions Consultant and Principal Consultant at Labrys Consults, Mr. Kayode Ayo, has emphasized that the future success of the banking and financial sector hinges on embracing Fintech supports solutions.

In an interactive session with the media in Lagos on Tuesday, Ayo highlighted the necessity for banks to integrate people-to-people marketing tools and professionals to boost their operations and remain competitive in the digital marketplace.

Ayo pointed out the global shift in banking practices, noting that traditional policy structures are being upended by technological advancements. “Banks and financial institutions lack the manpower and resources to manage all aspects of traditional banking operations. Therefore, they must outsource certain basic functions to specialized vendors,” he explained.

He underscored the rapid pace of technological growth and its impact on business and human engagements, stressing the need for banks to adopt proactive measures to engage both new and old customers.

“What this means is that Nigerian banks cannot be left behind the global trend. So, for them to stay ahead of competition and meet market expectations, they must deploy innovative Fintech solutions,” Ayo concluded.

According to Kayode Ayo, there is the increasing imperative to develop or outsource solution vendors, in order to improve their acquisition by accessing merchants or direct sales resource platforms that can impact their operations positively.

The imperative for the banks is to enter support relationship with Fintech solution vendors to help them engage their clientele base and deliver basic information or services to them through acquisition and onboarding merchants and aggregators.

“This is what will provide a leeway for the vigorous marketing of their products and services with less arithmetic costs. This the precursor to achieving more operational fortunes”, said the expert.

Kayode Ayo is a Project Management Professional (PMP®), Certified Manager of Quality and Organizational Excellence (CMQ/OE®), and Process Improvement Specialist with several years of diverse work experience, comprising of roles in the oil and gas, financial services, telecommunications, and information technology sectors.

During a professional career spanning over two decades, he has led and championed process improvement initiatives, established and monitored customer-supplier relationships, utilized knowledge management tools and techniques in identifying and managing projects and processes in several world class organizations such as Shell Petroleum Development Company (SPDC), Oceanic Bank Plc., MTN Nigeria Communications Ltd, Etisalat Nigeria (9 Mobile), Blueprint Business Technologies and Spout Payment Solutions (SpoutPay).

Kayode Ayo, who is a regular Project and Quality Management Facilitator at the Pan African University (Lagos Business School), currently doubles as the Principal Consultant at Labrys Consults, a consulting firm based in Lagos Nigeria.