The Managing Director/CEO of Polaris Bank, Mr. Tokunbo Abiru, said recently that the bank would support its investement in cutting-edge technology, in order to build emerging opportunities and mitigate the chaotic effect of the Covid-19 pandemic on business.
The CEO noted that the investment in technology infrastructure, comprehensive corporate transformation and an exceptional focus on customer experience, would give the bank advantages in the Nigerian financial sector.
He said: “The key drivers of the outcome as shown in the 2019 results were strong earnings from interest and non- interest income as well as through operational efficiency via cost containment, all resulting in a decent cost to income ratio. These measures are key initiatives of our on-going transformation programme.”
Speaking on the impact of COVID-19 on the economy, he noted that the COVID1-19 would negatively impact businesses both locally and globally, with credit quality being challenged, business market size already shrinking, and inflationary pressures mounting. He further explained that while no business can hardly outperform the environment where it operates, Polaris Bank will seek ways to maximize all available income sources.
On the impact of technology on banking, Abiru stated that the future of banking, like other sectors of the economy, will continue to be shaped by technology. “Just look around you, is there any area of our lives that technology is not reshaping? Why should banking be an exception? More so, if you look at the nature of our business, it lends itself to digital adaptations more than other areas of our lives.”