Penultimate week, I rigorously engaged one of my experienced colleagues in an all-inclusive talk as regards the banks, financial institutions generally.
It’s noteworthy that, as tech experts, we were more concerned about how much and far the key players of the said sector had thus far fared while trying to inculcate tech-driven measures into their extant policies. As a policy analyst, I took time to x-ray the banking policies.
As some individuals in a certain quarter would – albeit ignorantly – strongly dispute the ‘goodness’ and remarkable activity of the banking sector, some others will ceaselessly defend the ‘inevitable role’ of the industry even with the last drop of their blood.
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The above argument was the basis of my discussion with the colleague. In our individual understandings, we tried to examine the merits and demerits of the financial institutions at large, especially with the advent of the digital age.
Bank as an institution has indeed tremendously enabled mankind to jettison the archaic pattern of saving money and other valuables, thereby averting a whole lot of troubles usually characterized by the said method.
The bank as a sector has in recent times obviously contributed to countless economic growth recorded by both individuals and entities, particularly a given country or bloc as might be the case.
Regarding savings, the bank creates an unquantifiable opportunity for the human race, businessmen and traders in particular, to on a daily basis safe-keep their monies and assets towards experiencing a better ease of doing business or trading.
The bank has thus far arguably saved people from a lot of tensions, because it has created and maintained an avenue where anyone, regardless of status, can easily deposit his/her money without exercising any element of fear concerning safety.
With the introduction of the ongoing Consolidation Policy of the Central Bank of Nigeria (CBN) as ably initiated during the reign of Prof. Charles Soludo, it is now certain that any amount of money/asset kept, or deposit made, in any commercial bank domiciled within the country is certainly safe.
The reliability of commercial banks are presently well guaranteed, and such can at any time be proven by any financial or policy analyst. This is the sole reason people from all walks of life can be seen currently trooping into banks to make deposits of valuables.
And with the existence of the newly introduced Cashless Policy by the apex bank, people can now make transactions from the comfort of their respective bedrooms, with ease.
The cashless policy, with the aid of tech-driven measures, has really assisted the banking sector in curtailing several inconveniences and stresses faced by their personnel as well as the clients.
The aforementioned policy has equally hitherto helped the sector to alleviate all sorts of physical social ills usually experienced by the banking industry, such but not limited to as armed robbery, to a reasonable extent.
Before now, with much cash flow in circulation, armed robbers had greater opportunity to physically invade people’s privacies, be it offices, shops, residences, or on the roads, thereby forcefully making away with their hard-earned money.
However, it’s very imperative to acknowledge that – on the contrary – the advent of the Information Technology (IT) mechanism in the banking sector has constituted tremendous unbearable non-physical ills popularly known as electronic/cyber frauds. These crimes aren’t physically perpetrated like in the case of armed robbery.
Electronic fraud, as the name implies, pertains to all kinds of ills emanating from the use of electronic gadgets or equipment to include computer and cell phones, among others.
The IT remains the major aid of the ongoing modern system of banking. It’s worthy of note that the said mode of technology cannot be possible without the use of electronic devices and mechanisms such as computer and the internet, as well as networking.
This electronic methodology, since inception in the banking sector, has profusely been characterized by countless frauds. It’s worth noting that the electronic ills can only be possible via a manipulation called hacking.
It’s only when one’s electronic belonging – including personal and bank accounts – is hacked, that the criminal would have the opportunity to perpetrate any type of intended crime that could cost the unsuspecting person a fortune. We must come into terms that anybody can fall victim of this dastardly act.
So, we can at this point wholly comprehend that though the advent and sustenance of the IT in the banking sector has majorly assisted in solving a whole lot of plights and crises, it has made millions of people victims.
In various fora and platforms, I’ve extensively analyzed several issues and ills pertaining to electronic (internet) hacking. In my candid words (analyses), I’ve taken time to advise that, for us to enjoy or appreciate the use of electronics, we must be well and aptly prepared to make, introduce and maintain sound policies, either as separate individuals or entities.
As a group of people called Nigeria, the corporate body that’s in charge of the country’s banking system in its entirety must at this digital age be more concerned on how to strategize with a view to ensuring that the existence of tech-driven measures doesn’t end up causing more harm than good to the entire system.
The above can only be duly achieved by introducing and maintaining a wholesome and reliable policy-making unit in the institution. Hence, the CBN mustn’t relent in making this happen within its jurisdiction.
As these merchants try to make profit in the lucrative banking business while helping the public safeguard their fortunes or treasures, they as an institution must equally create corporate guidelines that would help their clients avert various troubles liable to befall them.
On corporate policy, banks must be well tutored on the compelling need to create more secured online Apps or softwares by engaging reputable IT experts. Similarly, a standard IT unit ought to be maintained in their respective branches.
On individual policy, the users of the computer Apps must on the other hand be thoroughly sensitized on how best to protect their online transaction identities and details at all times. This measure must equally involve respected and reliable professionals.
The bitter fact remains that, as sophisticated technologies evolve, the criminally-minded persons or entities in the system would strive to take advantage of the development at the expense of the unsuspecting users.
This is the reason corporate bodies and individuals are regularly advised to endeavour to be wiser than the criminals just as mankind is being advised by the Holy writ to be smarter than the devil. Hence, the educational institutions, on their part, must invariably be ready to inculcate the required expertise into the IT learners or trainees.
Let’s be driven by the fact that though we are not anymore – or have left – where we used to be, we still have an enormous distance to cover towards arriving at the desired destination.