The Central Bank of Nigeria (CBN) says financial institutions and organisations must embrace technology to remain competitive.

Mr Adebisi Shonubi, Deputy Governor, CBN, stated this at Greenwich Registrars and Data Solutions Ltd seminar held in Lagos with the theme: Big Data in Nigeria.

Shonubi represented by Hajiya Rakiya Mohammed, Director, Information Technology Department, said many organisations had gone out of business due to their inability to adapt to current trends in technology.

He stated that organisations must harness the power of data and wind of change in their environment to remain competitive in product development and services.

To survive in this age, organisations need to have an idea and data that will enable them to play in their ecosystem,” Shonubi stated.

He also stressed the need for traditional institutions to seek ways of leveraging technology and provide better services to customers through the deployment of alternative engagement channels and platforms.

Also speaking, Obiageli Chiki-Ijegbulem, acting Managing Director, Greenwich Registrars & Data Solutions, stated that one of the most important developments of the 21st century was the rise of data driven service delivery.

Most traditional organisations that have not crossed the digital divide are at a disadvantage because they incubate a cohesive ecosystem that inhibits the establishment of a fully integrated digital culture.”

“This conundrum stems from an enshrined mundane work culture, weak disposition to change management and quality of the human capital.

“Factually, the significance of big data does not revolve around the quantity of data you have, but what you do with it.

“You can take data from almost any source, analyse it to generate intelligence that will help your business in areas like customer life cycle management, new product development and smart decision-making.

Ideally, mature organisations build protocols and employ tools for data security, these tools in themselves depend on big data to track and neutralise evolving threats,” she said.

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